StockNews.com lowered shares of Magic Software Enterprises (NASDAQ:MGIC – Get Rating) from a buy rating to a hold rating in a research report sent to investors on Tuesday.
Separately, Barclays dropped their target price on shares of Magic Software Enterprises from $28.00 to $23.00 in a research report on Friday, March 10th.
Magic Software Enterprises Price Performance
Shares of Magic Software Enterprises stock opened at $14.12 on Tuesday. The company has a quick ratio of 1.97, a current ratio of 1.89 and a debt-to-equity ratio of 0.11. Magic Software Enterprises has a twelve month low of $12.43 and a twelve month high of $20.24. The business has a 50-day moving average price of $13.53 and a 200 day moving average price of $15.13. The firm has a market cap of $692.91 million, a PE ratio of 17.87 and a beta of 1.17.
Magic Software Enterprises Increases Dividend
The business also recently disclosed a semi-annual dividend, which was paid on Thursday, April 20th. Stockholders of record on Monday, April 10th were given a $0.225 dividend. The ex-dividend date was Thursday, April 6th. This is a positive change from Magic Software Enterprises’s previous semi-annual dividend of $0.09. This represents a dividend yield of 4.4%. Magic Software Enterprises’s dividend payout ratio is presently 75.95%.
Institutional Investors Weigh In On Magic Software Enterprises
A number of hedge funds have recently made changes to their positions in the stock. Naples Global Advisors LLC raised its holdings in shares of Magic Software Enterprises by 5.0% during the fourth quarter. Naples Global Advisors LLC now owns 257,275 shares of the software maker’s stock valued at $4,122,000 after acquiring an additional 12,150 shares in the last quarter. Aptus Capital Advisors LLC grew its position in Magic Software Enterprises by 6.1% in the 3rd quarter. Aptus Capital Advisors LLC now owns 129,311 shares of the software maker’s stock valued at $2,012,000 after acquiring an additional 7,485 shares during the last quarter. Phoenix Holdings Ltd. grew its position in shares of Magic Software Enterprises by 2.7% during the 3rd quarter. Phoenix Holdings Ltd. now owns 400,205 shares of the software maker’s stock worth $6,315,000 after buying an additional 10,654 shares in the last quarter. Altshuler Shaham Ltd lifted its stake in shares of Magic Software Enterprises by 31,607.3% during the 1st quarter. Altshuler Shaham Ltd now owns 52,317 shares of the software maker’s stock worth $683,000 after purchasing an additional 52,152 shares during the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. raised its stake in Magic Software Enterprises by 4.0% in the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 2,616,739 shares of the software maker’s stock valued at $35,666,000 after buying an additional 100,000 shares during the last quarter. 18.24% of the stock is currently owned by institutional investors and hedge funds.
Magic Software Enterprises Company Profile
Magic Software Enterprises Ltd. engages in the provision of proprietary application development and business process integration platforms, vertical software solutions, and vendor of information technology (IT) outsourcing software services. It operates through Software Services and IT Professional Services segments.
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