Magic Software Enterprises (NASDAQ:MGIC) Shares Gap Up – Should You Buy?

Magic Software Enterprises Ltd. (NASDAQ:MGIC)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $11.74, but opened at $12.11. Magic Software Enterprises shares last traded at $12.14, with a volume of 8,961 shares.

Wall Street Analysts Forecast Growth

MGIC has been the topic of several research reports. StockNews.com raised Magic Software Enterprises from a “buy” rating to a “strong-buy” rating in a research report on Sunday, December 22nd. Barclays increased their target price 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 2.5 %

The business’s 50-day moving average price is $11.65 and its 200 day moving average price is $11.13. The firm has a market capitalization of $590.66 million, a price-to-earnings ratio of 17.19 and a beta of 1.09. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.76 and a quick ratio of 1.76.

Magic Software Enterprises Increases Dividend

The company also recently disclosed a semi-annual dividend, which will be paid on Wednesday, January 8th. Shareholders of record on Monday, December 23rd will be given a $0.236 dividend. This is a boost 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 presently 67.14%.

Institutional Trading of Magic Software Enterprises

Hedge funds and other institutional investors have recently modified their holdings of the business. Y.D. More Investments Ltd acquired a new stake in Magic Software Enterprises during the 2nd quarter valued at approximately $1,451,000. Assenagon Asset Management S.A. acquired a new stake in shares of Magic Software Enterprises during the third quarter worth approximately $1,675,000. Inspire Investing LLC bought a new stake in shares of Magic Software Enterprises in the third quarter worth $880,000. Acadian Asset Management LLC raised its holdings in 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 valued at $653,000 after acquiring an additional 65,540 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in Magic Software Enterprises by 77.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 93,166 shares of the software maker’s stock valued at $1,101,000 after acquiring an additional 40,642 shares during the last quarter. 24.70% of the stock is owned by hedge funds and other 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.