Magic Software Enterprises (MGIC) Upgraded to “Sell” at BidaskClub
BidaskClub upgraded shares of Magic Software Enterprises (NASDAQ:MGIC) from a strong sell rating to a sell rating in a report published on Saturday morning.
Several other analysts have also commented on MGIC. Barclays reissued a buy rating and set a $10.50 price target on shares of Magic Software Enterprises in a research report on Thursday, November 16th. Zacks Investment Research lowered shares of Magic Software Enterprises from a hold rating to a sell rating in a research report on Friday, November 17th. Finally, HC Wainwright reaffirmed a buy rating and issued a $10.00 price objective on shares of Magic Software Enterprises in a research report on Monday, November 20th. Two research analysts have rated the stock with a sell rating and four have issued a buy rating to the company. The company has an average rating of Hold and a consensus price target of $9.81.
Magic Software Enterprises (MGIC) traded up $0.15 during mid-day trading on Friday, hitting $8.10. 15,956 shares of the company’s stock traded hands, compared to its average volume of 24,670. The stock has a market capitalization of $360.36, a price-to-earnings ratio of 16.53 and a beta of 0.88. Magic Software Enterprises has a 1-year low of $7.40 and a 1-year high of $9.50. The company has a current ratio of 3.07, a quick ratio of 3.45 and a debt-to-equity ratio of 0.13.
The business also recently disclosed a Semi-Annual dividend, which will be paid on Monday, March 26th. Investors of record on Tuesday, March 13th will be given a $0.13 dividend. This is a positive change from Magic Software Enterprises’s previous Semi-Annual dividend of $0.09. This represents a dividend yield of 3.21%. The ex-dividend date is Monday, March 12th. Magic Software Enterprises’s dividend payout ratio (DPR) is presently 72.22%.
Institutional investors have recently made changes to their positions in the stock. Millennium Management LLC purchased a new position in shares of Magic Software Enterprises in the 4th quarter valued at approximately $106,000. Dimensional Fund Advisors LP raised its position in shares of Magic Software Enterprises by 11.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 19,858 shares of the software maker’s stock valued at $158,000 after purchasing an additional 2,000 shares during the last quarter. ARK Investment Management LLC purchased a new position in shares of Magic Software Enterprises in the 4th quarter valued at approximately $242,000. Ramsey Quantitative Systems purchased a new position in shares of Magic Software Enterprises in the 4th quarter valued at approximately $270,000. Finally, Unterberg Capital LLC purchased a new position in shares of Magic Software Enterprises in the 4th quarter valued at approximately $315,000. 10.03% of the stock is owned by hedge funds and other institutional investors.
About Magic Software Enterprises
Magic Software Enterprises Ltd. is a provider of application development, business process integration platforms, vertical software solutions and related professional services. The Company is a vendor of information technology (IT) outsourcing services. Its software technology is used by customers to develop, deploy and integrate on premise, mobile and cloud-based business.
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