Magic Software Enterprises (NASDAQ:MGIC) Stock Price Down 3.3%

Magic Software Enterprises Ltd. (NASDAQ:MGIC) shares traded down 3.3% on Tuesday . The stock traded as low as $10.60 and last traded at $10.76. 22,370 shares were traded during trading, a decline of 60% from the average session volume of 56,247 shares. The stock had previously closed at $11.13.

Analyst Ratings Changes

Separately, StockNews.com raised Magic Software Enterprises from a “buy” rating to a “strong-buy” rating in a research note on Saturday, July 27th.

Magic Software Enterprises Trading Down 1.1 %

The firm has a market cap of $523.41 million, a price-to-earnings ratio of 14.77 and a beta of 1.06. The company has a 50-day moving average price of $10.63 and a 200 day moving average price of $11.06. 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 (NASDAQ:MGIC) last issued its earnings results on Thursday, May 16th. The software maker reported $0.23 EPS for the quarter, topping the consensus estimate of $0.21 by $0.02. The business had revenue of $130.72 million during the quarter, compared to analysts’ expectations of $126.80 million. Magic Software Enterprises had a return on equity of 16.36% and a net margin of 6.83%. As a group, research analysts anticipate that Magic Software Enterprises Ltd. will post 0.95 earnings per share for the current fiscal year.

Magic Software Enterprises Cuts Dividend

The firm also recently announced a Semi-Annual dividend, which was paid on Thursday, July 11th. Stockholders of record on Thursday, June 27th were given 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 presently 56.16%.

Institutional Trading of Magic Software Enterprises

Hedge funds and other institutional investors have recently modified their holdings of the business. Quadrature Capital Ltd acquired a new stake in Magic Software Enterprises during the first quarter valued at $593,000. CANADA LIFE ASSURANCE Co boosted its position in Magic Software Enterprises by 722.2% during the first quarter. CANADA LIFE ASSURANCE Co now owns 15,334 shares of the software maker’s stock valued at $177,000 after purchasing an additional 13,469 shares during the last quarter. Colonial River Wealth Management LLC acquired a new stake in Magic Software Enterprises during the fourth quarter valued at $127,000. Wellington Management Group LLP boosted its position in Magic Software Enterprises by 1.6% during the fourth quarter. Wellington Management Group LLP now owns 683,357 shares of the software maker’s stock valued at $6,622,000 after purchasing an additional 11,010 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Magic Software Enterprises by 61.5% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,942 shares of the software maker’s stock valued at $58,000 after purchasing an additional 2,263 shares during the last quarter. Institutional investors and hedge funds 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.