Magic Software Enterprises (NASDAQ:MGIC) Shares Gap Up to $10.42

Magic Software Enterprises Ltd. (NASDAQ:MGICGet Free Report) gapped up before the market opened on Monday . The stock had previously closed at $10.42, but opened at $10.73. Magic Software Enterprises shares last traded at $10.64, with a volume of 7,935 shares changing hands.

Wall Street Analysts Forecast Growth

Several research firms have commented on MGIC. Barclays upped their price objective on shares of Magic Software Enterprises from $13.00 to $14.00 and gave the company an “overweight” rating in a report on Thursday, March 14th. StockNews.com raised shares of Magic Software Enterprises from a “buy” rating to a “strong-buy” rating in a report on Monday, May 20th.

View Our Latest Report on MGIC

Magic Software Enterprises Stock Performance

The stock has a market capitalization of $521.44 million, a PE ratio of 14.55 and a beta of 1.06. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.69 and a quick ratio of 1.69. The business’s fifty day moving average price is $10.89 and its 200-day moving average price is $10.92.

Magic Software Enterprises (NASDAQ:MGICGet Free Report) last announced its quarterly earnings results on Thursday, May 16th. The software maker reported $0.23 earnings per share (EPS) 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 the consensus estimate of $126.80 million. As a group, equities research analysts expect that Magic Software Enterprises Ltd. will post 0.95 EPS for the current year.

Magic Software Enterprises Cuts Dividend

The company also recently declared 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. This represents a dividend yield of 3.5%. The ex-dividend date of this dividend is Thursday, June 27th. Magic Software Enterprises’s payout ratio is 56.16%.

Institutional Investors Weigh In On Magic Software Enterprises

Institutional investors and hedge funds have recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in 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 purchasing an additional 2,263 shares in the last quarter. Colonial River Wealth Management LLC purchased a new stake in Magic Software Enterprises in the fourth quarter valued at approximately $127,000. CANADA LIFE ASSURANCE Co raised its stake in 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 purchasing an additional 13,469 shares in the last quarter. Quadrature Capital Ltd purchased a new stake in Magic Software Enterprises in the first quarter valued at approximately $593,000. Finally, Wellington Management Group LLP raised its stake in 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 purchasing an additional 11,010 shares in the last quarter. 24.70% of the stock is owned by hedge funds and other 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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