According to Zacks, “Magic Software Enterprises, a member of the Formula Group, develops, markets and supports software development and deployment technology that enables enterprises to accelerate the process of building and deploying applications that can be rapidly customized and integrated with existing systems. Magic technology, applications and professional services are available through a global network of subsidiaries, distributors and Magic solutions partners. (PRESS RELEASE) “
A number of other research firms also recently commented on MGIC. BidaskClub downgraded Magic Software Enterprises from a buy rating to a hold rating in a report on Thursday, March 14th. HC Wainwright set a $10.00 price objective on Magic Software Enterprises and gave the stock a buy rating in a report on Tuesday, March 5th. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company. The stock presently has an average rating of Hold and an average target price of $9.75.
NASDAQ MGIC opened at $9.28 on Friday. Magic Software Enterprises has a twelve month low of $7.29 and a twelve month high of $9.44. The stock has a market cap of $454.19 million, a P/E ratio of 16.87 and a beta of 0.85. The company has a current ratio of 3.99, a quick ratio of 3.91 and a debt-to-equity ratio of 0.08.
Magic Software Enterprises (NASDAQ:MGIC) last released its quarterly earnings data on Monday, March 4th. The software maker reported $0.12 EPS for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.02). The firm had revenue of $72.29 million during the quarter, compared to analysts’ expectations of $73.75 million. Magic Software Enterprises had a return on equity of 11.06% and a net margin of 6.99%. On average, equities analysts anticipate that Magic Software Enterprises will post 0.6 EPS for the current year.
The company also recently disclosed a Semi-Annual dividend, which was paid on Wednesday, March 27th. Stockholders of record on Thursday, March 14th were issued a $0.15 dividend. This is an increase from Magic Software Enterprises’s previous Semi-Annual dividend of $0.09. The ex-dividend date was Wednesday, March 13th. Magic Software Enterprises’s dividend payout ratio (DPR) is 54.55%.
Several institutional investors have recently added to or reduced their stakes in MGIC. Van ECK Associates Corp grew its stake in shares of Magic Software Enterprises by 20.2% in the fourth quarter. Van ECK Associates Corp now owns 9,359 shares of the software maker’s stock valued at $71,000 after buying an additional 1,571 shares in the last quarter. Advisors Asset Management Inc. acquired a new stake in shares of Magic Software Enterprises in the fourth quarter valued at about $124,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Magic Software Enterprises in the third quarter valued at about $139,000. Dimensional Fund Advisors LP grew its stake in shares of Magic Software Enterprises by 8.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 36,557 shares of the software maker’s stock valued at $279,000 after buying an additional 2,700 shares in the last quarter. Finally, ETF Managers Group LLC grew its stake in shares of Magic Software Enterprises by 18.2% in the fourth quarter. ETF Managers Group LLC now owns 38,333 shares of the software maker’s stock valued at $295,000 after buying an additional 5,890 shares in the last quarter. Institutional investors own 15.74% of the company’s stock.
About Magic Software Enterprises
Magic Software Enterprises Ltd. provides proprietary application development, business process integration, vertical software solutions, and IT outsourcing software services in Israel and internationally. The company's Software Services segment develops, markets, sells, and supports a proprietary and none proprietary application platform, software applications, and business and process integration solutions and related services.
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