Magic Software Enterprises (NASDAQ:MGIC) Stock Rating Upgraded by 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 released on Friday.

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

Magic Software Enterprises Stock Up 1.7 %

MGIC opened at $12.18 on Friday. Magic Software Enterprises has a 1-year low of $9.00 and a 1-year high of $13.40. The stock’s fifty day simple moving average is $11.36 and its 200 day simple moving average is $10.94. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 0.13. The stock has a market cap of $598.04 million, a PE ratio of 17.40 and a beta of 1.09.

Magic Software Enterprises Increases Dividend

The firm also recently disclosed a semi-annual dividend, which will be paid on Wednesday, January 8th. Investors of record on Monday, December 23rd will be paid a $0.236 dividend. The ex-dividend date of this dividend is Monday, December 23rd. This is a positive change from Magic Software Enterprises’s previous semi-annual dividend of $0.20. This represents a yield of 3.7%. Magic Software Enterprises’s dividend payout ratio (DPR) is 58.57%.

Institutional Trading of Magic Software Enterprises

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Acadian Asset Management LLC lifted its stake in shares of Magic Software Enterprises by 2,254.6% in the second 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 period. Y.D. More Investments Ltd acquired a new position in shares of Magic Software Enterprises in the second quarter worth approximately $1,451,000. Dimensional Fund Advisors LP lifted its stake in shares of Magic Software Enterprises by 14.9% in the second quarter. Dimensional Fund Advisors LP now owns 228,551 shares of the software maker’s stock worth $2,201,000 after acquiring an additional 29,635 shares during the period. Inspire Investing LLC acquired a new position in shares of Magic Software Enterprises in the third quarter worth approximately $880,000. Finally, Copeland Capital Management LLC acquired a new position in shares of Magic Software Enterprises in the third quarter worth approximately $47,000. 24.70% of the stock is currently owned by 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.