Magic Software Enterprises (NASDAQ:MGIC) Stock Price Passes Above Two Hundred Day Moving Average – What’s Next?

Magic Software Enterprises Ltd. (NASDAQ:MGIC)’s share price passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $22.16 and traded as high as $27.50. Magic Software Enterprises shares last traded at $27.35, with a volume of 15,457 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Zacks Research lowered shares of Magic Software Enterprises from a “strong-buy” rating to a “hold” rating in a report on Monday, October 13th. Wall Street Zen upgraded shares of Magic Software Enterprises from a “hold” rating to a “buy” rating in a report on Saturday, December 20th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Magic Software Enterprises in a report on Monday, December 29th. One analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, Magic Software Enterprises presently has a consensus rating of “Hold” and an average price target of $18.00.

Magic Software Enterprises Trading Down 0.4%

The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.11. The firm has a 50-day moving average of $25.36 and a 200 day moving average of $22.16. The company has a market cap of $1.34 billion, a P/E ratio of 33.77 and a beta of 0.72.

Magic Software Enterprises (NASDAQ:MGIC) last announced its quarterly earnings data on Tuesday, November 18th. The software maker reported $0.25 EPS for the quarter, missing the consensus estimate of $0.29 by ($0.04). The company had revenue of $161.70 million for the quarter, compared to analyst estimates of $154.80 million. Magic Software Enterprises had a return on equity of 16.28% and a net margin of 6.61%. On average, analysts predict that Magic Software Enterprises Ltd. will post 0.95 earnings per share for the current fiscal year.

Magic Software Enterprises Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 30th. Stockholders of record on Monday, December 15th were issued a dividend of $0.151 per share. The ex-dividend date was Monday, December 15th. This represents a $0.60 annualized dividend and a dividend yield of 2.2%. Magic Software Enterprises’s dividend payout ratio is currently 74.07%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Jane Street Group LLC increased its holdings in shares of Magic Software Enterprises by 126.5% during the first quarter. Jane Street Group LLC now owns 32,028 shares of the software maker’s stock valued at $416,000 after acquiring an additional 17,887 shares in the last quarter. Ashton Thomas Private Wealth LLC bought a new stake in Magic Software Enterprises during the 2nd quarter valued at $298,000. Corton Capital Inc. bought a new stake in Magic Software Enterprises during the 2nd quarter valued at $286,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Magic Software Enterprises during the second quarter worth $377,000. Finally, Acadian Asset Management LLC lifted its stake in shares of Magic Software Enterprises by 17.3% in the second quarter. Acadian Asset Management LLC now owns 184,925 shares of the software maker’s stock valued at $3,525,000 after buying an additional 27,294 shares in the last quarter. 24.70% of the stock is owned by institutional investors and hedge funds.

Magic Software Enterprises Company Profile

Magic Software Enterprises Ltd. is a global provider of enterprise software solutions that enable organizations to develop, integrate and manage business applications across cloud and on-premises environments. Serving clients in industries such as financial services, healthcare, manufacturing and distribution, the company’s platforms are designed to accelerate digital transformation by streamlining the creation of web, desktop and mobile applications while ensuring seamless data flow between disparate systems.

The company’s flagship offering, the Magic xpa Application Platform, provides a low-code development environment that simplifies the design, deployment and maintenance of enterprise applications.