Magic Software Enterprises (NASDAQ:MGIC) Cut to Buy at StockNews.com

StockNews.com cut shares of Magic Software Enterprises (NASDAQ:MGIC) from a strong-buy rating to a buy rating in a research report released on Thursday morning.

Separately, Barclays lifted their price objective 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

Magic Software Enterprises stock opened at $12.58 on Thursday. The business has a 50 day simple moving average of $11.32 and a 200 day simple moving average of $10.91. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.76 and a quick ratio of 1.76. The company has a market capitalization of $617.68 million, a PE ratio of 17.97 and a beta of 1.08. Magic Software Enterprises has a one year low of $9.00 and a one year high of $13.40.

Magic Software Enterprises Increases Dividend

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

Institutional Investors Weigh In On Magic Software Enterprises

A number of large investors have recently bought and sold shares of MGIC. Inspire Investing LLC acquired a new position in Magic Software Enterprises in the third quarter worth $880,000. Y.D. More Investments Ltd acquired a new position in Magic Software Enterprises during the 2nd quarter worth about $1,451,000. Assenagon Asset Management S.A. acquired a new position in Magic Software Enterprises during the 3rd quarter worth about $1,675,000. Acadian Asset Management LLC grew its holdings in Magic Software Enterprises by 2,254.6% during the 2nd 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 last quarter. Finally, Dimensional Fund Advisors LP increased its position in Magic Software Enterprises by 14.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 228,551 shares of the software maker’s stock valued at $2,201,000 after acquiring an additional 29,635 shares in the last quarter. 24.70% of the stock is currently owned by institutional investors.

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.