Magic Software Enterprises (NASDAQ:MGIC) Upgraded at StockNews.com

StockNews.com upgraded shares of Magic Software Enterprises (NASDAQ:MGIC) from a buy rating to a strong-buy rating in a report issued on Friday.

Separately, Barclays increased their price objective on shares of Magic Software Enterprises from $14.00 to $15.00 and gave the company an “overweight” rating in a report on Tuesday, November 19th.

Magic Software Enterprises Price Performance

Shares of MGIC stock opened at $12.18 on Friday. The firm has a market cap of $598.03 million, a price-to-earnings ratio of 17.40 and a beta of 1.09. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 0.13. Magic Software Enterprises has a 12 month low of $9.00 and a 12 month high of $13.40. The stock has a 50-day moving average price of $11.36 and a 200 day moving average price of $10.93.

Magic Software Enterprises Increases Dividend

The business also recently announced 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. The ex-dividend date is Monday, December 23rd. This represents a yield of 3.7%. Magic Software Enterprises’s dividend payout ratio is presently 67.14%.

Institutional Trading of Magic Software Enterprises

Institutional investors and hedge funds have recently modified their holdings of the stock. Acadian Asset Management LLC boosted its stake in Magic Software Enterprises by 2,254.6% during the 2nd quarter. Acadian Asset Management LLC now owns 68,447 shares of the software maker’s stock worth $653,000 after acquiring an additional 65,540 shares during the last quarter. Y.D. More Investments Ltd acquired a new position in shares of Magic Software Enterprises in the 2nd quarter valued at $1,451,000. Dimensional Fund Advisors LP grew its holdings in shares of Magic Software Enterprises by 14.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 228,551 shares of the software maker’s stock valued at $2,201,000 after buying an additional 29,635 shares during the period. Inspire Investing LLC bought a new stake in shares of Magic Software Enterprises in the 3rd quarter valued at $880,000. Finally, Copeland Capital Management LLC acquired a new stake in Magic Software Enterprises during the 3rd quarter worth $47,000. 24.70% of the stock is owned by institutional investors.

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.