Magic Software Enterprises (NASDAQ:MGIC) Sees Large Volume Increase – Here’s Why

Magic Software Enterprises Ltd. (NASDAQ:MGIC) shares saw strong trading volume on Wednesday . 233,554 shares traded hands during trading, an increase of 334% from the previous session’s volume of 53,806 shares.The stock last traded at $12.15 and had previously closed at $11.24.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on MGIC shares. StockNews.com raised Magic Software Enterprises from a “buy” rating to a “strong-buy” rating in a report on Wednesday, November 20th. Barclays boosted their price target on 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 Price Performance

The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $586.75 million, a PE ratio of 16.06 and a beta of 1.08. The company has a 50-day moving average of $11.28 and a 200 day moving average of $10.92.

Magic Software Enterprises Increases Dividend

The company also recently declared a semi-annual dividend, which will be paid on Wednesday, January 8th. Investors of record on Monday, December 23rd will be given a dividend of $0.236 per share. This represents a dividend yield of 3.7%. This is a boost from Magic Software Enterprises’s previous semi-annual dividend of $0.20. The ex-dividend date of this dividend is Monday, December 23rd. Magic Software Enterprises’s payout ratio is presently 58.57%.

Hedge Funds Weigh In On Magic Software Enterprises

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Inspire Investing LLC acquired a new position in Magic Software Enterprises during the third quarter worth $880,000. Quadrature Capital Ltd acquired a new position in Magic Software Enterprises during the first quarter worth $593,000. Y.D. More Investments Ltd acquired a new position in Magic Software Enterprises during the second quarter worth $1,451,000. Assenagon Asset Management S.A. acquired a new position in Magic Software Enterprises during the third quarter worth $1,675,000. Finally, Acadian Asset Management LLC boosted its stake in 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 during the last quarter. Institutional investors and hedge funds own 24.70% of the company’s stock.

About Magic Software Enterprises

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.