StockNews.com upgraded shares from Magic Software Enterprises (NASDAQ:MGIC – Free Report) from a buy recommendation to a strong purchase recommendation in a research note published on Friday.
Additionally, Barclays raised their price target on Magic Software Enterprises from $14.00 to $15.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 19.
Read our latest analysis on Magic Software Enterprises
Magic Software Enterprises stock rises 1.7%
MGIC opened at $12.18 on Friday. Magic Software Enterprises has a one-year low of $9.00 and a one-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 price-to-earnings ratio of 17.40 and a beta of 1.09.
Magic Software Enterprises increases dividend
The company also recently announced a semi-annual dividend, which will be paid on Wednesday, January 8. Investors of record on Monday, December 23 will receive a dividend of $0.236. The ex-dividend date of this dividend is Monday, December 23. This is a positive change from Magic Software Enterprises’ previous semi-annual dividend of $0.20. This amounts to a return of 3.7%. Magic Software Enterprises’ Dividend Payout Ratio (DPR) is 58.57%.
Institutional trading in magical software companies
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Acadian Asset Management LLC increased its holdings 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. YD More Investments Ltd acquired a new position in shares of Magic Software Enterprises during the second quarter valued at approximately $1,451,000. Dimensional Fund Advisors LP increased its holdings 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 3rd quarter valued at approximately $880,000. Finally, Copeland Capital Management LLC acquired a new position in shares of Magic Software Enterprises in the 3rd quarter valued at approximately $47,000. 24.70% of the shares are currently held by institutional investors.
About Magic Software Enterprises
(Get a free report)
Magic Software Enterprises Ltd. provides proprietary application development, vertical software solutions, business process integration, outsourcing information technology (IT) software services and cloud-based services in Israel and internationally. The Software Services segment develops, markets, markets and supports application platforms, software applications and business and process integration solutions and related services.
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