Magic Software Enterprises (NASDAQ:MGIC) Sees Large Volume Increase – Should You Buy?

Magic Software Enterprises Ltd. (NASDAQ:MGIC) saw unusually-high trading volume on Friday . Approximately 18,570 shares traded hands during mid-day trading, a decline of 0% from the previous session’s volume of 18,579 shares.The stock last traded at $11.98 and had previously closed at $11.89.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Barclays upped their price objective on shares of Magic Software Enterprises from $14.00 to $15.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 19th. StockNews.com raised shares of Magic Software Enterprises from a “buy” rating to a “strong-buy” rating in a report on Sunday, December 22nd.

Magic Software Enterprises Stock Performance

The stock has a 50 day moving average of $11.69 and a two-hundred day moving average of $11.14. The stock has a market capitalization of $588.21 million, a PE ratio of 17.11 and a beta of 1.10. 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 business also recently declared a semi-annual dividend, which will be paid on Wednesday, January 8th. Stockholders of record on Monday, December 23rd will be issued a $0.236 dividend. This represents a dividend yield of 3.7%. The ex-dividend date of this dividend is Monday, December 23rd. This is an increase from Magic Software Enterprises’s previous semi-annual dividend of $0.20. Magic Software Enterprises’s dividend payout ratio (DPR) is currently 67.14%.

Institutional Trading of Magic Software Enterprises

A number of institutional investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. lifted its position in shares of 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 period. Tidal Investments LLC raised its holdings in Magic Software Enterprises by 4.6% during the third quarter. Tidal Investments LLC now owns 28,917 shares of the software maker’s stock worth $342,000 after purchasing an additional 1,278 shares during the last quarter. Barclays PLC raised its holdings in Magic Software Enterprises by 4,274.4% during the third quarter. Barclays PLC now owns 5,818 shares of the software maker’s stock worth $69,000 after purchasing an additional 5,685 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new stake in Magic Software Enterprises during the third quarter worth $115,000. Finally, Assenagon Asset Management S.A. acquired a new stake in Magic Software Enterprises in the third quarter valued at $1,675,000. 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.