Magic Software Enterprises (NASDAQ:MGIC) Shares Pass Above 200 Day Moving Average – Time to Sell?

Magic Software Enterprises Ltd. (NASDAQ:MGIC) shares crossed above its 200-day moving average during trading on Monday . The stock has a 200-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 trading hands.

Wall Street Analyst Weigh In

A number of research analysts recently commented on MGIC shares. StockNews.com raised Magic Software Enterprises from a “buy” rating to a “strong-buy” rating in a report on Thursday, March 13th. William Blair cut shares of Magic Software Enterprises from an “outperform” rating to a “market perform” rating in a research note on Wednesday, March 12th. Finally, Barclays boosted their price target on shares of Magic Software Enterprises from $15.00 to $16.00 and gave the stock an “overweight” rating in a research note on Thursday, March 13th.

Magic Software Enterprises Trading Up 1.1 %

The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 0.13. The firm has a market cap of $658.91 million, a P/E ratio of 19.17 and a beta of 1.11. The stock has a 50 day simple moving average of $12.96 and a 200-day simple moving average of $12.11.

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

Magic Software Enterprises Increases Dividend

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

Hedge Funds Weigh In On Magic Software Enterprises

Institutional investors and hedge funds have recently modified their holdings of the stock. Public Employees Retirement System of Ohio purchased a new stake in Magic Software Enterprises during the 3rd quarter valued at $115,000. Barclays PLC raised its stake in shares of Magic Software Enterprises by 4,274.4% in the third quarter. Barclays PLC now owns 5,818 shares of the software maker’s stock valued at $69,000 after acquiring an additional 5,685 shares during the period. Tidal Investments LLC lifted its holdings in shares of Magic Software Enterprises by 4.6% in the 3rd quarter. Tidal Investments LLC now owns 28,917 shares of the software maker’s stock worth $342,000 after acquiring an additional 1,278 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Magic Software Enterprises by 77.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 93,166 shares of the software maker’s stock worth $1,101,000 after acquiring an additional 40,642 shares during the last quarter. Finally, Truist Financial Corp purchased a new position in shares of Magic Software Enterprises during the 4th quarter worth about $189,000. Hedge funds and other institutional investors 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.