Magic Software Enterprises (NASDAQ:MGIC) Upgraded by StockNews.com to Strong-Buy

StockNews.com upgraded shares of Magic Software Enterprises (NASDAQ:MGIC) from a buy rating to a strong-buy rating in a research note published on Saturday morning.

Magic Software Enterprises Trading Down 0.3 %

Shares of Magic Software Enterprises stock opened at $11.68 on Friday. The company has a market capitalization of $573.49 million, a price-to-earnings ratio of 16.00 and a beta of 1.06. The company has a quick ratio of 1.69, a current ratio of 1.69 and a debt-to-equity ratio of 0.14. Magic Software Enterprises has a 12-month low of $8.15 and a 12-month high of $13.20. The firm’s 50-day moving average price is $10.63 and its two-hundred day moving average price is $11.04.

Magic Software Enterprises (NASDAQ:MGIC) last announced its quarterly earnings data on Thursday, May 16th. The software maker reported $0.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.21 by $0.02. The firm had revenue of $130.72 million for the quarter, compared to the consensus estimate of $126.80 million. Magic Software Enterprises had a net margin of 6.83% and a return on equity of 16.36%. On average, analysts forecast that Magic Software Enterprises will post 0.95 earnings per share for the current fiscal year.

Magic Software Enterprises Cuts Dividend

The business also recently announced a Semi-Annual dividend, which was paid on Thursday, July 11th. Stockholders of record on Thursday, June 27th were issued a $0.204 dividend. The ex-dividend date was Thursday, June 27th. This represents a dividend yield of 3.5%. Magic Software Enterprises’s dividend payout ratio (DPR) is currently 56.16%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Magic Software Enterprises by 61.5% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,942 shares of the software maker’s stock worth $58,000 after acquiring an additional 2,263 shares during the last quarter. Colonial River Wealth Management LLC bought a new position in shares of Magic Software Enterprises in the fourth quarter worth about $127,000. CANADA LIFE ASSURANCE Co lifted its holdings in shares of Magic Software Enterprises by 722.2% in the first quarter. CANADA LIFE ASSURANCE Co now owns 15,334 shares of the software maker’s stock worth $177,000 after acquiring an additional 13,469 shares during the last quarter. Quadrature Capital Ltd bought a new position in Magic Software Enterprises in the 1st quarter valued at approximately $593,000. Finally, Wellington Management Group LLP raised its holdings in Magic Software Enterprises by 1.6% in the 4th quarter. Wellington Management Group LLP now owns 683,357 shares of the software maker’s stock valued at $6,622,000 after buying an additional 11,010 shares during the last quarter. 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. The company's Software Services segment develops, markets, sells, and supports application platform, software applications, and business and process integration solutions and related services.