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

Magic Software Enterprises Ltd. (NASDAQ:MGIC)’s share price passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $12.10 and traded as high as $13.00. Magic Software Enterprises shares last traded at $12.99, with a volume of 98,792 shares traded.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on MGIC shares. Barclays lifted their target price on shares of Magic Software Enterprises from $15.00 to $16.00 and gave the company an “overweight” rating in a report on Thursday, March 13th. StockNews.com upgraded shares of Magic Software Enterprises from a “buy” rating to a “strong-buy” rating in a research report on Thursday, March 13th. Finally, William Blair cut Magic Software Enterprises from an “outperform” rating to a “market perform” rating in a research report on Wednesday, March 12th.

Magic Software Enterprises Trading Up 0.3 %

The firm has a market capitalization of $637.80 million, a price-to-earnings ratio of 18.56 and a beta of 1.11. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.76 and a current ratio of 1.76. The company has a 50 day moving average price of $12.95 and a two-hundred day moving average price of $12.10.

Magic Software Enterprises (NASDAQ:MGIC) last posted its quarterly earnings data on Tuesday, March 11th. The software maker reported $0.24 earnings per share for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.01). Magic Software Enterprises had a return on equity of 15.42% and a net margin of 6.49%. The company had revenue of $142.58 million for the quarter, compared to analyst estimates of $137.00 million. On average, research analysts forecast that Magic Software Enterprises Ltd. will post 0.95 EPS for the current year.

Magic Software Enterprises Increases Dividend

The company also recently disclosed a semi-annual dividend, which will be paid on Wednesday, May 7th. Investors of record on Tuesday, April 22nd will be issued a $0.327 dividend. This represents a yield of 4.6%. This is a boost from Magic Software Enterprises’s previous semi-annual dividend of $0.24. The ex-dividend date of this dividend is Tuesday, April 22nd. Magic Software Enterprises’s payout ratio is presently 86.67%.

Hedge Funds Weigh In On Magic Software Enterprises

A number of hedge funds have recently made changes to their positions in the company. Truffle Hound Capital LLC purchased a new stake in shares of Magic Software Enterprises during the fourth quarter worth approximately $5,173,000. Dimensional Fund Advisors LP boosted its stake in Magic Software Enterprises by 4.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 240,841 shares of the software maker’s stock worth $2,896,000 after purchasing an additional 9,752 shares during the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of Magic Software Enterprises during the fourth quarter worth $1,392,000. JPMorgan Chase & Co. raised its position in shares of Magic Software Enterprises by 21.1% in the fourth quarter. JPMorgan Chase & Co. now owns 112,782 shares of the software maker’s stock valued at $1,357,000 after buying an additional 19,616 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of Magic Software Enterprises by 4.7% in the fourth quarter. Geode Capital Management LLC now owns 58,105 shares of the software maker’s stock worth $699,000 after buying an additional 2,587 shares in the last quarter. Institutional investors and hedge funds own 24.70% of the company’s stock.

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.