Magic Software Enterprises (MGIC) Receives $10.17 Average PT from Brokerages
Magic Software Enterprises (NASDAQ:MGIC) has been assigned an average recommendation of “Hold” from the six research firms that are covering the firm, Marketbeat.com reports. Two analysts have rated the stock with a sell rating and four have given a buy rating to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $10.17.
Several research analysts have recently issued reports on MGIC shares. Zacks Investment Research upgraded shares of Magic Software Enterprises from a “sell” rating to a “hold” rating in a report on Wednesday, January 17th. BidaskClub cut shares of Magic Software Enterprises from a “sell” rating to a “strong sell” rating in a research note on Tuesday, January 23rd. Finally, HC Wainwright set a $10.00 price objective on shares of Magic Software Enterprises and gave the stock a “buy” rating in a research note on Thursday, March 1st.
Institutional investors have recently modified their holdings of the stock. Millennium Management LLC bought a new stake in shares of Magic Software Enterprises in the fourth quarter worth $106,000. ARK Investment Management LLC bought a new stake in shares of Magic Software Enterprises in the fourth quarter worth $242,000. Dimensional Fund Advisors LP grew its stake in shares of Magic Software Enterprises by 41.3% in the third quarter. Dimensional Fund Advisors LP now owns 28,067 shares of the software maker’s stock worth $246,000 after purchasing an additional 8,209 shares during the last quarter. Ramsey Quantitative Systems bought a new stake in shares of Magic Software Enterprises in the fourth quarter worth $270,000. Finally, Unterberg Capital LLC bought a new stake in shares of Magic Software Enterprises in the fourth quarter worth $315,000. 12.48% of the stock is currently owned by institutional investors.
Magic Software Enterprises (NASDAQ:MGIC) last announced its quarterly earnings results on Wednesday, February 28th. The software maker reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.02). The company had revenue of $66.10 million for the quarter, compared to analyst estimates of $63.75 million. Magic Software Enterprises had a return on equity of 10.35% and a net margin of 5.99%. The firm’s quarterly revenue was up 20.0% on a year-over-year basis. During the same quarter last year, the company posted $0.10 earnings per share. sell-side analysts anticipate that Magic Software Enterprises will post 0.58 EPS for the current year.
The firm also recently disclosed a Semi-Annual dividend, which was paid on Monday, March 26th. Investors of record on Tuesday, March 13th were paid a $0.13 dividend. This is a boost from Magic Software Enterprises’s previous Semi-Annual dividend of $0.09. The ex-dividend date was Monday, March 12th. This represents a dividend yield of 3.21%. Magic Software Enterprises’s payout ratio is currently 56.52%.
ILLEGAL ACTIVITY WARNING: “Magic Software Enterprises (MGIC) Receives $10.17 Average PT from Brokerages” was first reported by Daily Political and is the sole property of of Daily Political. If you are reading this story on another publication, it was illegally stolen and reposted in violation of U.S. and international trademark & copyright law. The correct version of this story can be viewed at https://www.dailypolitical.com/2018/04/16/magic-software-enterprises-mgic-receives-10-17-average-pt-from-brokerages.html.
About Magic Software Enterprises
Magic Software Enterprises Ltd. provides proprietary application development, business process integration, and vertical software solutions and related professional services in Israel and internationally. The company's Software Solutions segment develops, markets, sells, and supports a proprietary and none proprietary application platform, software applications, and business and process integration solutions and related services.
Receive News & Ratings for Magic Software Enterprises Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Magic Software Enterprises and related companies with MarketBeat.com's FREE daily email newsletter.