Magic Software Enterprises (NASDAQ:MGIC) Shares Pass Above 200-Day Moving Average – Here’s What Happened

Magic Software Enterprises Ltd. (NASDAQ:MGIC) shares passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $19.71 and traded as high as $23.21. Magic Software Enterprises shares last traded at $23.16, with a volume of 16,042 shares changing hands.

Analyst Upgrades and Downgrades

Several research firms have issued reports on MGIC. Barclays raised their target price on Magic Software Enterprises from $16.00 to $18.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 13th. Wall Street Zen downgraded Magic Software Enterprises from a “buy” rating to a “hold” rating in a research report on Saturday, August 16th. Weiss Ratings restated a “hold (c-)” rating on shares of Magic Software Enterprises in a report on Monday. Finally, Zacks Research lowered shares of Magic Software Enterprises from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 13th. One analyst has rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Magic Software Enterprises has an average rating of “Hold” and an average price target of $18.00.

Magic Software Enterprises Stock Performance

The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.61 and a current ratio of 1.61. The company has a market capitalization of $1.14 billion, a price-to-earnings ratio of 29.69 and a beta of 0.90. The firm has a 50-day simple moving average of $21.24 and a two-hundred day simple moving average of $19.71.

Magic Software Enterprises (NASDAQ:MGIC) last issued its quarterly earnings results on Tuesday, November 18th. The software maker reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.29 by ($0.04). The business 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 15.85% and a net margin of 6.58%. Magic Software Enterprises has set its FY 2025 guidance at EPS. On average, sell-side analysts anticipate that Magic Software Enterprises Ltd. will post 0.95 EPS for the current fiscal year.

Magic Software Enterprises Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 30th. Shareholders of record on Monday, December 15th will be paid a $0.151 dividend. The ex-dividend date is Monday, December 15th. This represents a $0.60 annualized dividend and a dividend yield of 2.6%. Magic Software Enterprises’s payout ratio is 74.07%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Ameriprise Financial Inc. increased its holdings in Magic Software Enterprises by 5.6% during the 3rd quarter. Ameriprise Financial Inc. now owns 14,361 shares of the software maker’s stock worth $293,000 after purchasing an additional 768 shares during the period. Raymond James Financial Inc. acquired a new position in shares of Magic Software Enterprises during the second quarter worth about $33,000. Lazard Asset Management LLC grew its position in shares of Magic Software Enterprises by 8.9% during the third quarter. Lazard Asset Management LLC now owns 23,779 shares of the software maker’s stock worth $485,000 after buying an additional 1,938 shares in the last quarter. Quent Capital LLC purchased a new stake in shares of Magic Software Enterprises during the third quarter worth approximately $41,000. Finally, CWM LLC raised its holdings in Magic Software Enterprises by 1,045.5% in the third quarter. CWM LLC now owns 2,291 shares of the software maker’s stock valued at $47,000 after acquiring an additional 2,091 shares in the last quarter. 24.70% of the stock is currently owned by hedge funds and other 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. Its Software Services segment develops, markets, sells, and supports application platform, software applications, and business and process integration solutions and related services.