Magic Software Enterprises (NASDAQ:MGIC) Raised to “Strong-Buy” at StockNews.com

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

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

Magic Software Enterprises Stock Performance

Shares of NASDAQ MGIC opened at $10.99 on Wednesday. Magic Software Enterprises has a 12 month low of $8.40 and a 12 month high of $12.99. The company has a 50-day simple moving average of $11.29 and a 200-day simple moving average of $10.95. The company has a market cap of $539.61 million, a PE ratio of 15.70 and a beta of 1.08. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.76 and a quick ratio of 1.66.

Magic Software Enterprises Increases Dividend

The business also recently disclosed a semi-annual dividend, which will be paid on Wednesday, January 8th. Stockholders of record on Monday, December 23rd will be paid a dividend of $0.236 per share. The ex-dividend date is Monday, December 23rd. This represents a dividend yield of 3.7%. This is an increase from Magic Software Enterprises’s previous semi-annual dividend of $0.20. Magic Software Enterprises’s dividend payout ratio is currently 58.57%.

Institutional Investors Weigh In On Magic Software Enterprises

Hedge funds have recently modified their holdings of the stock. Copeland Capital Management LLC purchased a new position in Magic Software Enterprises during the third quarter worth approximately $47,000. Barclays PLC grew its stake in shares of Magic Software Enterprises by 4,274.4% during the 3rd quarter. Barclays PLC now owns 5,818 shares of the software maker’s stock valued at $69,000 after buying an additional 5,685 shares during the period. Public Employees Retirement System of Ohio acquired a new stake in shares of Magic Software Enterprises during the 3rd quarter worth $115,000. CANADA LIFE ASSURANCE Co raised its position in shares of Magic Software Enterprises by 722.2% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 15,334 shares of the software maker’s stock worth $177,000 after buying an additional 13,469 shares during the period. Finally, Quadrature Capital Ltd acquired a new position in Magic Software Enterprises in the first quarter valued at $593,000. 24.70% of the stock is owned by institutional investors and hedge funds.

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.