Magic Software Enterprises (NASDAQ:MGIC) Sees Large Volume Increase – Time to Buy?

Magic Software Enterprises Ltd. (NASDAQ:MGIC) shares saw an uptick in trading volume on Tuesday . 49,098 shares changed hands during trading, a decline of 11% from the previous session’s volume of 55,456 shares.The stock last traded at $16.03 and had previously closed at $15.11.

Analyst Ratings Changes

A number of research firms recently weighed in on MGIC. Wall Street Zen downgraded Magic Software Enterprises from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 24th. Barclays boosted their price objective on Magic Software Enterprises from $15.00 to $16.00 and gave the stock an “overweight” rating in a report on Thursday, March 13th. Finally, William Blair lowered Magic Software Enterprises from an “outperform” rating to a “market perform” rating in a report on Wednesday, March 12th.

Magic Software Enterprises Stock Up 0.5%

The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $791.97 million, a PE ratio of 23.04 and a beta of 0.99. The stock has a 50-day moving average of $13.93 and a 200 day moving average of $12.91.

Magic Software Enterprises (NASDAQ:MGIC) last issued its quarterly earnings results on Wednesday, May 21st. The software maker reported $0.25 EPS for the quarter, meeting analysts’ consensus estimates of $0.25. The company had revenue of $147.34 million during the quarter, compared to the consensus estimate of $143.80 million. Magic Software Enterprises had a return on equity of 15.42% and a net margin of 6.49%. Sell-side analysts anticipate that Magic Software Enterprises Ltd. will post 0.95 EPS for the current year.

Magic Software Enterprises Increases Dividend

The firm also recently declared a semi-annual dividend, which was paid on Wednesday, May 7th. Investors of record on Tuesday, April 22nd were given a dividend of $0.327 per share. This represents a dividend yield of 4.6%. This is an increase from Magic Software Enterprises’s previous semi-annual dividend of $0.24. The ex-dividend date was Tuesday, April 22nd. Magic Software Enterprises’s dividend payout ratio (DPR) is presently 85.53%.

Institutional Trading of Magic Software Enterprises

A number of large investors have recently bought and sold shares of the company. IFP Advisors Inc increased its position in Magic Software Enterprises by 100.0% in the fourth quarter. IFP Advisors Inc now owns 4,000 shares of the software maker’s stock worth $48,000 after buying an additional 2,000 shares during the last quarter. Geode Capital Management LLC increased its position in Magic Software Enterprises by 4.7% in the fourth quarter. Geode Capital Management LLC now owns 58,105 shares of the software maker’s stock worth $699,000 after buying an additional 2,587 shares during the last quarter. Lazard Asset Management LLC increased its position in Magic Software Enterprises by 45.5% in the fourth quarter. Lazard Asset Management LLC now owns 18,795 shares of the software maker’s stock worth $226,000 after buying an additional 5,878 shares during the last quarter. GHP Investment Advisors Inc. increased its position in Magic Software Enterprises by 16.9% in the first quarter. GHP Investment Advisors Inc. now owns 56,751 shares of the software maker’s stock worth $737,000 after buying an additional 8,200 shares during the last quarter. Finally, Phoenix Financial Ltd. increased its position in Magic Software Enterprises by 1.3% in the first quarter. Phoenix Financial Ltd. now owns 689,236 shares of the software maker’s stock worth $8,953,000 after buying an additional 9,000 shares during the last quarter. 24.70% of the stock is owned by hedge funds and other institutional investors.

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.