Magic Software Enterprises (NASDAQ:MGIC) Shares Pass Above 200-Day Moving Average – What’s Next?

Magic Software Enterprises Ltd. (NASDAQ:MGIC) shares crossed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $22.16 and traded as high as $27.50. Magic Software Enterprises shares last traded at $27.35, with a volume of 15,457 shares.

Analysts Set New Price Targets

A number of research analysts have commented on MGIC shares. Weiss Ratings restated a “hold (c)” rating on shares of Magic Software Enterprises in a research note on Monday, December 29th. Zacks Research cut shares of Magic Software Enterprises from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 13th. Finally, Wall Street Zen raised Magic Software Enterprises from a “hold” rating to a “buy” rating in a report on Saturday, December 20th. One research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, Magic Software Enterprises currently has a consensus rating of “Hold” and a consensus target price of $18.00.

Magic Software Enterprises Trading Down 0.4%

The firm’s fifty day simple moving average is $25.36 and its 200-day simple moving average is $22.17. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.48 and a quick ratio of 1.48.

Magic Software Enterprises (NASDAQ:MGIC) last posted its earnings results on Tuesday, November 18th. The software maker reported $0.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.04). The company 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, equities analysts predict that Magic Software Enterprises Ltd. will post 0.95 EPS for the current fiscal year.

Magic Software Enterprises Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 30th. Investors of record on Monday, December 15th were paid a $0.151 dividend. The ex-dividend date of this dividend was Monday, December 15th. This represents a $0.60 annualized dividend and a yield of 2.2%. Magic Software Enterprises’s payout ratio is presently 74.07%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Ameriprise Financial Inc. boosted its holdings in shares of Magic Software Enterprises by 5.6% during the third quarter. Ameriprise Financial Inc. now owns 14,361 shares of the software maker’s stock worth $293,000 after purchasing an additional 768 shares during the last quarter. IFP Advisors Inc grew 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 valued at $57,000 after purchasing an additional 775 shares in the last quarter. Raymond James Financial Inc. bought a new stake in shares of Magic Software Enterprises in the second quarter worth $33,000. Lazard Asset Management LLC raised its stake in shares of Magic Software Enterprises by 8.9% in the 3rd quarter. Lazard Asset Management LLC now owns 23,779 shares of the software maker’s stock valued at $485,000 after purchasing an additional 1,938 shares in the last quarter. Finally, Quent Capital LLC bought a new position in Magic Software Enterprises during the 3rd quarter worth approximately $41,000. 24.70% of the stock is currently owned by institutional investors and hedge funds.

Magic Software Enterprises Company Profile

Magic Software Enterprises Ltd. is a global provider of enterprise software solutions that enable organizations to develop, integrate and manage business applications across cloud and on-premises environments. Serving clients in industries such as financial services, healthcare, manufacturing and distribution, the company’s platforms are designed to accelerate digital transformation by streamlining the creation of web, desktop and mobile applications while ensuring seamless data flow between disparate systems.

The company’s flagship offering, the Magic xpa Application Platform, provides a low-code development environment that simplifies the design, deployment and maintenance of enterprise applications.