Magic Software Enterprises (NASDAQ:MGIC) Downgraded by StockNews.com to Buy

StockNews.com cut shares of Magic Software Enterprises (NASDAQ:MGIC) from a strong-buy rating to a buy rating in a research note released on Thursday.

Separately, Barclays raised their price target on Magic Software Enterprises from $14.00 to $15.00 and gave the company an “overweight” rating in a research note on Tuesday, November 19th.

Magic Software Enterprises Trading Up 5.3 %

Shares of NASDAQ:MGIC opened at $12.58 on Thursday. The company has a market cap of $617.67 million, a PE ratio of 17.97 and a beta of 1.08. The company’s 50 day moving average is $11.32 and its two-hundred day moving average is $10.92. Magic Software Enterprises has a 52 week low of $9.00 and a 52 week high of $13.40. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 0.13.

Magic Software Enterprises Increases Dividend

The business also recently declared a semi-annual dividend, which will be paid on Wednesday, January 8th. Shareholders of record on Monday, December 23rd will be paid a $0.236 dividend. This is a positive change from Magic Software Enterprises’s previous semi-annual dividend of $0.20. This represents a yield of 3.7%. The ex-dividend date is Monday, December 23rd. Magic Software Enterprises’s dividend payout ratio is currently 67.14%.

Institutional Trading of Magic Software Enterprises

Several institutional investors have recently modified their holdings of the stock. Tidal Investments LLC grew its position 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 valued at $342,000 after buying an additional 1,278 shares during the last quarter. Barclays PLC boosted its stake in 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 in the last quarter. Public Employees Retirement System of Ohio acquired a new position in Magic Software Enterprises in the third quarter valued at $115,000. Assenagon Asset Management S.A. purchased a new position in shares of Magic Software Enterprises during the third quarter worth about $1,675,000. Finally, Copeland Capital Management LLC acquired a new stake in shares of Magic Software Enterprises during the third quarter worth about $47,000. Hedge funds and other institutional investors 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. Its Software Services segment develops, markets, sells, and supports application platform, software applications, and business and process integration solutions and related services.