Magic Software Enterprises (NASDAQ:MGIC) Sees Strong Trading Volume

Shares of Magic Software Enterprises Ltd. (NASDAQ:MGIC) saw an uptick in trading volume on Tuesday . 13,772 shares traded hands during trading, a decline of 38% from the previous session’s volume of 22,365 shares.The stock last traded at $11.08 and had previously closed at $11.03.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. StockNews.com began coverage on Magic Software Enterprises in a research note on Thursday, August 17th. They issued a “buy” rating for the company. Barclays lowered their price objective on Magic Software Enterprises from $23.00 to $18.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 15th. Finally, TheStreet lowered shares of Magic Software Enterprises from a “b-” rating to a “c+” rating in a report on Thursday, August 17th.

Magic Software Enterprises Price Performance

The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.75 and a current ratio of 1.75. The company has a market cap of $546.86 million, a P/E ratio of 12.87 and a beta of 1.17. The firm’s fifty day moving average is $12.28 and its two-hundred day moving average is $13.00.

Magic Software Enterprises (NASDAQ:MGIC) last released its quarterly earnings data 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. The firm had revenue of $137.58 million during the quarter, compared to analyst estimates of $142.30 million. Magic Software Enterprises had a return on equity of 19.65% and a net margin of 7.52%. As a group, analysts anticipate that Magic Software Enterprises Ltd. will post 1.11 earnings per share for the current fiscal year.

Magic Software Enterprises Increases Dividend

The business also recently disclosed a Semi-Annual dividend, which was paid on Wednesday, September 13th. Stockholders of record on Wednesday, August 30th were given a dividend of $0.327 per share. The ex-dividend date was Tuesday, August 29th. This represents a dividend yield of 5.4%. This is a boost from Magic Software Enterprises’s previous Semi-Annual dividend of $0.23. Magic Software Enterprises’s dividend payout ratio (DPR) is presently 75.58%.

Hedge Funds Weigh In On Magic Software Enterprises

Hedge funds and other institutional investors have recently modified their holdings of the stock. Quent Capital LLC purchased a new stake in Magic Software Enterprises in the 2nd quarter worth $27,000. Royal Bank of Canada lifted its position in shares of Magic Software Enterprises by 666.7% in the first quarter. Royal Bank of Canada now owns 2,300 shares of the software maker’s stock worth $39,000 after buying an additional 2,000 shares in the last quarter. Lazard Asset Management LLC bought a new position in Magic Software Enterprises during the fourth quarter valued at approximately $42,000. Barclays PLC purchased a new position in Magic Software Enterprises during the 2nd quarter valued at approximately $65,000. Finally, UBS Group AG increased its stake in Magic Software Enterprises by 153.1% in the 4th quarter. UBS Group AG now owns 4,902 shares of the software maker’s stock worth $79,000 after acquiring an additional 2,965 shares during the last quarter. Institutional investors own 14.25% 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. The company's Software Services segment develops, markets, sells, and supports application platform, software applications, and business and process integration solutions and related services.