Magic Software Enterprises (NASDAQ:MGIC) Shares Cross Above 200-Day Moving Average – Time to Sell?
by Sarita Garza · The Markets DailyMagic Software Enterprises Ltd. (NASDAQ:MGIC – Get 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:MGIC – Get 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
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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