Magic Software Enterprises (NASDAQ:MGIC) Shares Down 3.3%

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

Analysts Set New Price Targets

Separately, StockNews.com upgraded shares of Magic Software Enterprises from a “buy” rating to a “strong-buy” rating in a report on Saturday.

Magic Software Enterprises Price Performance

The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.69 and a current ratio of 1.69. The firm has a market cap of $525.86 million, a price-to-earnings ratio of 15.25 and a beta of 1.06. The company’s fifty day moving average is $10.63 and its two-hundred day moving average is $11.06.

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

Magic Software Enterprises Cuts Dividend

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

Hedge Funds Weigh In On Magic Software Enterprises

Institutional investors have recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Magic Software Enterprises by 61.5% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,942 shares of the software maker’s stock worth $58,000 after buying an additional 2,263 shares in the last quarter. Colonial River Wealth Management LLC acquired a new stake in shares of Magic Software Enterprises in the 4th quarter valued at about $127,000. CANADA LIFE ASSURANCE Co raised its stake in shares of Magic Software Enterprises by 722.2% in the 1st 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 in the last quarter. Quadrature Capital Ltd acquired a new stake in shares of Magic Software Enterprises in the 1st quarter valued at about $593,000. Finally, Wellington Management Group LLP raised its stake in shares of 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 purchasing an additional 11,010 shares in 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.