Magic Software Enterprises (NASDAQ:MGIC) raised to “Strong-Buy” on StockNews.com

StockNews.com upgraded shares from Magic Software Enterprises (NASDAQ:MGIC – Free Report) from a buy rating to a strong buy rating in a research note issued to investors on Wednesday.

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 note on Tuesday, November 19th.

Read our latest research report on Magic Software Enterprises

Magic Software Enterprises stock performance

Shares of NASDAQ MGIC opened at $10.99 on Wednesday. Magic Software Enterprises has a 12-month low of $8.40 and a 12-month high of $12.99. The company has a 50-day simple moving average of $11.29 and a 200-day simple moving average of $10.95. The company has a market cap of $539.61 million, a price-to-earnings ratio of 15.70 and a beta of 1.08. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.76 and a quick ratio of 1.66.

Magic Software Enterprises increases dividend

The company also recently announced a semi-annual dividend, which will be paid on Wednesday, January 8. Shareholders of record on Monday, December 23 will receive a dividend of $0.236 per share. The ex-dividend date is Monday, December 23. This means a dividend yield of 3.7%. This is an increase from Magic Software Enterprises’ previous semi-annual dividend of $0.20. Magic Software Enterprises’ dividend payout ratio currently stands at 58.57%.

Institutional investors weigh in on Magic Software Enterprises

Hedge funds have recently changed their holdings of stocks. Copeland Capital Management LLC purchased a new position in Magic Software Enterprises during the third quarter valued at approximately $47,000. Barclays PLC increased its holdings in shares of Magic Software Enterprises by 4,274.4% in the third quarter. Barclays PLC now owns 5,818 shares of the software maker’s stock valued at $69,000 after purchasing an additional 5,685 shares during the period. Public Employees Retirement System of Ohio acquired a new stake in shares of Magic Software Enterprises worth $115,000 during the third quarter. CANADA LIFE ASSURANCE Co increased its position in shares of Magic Software Enterprises by 722.2% in the first quarter. CANADA LIFE ASSURANCE Co now owns 15,334 shares of the software maker’s stock worth $177,000 after purchasing an additional 13,469 shares during the period. Finally, Quadrature Capital Ltd acquired a new position in Magic Software Enterprises in the first quarter valued at $593,000. 24.70% of the shares are held by institutional investors and hedge funds.

Magic Software Enterprises Company Profile

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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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