Magic Software Enterprises (NASDAQ:MGIC) Shares Pass Above Two Hundred Day Moving Average of $11.03

Shares of Magic Software Enterprises Ltd. (NASDAQ:MGIC) crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $11.03 and traded as high as $11.82. Magic Software Enterprises shares last traded at $11.68, with a volume of 26,919 shares traded.

Analysts Set New Price Targets

Separately, StockNews.com upgraded shares of Magic Software Enterprises from a “buy” rating to a “strong-buy” rating in a research report on Saturday.

Magic Software Enterprises Stock Performance

The company has a current ratio of 1.69, a quick ratio of 1.69 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $573.49 million, a price-to-earnings ratio of 16.00 and a beta of 1.06. The stock’s 50-day moving average is $10.63 and its 200-day moving average is $11.04.

Magic Software Enterprises (NASDAQ:MGIC) last posted its earnings results on Thursday, May 16th. The software maker reported $0.23 earnings per share for the quarter, topping analysts’ consensus estimates of $0.21 by $0.02. Magic Software Enterprises had a net margin of 6.83% and a return on equity of 16.36%. The firm had revenue of $130.72 million for the quarter, compared to analyst estimates of $126.80 million. On average, analysts predict that Magic Software Enterprises Ltd. will post 0.95 EPS for the current fiscal year.

Magic Software Enterprises Cuts Dividend

The firm also recently announced a Semi-Annual dividend, which was paid on Thursday, July 11th. Shareholders of record on Thursday, June 27th were issued a dividend of $0.204 per share. This represents a yield of 3.5%. The ex-dividend date was Thursday, June 27th. Magic Software Enterprises’s payout ratio is 56.16%.

Institutional Investors Weigh In On Magic Software Enterprises

A number of institutional investors have recently added to or reduced their stakes in the business. Quadrature Capital Ltd bought a new stake in Magic Software Enterprises during the 1st quarter worth approximately $593,000. CANADA LIFE ASSURANCE Co boosted its stake in shares of Magic Software Enterprises by 722.2% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 15,334 shares of the software maker’s stock valued at $177,000 after purchasing an additional 13,469 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of Magic Software Enterprises by 1.6% in the 4th quarter. Wellington Management Group LLP now owns 683,357 shares of the software maker’s stock valued at $6,622,000 after purchasing an additional 11,010 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Magic Software Enterprises by 61.5% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,942 shares of the software maker’s stock valued at $58,000 after purchasing an additional 2,263 shares during the last quarter. Finally, Colonial River Wealth Management LLC bought a new stake in shares of Magic Software Enterprises in the 4th quarter valued at $127,000. 24.70% of the stock is owned by institutional investors.

Magic Software Enterprises Company Profile

Magic Software Enterprises Ltd. provides proprietary application development, vertical software solutions, business process integration, information technologies (IT) outsourcing software services, and cloud based services in Israel and internationally. The company's Software Services segment develops, markets, sells, and supports application platform, software applications, and business and process integration solutions and related services.