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 report issued on Sunday.

Separately, Barclays boosted 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 Trading Up 1.2 %

NASDAQ:MGIC opened at $12.04 on Friday. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 0.13. Magic Software Enterprises has a 1-year low of $9.38 and a 1-year high of $13.40. The firm has a market capitalization of $591.15 million, a price-to-earnings ratio of 17.20 and a beta of 1.09. The business’s 50-day moving average price is $11.55 and its two-hundred day moving average price is $11.06.

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 issued a dividend of $0.236 per share. This is an increase 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 (DPR) is 67.14%.

Institutional Inflows and Outflows

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