Magic Software Enterprises (NASDAQ:MGIC) Stock Price Passes Above Two Hundred Day Moving Average – Here’s Why

Shares of Magic Software Enterprises Ltd. (NASDAQ:MGIC) crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $19.71 and traded as high as $23.21. Magic Software Enterprises shares last traded at $23.16, with a volume of 16,042 shares traded.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Wall Street Zen cut shares of Magic Software Enterprises from a “buy” rating to a “hold” rating in a research note on Saturday, August 16th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Magic Software Enterprises in a report on Monday. Zacks Research lowered shares of Magic Software Enterprises from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 13th. Finally, Barclays boosted their target price 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. One equities research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $18.00.

Magic Software Enterprises Price Performance

The stock’s fifty day moving average price is $21.24 and its 200-day moving average price is $19.71. The firm has a market cap of $1.14 billion, a PE ratio of 29.69 and a beta of 0.90. 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 results on Tuesday, November 18th. The software maker reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.29 by ($0.04). The business had revenue of $161.70 million during the quarter, compared to analysts’ expectations of $154.80 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. As a group, equities analysts expect that Magic Software Enterprises Ltd. will post 0.95 EPS for the current fiscal year.

Magic Software Enterprises Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 30th. Stockholders of record on Monday, December 15th will be issued a dividend of $0.151 per share. This represents a $0.60 annualized dividend and a dividend yield of 2.6%. The ex-dividend date is Monday, December 15th. Magic Software Enterprises’s payout ratio is currently 74.07%.

Hedge Funds Weigh In On Magic Software Enterprises

A number of institutional investors have recently added to or reduced their stakes in the stock. Acadian Asset Management LLC grew its holdings in Magic Software Enterprises by 17.3% in the 2nd quarter. Acadian Asset Management LLC now owns 184,925 shares of the software maker’s stock valued at $3,525,000 after buying an additional 27,294 shares in the last quarter. Y.D. More Investments Ltd boosted its position in shares of Magic Software Enterprises by 8.6% during the 2nd quarter. Y.D. More Investments Ltd now owns 189,327 shares of the software maker’s stock valued at $3,616,000 after acquiring an additional 14,961 shares during the last quarter. Corton Capital Inc. purchased a new stake in shares of Magic Software Enterprises in the second quarter valued at about $286,000. Menora Mivtachim Holdings LTD. acquired a new stake in Magic Software Enterprises during the first quarter worth about $273,000. Finally, Nuveen LLC purchased a new position in Magic Software Enterprises during the first quarter worth about $311,000. Hedge funds and other institutional investors 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.