Magic Software Enterprises (NASDAQ:MGIC) Stock Price Crosses Above 200 Day Moving Average – Here’s What Happened

Magic Software Enterprises Ltd. (NASDAQ:MGIC)’s share price crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $16.33 and traded as high as $19.62. Magic Software Enterprises shares last traded at $19.30, with a volume of 67,762 shares.

Wall Street Analyst Weigh In

MGIC has been the topic of several recent analyst reports. Barclays boosted their price objective on shares of Magic Software Enterprises from $16.00 to $18.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 13th. Zacks Research upgraded shares of Magic Software Enterprises from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 15th. Finally, Wall Street Zen lowered shares of Magic Software Enterprises from a “buy” rating to a “hold” rating in a research note on Saturday, August 16th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $18.00.

Magic Software Enterprises Trading Down 4.9%

The business has a 50-day moving average price of $20.39 and a two-hundred day moving average price of $16.33. The stock has a market capitalization of $947.63 million, a P/E ratio of 24.74 and a beta of 0.95. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.14.

Magic Software Enterprises (NASDAQ:MGIC) last released its earnings results on Wednesday, August 13th. The software maker reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.02. The firm had revenue of $151.60 million during the quarter, compared to the consensus estimate of $143.06 million. Magic Software Enterprises had a return on equity of 15.85% and a net margin of 6.58%. Magic Software Enterprises has set its FY 2025 guidance at EPS. On average, analysts expect that Magic Software Enterprises Ltd. will post 0.95 EPS for the current fiscal year.

Magic Software Enterprises Cuts Dividend

The company also recently declared a semi-annual dividend, which will be paid on Wednesday, October 22nd. Investors of record on Monday, October 6th will be given a dividend of $0.296 per share. The ex-dividend date is Monday, October 6th. This represents a dividend yield of 290.0%. Magic Software Enterprises’s dividend payout ratio (DPR) is currently 83.33%.

Institutional Trading of Magic Software Enterprises

Large investors have recently made changes to their positions in the company. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in shares of Magic Software Enterprises during the 1st quarter worth approximately $35,911,000. Menora Mivtachim Holdings LTD. acquired a new stake in shares of Magic Software Enterprises during the 1st quarter worth approximately $273,000. Y.D. More Investments Ltd boosted its position in shares of Magic Software Enterprises by 22.1% during the 1st quarter. Y.D. More Investments Ltd now owns 174,366 shares of the software maker’s stock worth $2,240,000 after acquiring an additional 31,527 shares in the last quarter. Millennium Management LLC boosted its position in Magic Software Enterprises by 66.7% in the fourth quarter. Millennium Management LLC now owns 28,599 shares of the software maker’s stock valued at $344,000 after buying an additional 11,442 shares in the last quarter. Finally, Lazard Asset Management LLC boosted its position in Magic Software Enterprises by 45.5% in the fourth quarter. Lazard Asset Management LLC now owns 18,795 shares of the software maker’s stock valued at $226,000 after buying an additional 5,878 shares in the last quarter. Institutional investors and hedge funds own 24.70% of the company’s stock.

Magic Software Enterprises Company Profile

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. Its Software Services segment develops, markets, sells, and supports application platform, software applications, and business and process integration solutions and related services.