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

Magic Software Enterprises Ltd. (NASDAQ:MGIC) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $17.37 and traded as high as $20.69. Magic Software Enterprises shares last traded at $20.39, with a volume of 28,678 shares trading hands.

Analysts Set New Price Targets

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

Magic Software Enterprises Stock Up 0.4%

The firm has a market capitalization of $1.00 billion, a price-to-earnings ratio of 26.14 and a beta of 0.91. The stock has a fifty day moving average of $20.10 and a two-hundred day moving average of $17.37. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.61 and a quick ratio of 1.61.

Magic Software Enterprises (NASDAQ:MGIC) last posted its quarterly earnings data 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 business 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. Sell-side analysts anticipate that Magic Software Enterprises Ltd. will post 0.95 earnings per share for the current year.

Magic Software Enterprises Cuts Dividend

The business also recently disclosed a semi-annual dividend, which will be paid on Wednesday, October 22nd. Investors of record on Monday, October 6th will be issued a $0.296 dividend. This represents a yield of 290.0%. The ex-dividend date is Monday, October 6th. Magic Software Enterprises’s dividend payout ratio is presently 75.64%.

Institutional Trading of Magic Software Enterprises

Institutional investors and hedge funds have recently bought and sold shares of the stock. Raymond James Financial Inc. acquired a new stake in Magic Software Enterprises in the second quarter valued at $33,000. State of Tennessee Department of Treasury acquired a new position in Magic Software Enterprises in the second quarter valued at $46,000. Walleye Capital LLC acquired a new position in Magic Software Enterprises in the first quarter valued at $161,000. Ameriprise Financial Inc. acquired a new position in Magic Software Enterprises in the second quarter valued at $260,000. Finally, Corton Capital Inc. acquired a new position in Magic Software Enterprises in the second quarter valued at $286,000. 24.70% of the stock is currently owned by institutional investors and hedge funds.

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