Magic Software Enterprises Ltd. (MGIC) Receives Consensus Rating of “Buy” from Analysts
Magic Software Enterprises Ltd. (NASDAQ:MGIC) has received an average rating of “Buy” from the eight brokerages that are covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and six have given a buy recommendation to the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $9.69.
MGIC has been the subject of a number of analyst reports. ValuEngine upgraded shares of Magic Software Enterprises from a “hold” rating to a “buy” rating in a report on Monday, September 11th. Zacks Investment Research upgraded shares of Magic Software Enterprises from a “hold” rating to a “buy” rating and set a $9.00 price objective for the company in a report on Saturday, August 12th. HC Wainwright set a $10.00 price objective on shares of Magic Software Enterprises and gave the company a “buy” rating in a report on Thursday, August 10th. Finally, BidaskClub cut shares of Magic Software Enterprises from a “sell” rating to a “strong sell” rating in a report on Friday, August 4th.
Institutional investors and hedge funds have recently made changes to their positions in the business. Dimensional Fund Advisors LP lifted its stake in Magic Software Enterprises by 11.2% in the second quarter. Dimensional Fund Advisors LP now owns 19,858 shares of the software maker’s stock valued at $158,000 after buying an additional 2,000 shares in the last quarter. AXA bought a new position in Magic Software Enterprises in the second quarter valued at approximately $176,000. Bank of New York Mellon Corp bought a new position in Magic Software Enterprises in the second quarter valued at approximately $544,000. Edmond DE Rothschild Holding S.A. lifted its stake in Magic Software Enterprises by 3.5% in the first quarter. Edmond DE Rothschild Holding S.A. now owns 73,000 shares of the software maker’s stock valued at $569,000 after buying an additional 2,500 shares in the last quarter. Finally, Eagle Global Advisors LLC lifted its stake in Magic Software Enterprises by 12.7% in the second quarter. Eagle Global Advisors LLC now owns 79,783 shares of the software maker’s stock valued at $634,000 after buying an additional 9,000 shares in the last quarter. 8.99% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Magic Software Enterprises (NASDAQ MGIC) opened at 8.75 on Monday. The company has a 50 day moving average of $8.05 and a 200 day moving average of $7.97. Magic Software Enterprises has a 12 month low of $6.65 and a 12 month high of $8.75. The stock has a market cap of $386.16 million, a P/E ratio of 32.41 and a beta of 0.63.
Magic Software Enterprises (NASDAQ:MGIC) last issued its quarterly earnings data on Wednesday, August 9th. The software maker reported $0.13 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.12 by $0.01. The firm had revenue of $65.50 million during the quarter, compared to analysts’ expectations of $52.65 million. Magic Software Enterprises had a net margin of 5.08% and a return on equity of 10.49%. The business’s revenue for the quarter was up 38.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.12 earnings per share. Equities research analysts expect that Magic Software Enterprises will post $0.56 earnings per share for the current fiscal year.
The business also recently declared a semiannual dividend, which was paid on Wednesday, September 13th. Shareholders of record on Tuesday, August 29th were paid a $0.13 dividend. The ex-dividend date of this dividend was Tuesday, August 29th. This represents a yield of 3.25%. This is a positive change from Magic Software Enterprises’s previous semiannual dividend of $0.10. Magic Software Enterprises’s payout ratio is presently 96.30%.
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Magic Software Enterprises Company Profile
Magic Software Enterprises Ltd. is a provider of application development, business process integration platforms, vertical software solutions and related professional services. The Company is a vendor of information technology (IT) outsourcing services. Its software technology is used by customers to develop, deploy and integrate on premise, mobile and cloud-based business.
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