Brokerages Set Magic Software Enterprises (MGIC) Price Target at $10.17

Shares of Magic Software Enterprises (NASDAQ:MGIC) have been assigned an average rating of “Hold” from the six analysts that are currently covering the stock, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell recommendation and four have issued a buy recommendation on the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $10.17.

A number of equities research analysts have recently issued reports on MGIC shares. HC Wainwright set a $10.00 price objective on Magic Software Enterprises and gave the stock a “buy” rating in a report on Thursday, March 1st. Zacks Investment Research upgraded Magic Software Enterprises from a “sell” rating to a “hold” rating in a report on Wednesday, January 17th. Finally, BidaskClub upgraded Magic Software Enterprises from a “strong sell” rating to a “sell” rating in a report on Saturday, March 3rd.

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Magic Software Enterprises stock opened at $8.15 on Friday. Magic Software Enterprises has a 52 week low of $7.40 and a 52 week high of $9.50. The company has a debt-to-equity ratio of 0.13, a current ratio of 3.07 and a quick ratio of 3.45. The stock has a market cap of $362.58, a P/E ratio of 17.72 and a beta of 0.74.

Magic Software Enterprises (NASDAQ:MGIC) last issued its quarterly earnings data on Wednesday, February 28th. The software maker reported $0.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.02). Magic Software Enterprises had a return on equity of 10.35% and a net margin of 5.99%. The firm had revenue of $66.10 million for the quarter, compared to the consensus estimate of $63.75 million. During the same quarter in the prior year, the firm earned $0.10 EPS. The company’s revenue was up 20.0% on a year-over-year basis. sell-side analysts predict that Magic Software Enterprises will post 0.58 EPS for the current year.

The company also recently disclosed a Semi-Annual dividend, which was paid on Monday, March 26th. Shareholders of record on Tuesday, March 13th were given a dividend of $0.13 per share. This is an increase from Magic Software Enterprises’s previous Semi-Annual dividend of $0.09. This represents a yield of 3.21%. The ex-dividend date of this dividend was Monday, March 12th. Magic Software Enterprises’s payout ratio is currently 56.52%.

A number of institutional investors and hedge funds have recently made changes to their positions in MGIC. Delek Group Ltd. acquired a new position in Magic Software Enterprises during the fourth quarter valued at approximately $6,150,000. Meitav Dash Investments Ltd. acquired a new position in Magic Software Enterprises during the fourth quarter valued at approximately $5,201,000. Clal Insurance Enterprises Holdings Ltd raised its position in Magic Software Enterprises by 9.9% during the fourth quarter. Clal Insurance Enterprises Holdings Ltd now owns 1,315,872 shares of the software maker’s stock valued at $11,024,000 after purchasing an additional 118,890 shares in the last quarter. Naples Global Advisors LLC acquired a new position in shares of Magic Software Enterprises during the fourth quarter worth $560,000. Finally, Macquarie Group Ltd. acquired a new position in shares of Magic Software Enterprises during the third quarter worth $518,000. Institutional investors and hedge funds own 12.48% of the company’s stock.

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About Magic Software Enterprises

Magic Software Enterprises Ltd. provides proprietary application development, business process integration, and vertical software solutions and related professional services in Israel and internationally. The company's Software Solutions 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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