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 note released on Saturday morning.

Separately, Barclays boosted their price objective on shares of Magic Software Enterprises from $14.00 to $15.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 19th.

Magic Software Enterprises Stock Up 2.0 %

NASDAQ:MGIC opened at $12.51 on Friday. The company has a market cap of $614.23 million, a PE ratio of 17.87 and a beta of 1.09. The stock has a 50-day simple moving average of $11.45 and a 200 day simple moving average of $11.00. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.76 and a current ratio of 1.76. Magic Software Enterprises has a 52-week low of $9.36 and a 52-week high of $13.40.

Magic Software Enterprises Increases Dividend

The business also recently announced a semi-annual dividend, which will be paid on Wednesday, January 8th. Investors of record on Monday, December 23rd will be given a $0.236 dividend. The ex-dividend date is Monday, December 23rd. This represents a dividend yield of 3.7%. This is an increase from Magic Software Enterprises’s previous semi-annual dividend of $0.20. Magic Software Enterprises’s payout ratio is currently 67.14%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of MGIC. Tidal Investments LLC raised its stake in shares of Magic Software Enterprises by 4.6% during the 3rd quarter. Tidal Investments LLC now owns 28,917 shares of the software maker’s stock worth $342,000 after purchasing an additional 1,278 shares in the last quarter. Copeland Capital Management LLC acquired a new position in Magic Software Enterprises during the third quarter worth $47,000. Barclays PLC raised its position in Magic Software Enterprises by 4,274.4% during the third quarter. Barclays PLC now owns 5,818 shares of the software maker’s stock worth $69,000 after acquiring an additional 5,685 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new stake in Magic Software Enterprises in the third quarter valued at $115,000. Finally, Dimensional Fund Advisors LP grew its position in shares of 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 during the period. 24.70% of the stock is owned by institutional investors and hedge funds.

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.