Magic Software Enterprises (NASDAQ:MGIC) Sees Large Volume Increase

Magic Software Enterprises Ltd. (NASDAQ:MGIC – Get Rating) shares saw an uptick in trading volume on Tuesday . 885 shares traded hands during trading, a decline of 96% from the previous session’s volume of 20,298 shares.The stock last traded at $17.78 and had previously closed at $17.18.

Several brokerages have weighed in on MGIC. StockNews.com lowered shares of Magic Software Enterprises from a “strong-buy” rating to a “buy” rating in a report on Thursday, May 12th. Zacks Investment Research raised shares of Magic Software Enterprises from a “sell” rating to a “hold” rating in a report on Wednesday, May 4th.

The stock has a market capitalization of $861.18 million, a P/E ratio of 30.68 and a beta of 1.28. The company’s 50-day moving average is $17.35 and its two-hundred day moving average is $19.45. The company has a current ratio of 2.32, a quick ratio of 2.32 and a debt-to-equity ratio of 0.08.

Magic Software Enterprises (NASDAQ:MGIC – Get Rating) last issued its quarterly earnings data on Wednesday, March 2nd. The software maker reported $0.26 earnings per share for the quarter, meeting the consensus estimate of $0.26. The firm had revenue of $133.00 million for the quarter, compared to the consensus estimate of $125.50 million. Magic Software Enterprises had a net margin of 5.35% and a return on equity of 17.84%. Sell-side analysts expect that Magic Software Enterprises Ltd. will post 1.02 EPS for the current fiscal year.

The business also recently declared a Semi-Annual dividend, which was paid on Thursday, April 7th. Shareholders of record on Thursday, March 24th were given a dividend of $0.216 per share. The ex-dividend date of this dividend was Wednesday, March 23rd. This represents a dividend yield of 2.3%. Magic Software Enterprises’s dividend payout ratio (DPR) is 76.79%.

Several hedge funds have recently added to or reduced their stakes in MGIC. Phoenix Holdings Ltd. raised its position in shares of Magic Software Enterprises by 48.9% during the 1st quarter. Phoenix Holdings Ltd. now owns 389,248 shares of the software maker’s stock worth $6,784,000 after buying an additional 127,907 shares in the last quarter. Meitav Dash Investments Ltd. raised its position in shares of Magic Software Enterprises by 11.3% during the 4th quarter. Meitav Dash Investments Ltd. now owns 512,494 shares of the software maker’s stock worth $10,718,000 after buying an additional 52,004 shares in the last quarter. Sphera Funds Management LTD. raised its position in shares of Magic Software Enterprises by 261.2% during the 3rd quarter. Sphera Funds Management LTD. now owns 57,704 shares of the software maker’s stock worth $1,154,000 after buying an additional 41,728 shares in the last quarter. Citigroup Inc. raised its position in shares of Magic Software Enterprises by 2,046.7% during the 3rd quarter. Citigroup Inc. now owns 41,861 shares of the software maker’s stock worth $837,000 after buying an additional 39,911 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its position in shares of Magic Software Enterprises by 27.4% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 181,325 shares of the software maker’s stock worth $3,607,000 after buying an additional 38,980 shares in the last quarter. Institutional investors own 29.56% of the company’s stock.

Magic Software Enterprises Company Profile (NASDAQ:MGIC)

Magic Software Enterprises Ltd. provides proprietary application development, business process integration, vertical software solutions, and information technologies (IT) outsourcing software 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.

Read More