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

Magic Software Enterprises Ltd. (NASDAQ:MGIC) saw an uptick in trading volume on Monday . 12,175 shares traded hands during trading, a decline of 45% from the previous session’s volume of 22,102 shares.The stock last traded at $11.99 and had previously closed at $12.00.

Analyst Ratings Changes

A number of brokerages recently issued reports on MGIC. StockNews.com began coverage on Magic Software Enterprises in a report on Thursday, August 17th. They set a “buy” rating on the stock. Barclays reduced their price target on Magic Software Enterprises from $23.00 to $18.00 and set an “overweight” rating on the stock in a report on Tuesday, August 15th. Finally, TheStreet downgraded Magic Software Enterprises from a “b-” rating to a “c+” rating in a report on Thursday, August 17th.

Magic Software Enterprises Price Performance

The business has a fifty day simple moving average of $12.79 and a two-hundred day simple moving average of $13.36. The company has a current ratio of 1.75, a quick ratio of 1.75 and a debt-to-equity ratio of 0.20. The stock has a market cap of $571.41 million, a PE ratio of 13.53 and a beta of 1.17.

Magic Software Enterprises (NASDAQ:MGIC) last posted its earnings results on Monday, August 14th. The software maker reported $0.28 earnings per share for the quarter, topping analysts’ consensus estimates of $0.26 by $0.02. Magic Software Enterprises had a return on equity of 19.65% and a net margin of 7.52%. The firm had revenue of $137.58 million for the quarter, compared to the consensus estimate of $142.30 million. Research analysts forecast that Magic Software Enterprises Ltd. will post 1.11 earnings per share for the current year.

Magic Software Enterprises Increases Dividend

The company also recently announced a Semi-Annual dividend, which will be paid on Wednesday, September 13th. Shareholders of record on Wednesday, August 30th will be issued a dividend of $0.327 per share. This is an increase from Magic Software Enterprises’s previous Semi-Annual dividend of $0.23. The ex-dividend date is Tuesday, August 29th. This represents a dividend yield of 5.4%. Magic Software Enterprises’s dividend payout ratio is 69.77%.

Institutional Trading of Magic Software Enterprises

A number of hedge funds have recently made changes to their positions in the stock. Clal Insurance Enterprises Holdings Ltd boosted its position in shares of Magic Software Enterprises by 41.6% in the 1st quarter. Clal Insurance Enterprises Holdings Ltd now owns 3,420,060 shares of the software maker’s stock worth $46,039,000 after purchasing an additional 1,004,975 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. boosted its position in shares of Magic Software Enterprises by 4.0% in the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 2,616,739 shares of the software maker’s stock worth $35,666,000 after purchasing an additional 100,000 shares in the last quarter. Phoenix Holdings Ltd. boosted its position in shares of Magic Software Enterprises by 88.8% in the 4th quarter. Phoenix Holdings Ltd. now owns 755,686 shares of the software maker’s stock worth $12,107,000 after purchasing an additional 355,481 shares in the last quarter. Wellington Management Group LLP boosted its position in shares of Magic Software Enterprises by 27.3% in the 1st quarter. Wellington Management Group LLP now owns 532,606 shares of the software maker’s stock worth $7,259,000 after purchasing an additional 114,300 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its position in shares of Magic Software Enterprises by 7.3% in the 1st quarter. Renaissance Technologies LLC now owns 416,064 shares of the software maker’s stock worth $5,671,000 after purchasing an additional 28,400 shares in the last quarter. 14.25% of the stock is owned by institutional investors.

About Magic Software Enterprises

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