Magic Software Enterprises (NASDAQ:MGIC) Sees Strong Trading Volume

Shares of Magic Software Enterprises Ltd. (NASDAQ:MGICGet Free Report) saw unusually-high trading volume on Wednesday . Approximately 27,719 shares changed hands during mid-day trading, a decline of 54% from the previous session’s volume of 60,766 shares.The stock last traded at $10.57 and had previously closed at $10.83.

Wall Street Analyst Weigh In

MGIC has been the subject of several research reports. Barclays increased their target price on Magic Software Enterprises from $13.00 to $14.00 and gave the company an “overweight” rating in a research report on Thursday, March 14th. StockNews.com upgraded Magic Software Enterprises from a “buy” rating to a “strong-buy” rating in a research report on Monday.

View Our Latest Stock Analysis on Magic Software Enterprises

Magic Software Enterprises Stock Down 1.4 %

The company has a quick ratio of 1.76, a current ratio of 1.69 and a debt-to-equity ratio of 0.14. The stock has a 50 day simple moving average of $11.85 and a 200 day simple moving average of $10.63. The stock has a market cap of $524.39 million, a price-to-earnings ratio of 14.84 and a beta of 1.12.

Magic Software Enterprises (NASDAQ:MGICGet Free Report) last announced its quarterly earnings data on Wednesday, March 13th. The software maker reported $0.24 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.04. Magic Software Enterprises had a return on equity of 16.36% and a net margin of 6.83%. The firm had revenue of $125.55 million during the quarter, compared to analysts’ expectations of $115.00 million. As a group, analysts expect that Magic Software Enterprises Ltd. will post 0.95 earnings per share for the current fiscal year.

Magic Software Enterprises Cuts Dividend

The business also recently announced a Semi-Annual dividend, which will be paid on Thursday, July 11th. Stockholders of record on Thursday, June 27th will be issued a $0.204 dividend. The ex-dividend date of this dividend is Thursday, June 27th. This represents a dividend yield of 3.5%. Magic Software Enterprises’s dividend payout ratio is presently 45.21%.

Institutional Trading of Magic Software Enterprises

A number of hedge funds have recently bought and sold shares of the business. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Magic Software Enterprises by 61.5% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,942 shares of the software maker’s stock valued at $58,000 after buying an additional 2,263 shares during the period. Wellington Management Group LLP raised its stake in shares of Magic Software Enterprises by 1.6% in the fourth quarter. Wellington Management Group LLP now owns 683,357 shares of the software maker’s stock valued at $6,622,000 after buying an additional 11,010 shares during the period. Colonial River Wealth Management LLC bought a new stake in shares of Magic Software Enterprises in the fourth quarter valued at $127,000. CANADA LIFE ASSURANCE Co raised its stake in shares of Magic Software Enterprises by 722.2% in the first quarter. CANADA LIFE ASSURANCE Co now owns 15,334 shares of the software maker’s stock valued at $177,000 after buying an additional 13,469 shares during the period. Finally, Quadrature Capital Ltd purchased a new position in shares of Magic Software Enterprises in the first quarter valued at $593,000. 24.70% of the stock is currently owned by institutional investors.

About Magic Software Enterprises

(Get Free Report)

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.

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