Magic Software Enterprises (NASDAQ:MGIC) Shares Cross Above 200-Day Moving Average – Time to Sell?

by · The Markets Daily

Magic Software Enterprises Ltd. (NASDAQ:MGICGet Free Report)’s share price passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $20.55 and traded as high as $26.95. Magic Software Enterprises shares last traded at $26.73, with a volume of 21,399 shares changing hands.

Analyst Ratings Changes

A number of research analysts have commented on the company. Zacks Research cut Magic Software Enterprises from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 13th. Weiss Ratings reiterated a “hold (c)” rating on shares of Magic Software Enterprises in a report on Monday. One analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, Magic Software Enterprises presently has a consensus rating of “Hold” and a consensus price target of $18.00.

Read Our Latest Stock Analysis on Magic Software Enterprises

Magic Software Enterprises Trading Down 1.6%

The company’s fifty day moving average is $22.75 and its two-hundred day moving average is $20.67. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.11. The stock has a market cap of $1.32 billion, a price-to-earnings ratio of 33.10 and a beta of 0.71.

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

Magic Software Enterprises Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 30th. Stockholders of record on Monday, December 15th will be given a dividend of $0.151 per share. This represents a $0.60 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend is Monday, December 15th. Magic Software Enterprises’s dividend payout ratio (DPR) is 74.07%.

Institutional Trading of Magic Software Enterprises

Institutional investors have recently modified their holdings of the stock. IFP Advisors Inc raised its stake in Magic Software Enterprises by 38.8% during the 3rd quarter. IFP Advisors Inc now owns 2,775 shares of the software maker’s stock worth $57,000 after acquiring an additional 775 shares in the last quarter. Susquehanna International Group LLP lifted its holdings in shares of Magic Software Enterprises by 145.3% in the 3rd quarter. Susquehanna International Group LLP now owns 14,589 shares of the software maker’s stock valued at $298,000 after purchasing an additional 46,789 shares during the last quarter. Alliancebernstein L.P. acquired a new stake in shares of Magic Software Enterprises in the 3rd quarter valued at about $2,358,000. Ameriprise Financial Inc. grew its stake 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 buying an additional 768 shares during the last quarter. Finally, Lazard Asset Management LLC increased its position in 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 during the period. Hedge funds and other institutional investors own 24.70% of the company’s stock.

Magic Software Enterprises Company Profile

(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. Its 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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