Magic Software Enterprises (NASDAQ:MGIC) Hits New 52-Week High – Time to Buy?

Magic Software Enterprises Ltd. (NASDAQ:MGIC) shares hit a new 52-week high during trading on Friday . The stock traded as high as $13.40 and last traded at $12.58, with a volume of 182477 shares trading hands. The stock had previously closed at $11.95.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. Barclays increased their target price on Magic Software Enterprises from $14.00 to $15.00 and gave the company an “overweight” rating in a research note on Tuesday, November 19th. StockNews.com cut Magic Software Enterprises from a “strong-buy” rating to a “buy” rating in a report on Thursday.

Magic Software Enterprises Price Performance

The firm has a fifty day moving average price of $11.30 and a two-hundred day moving average price of $10.93. The stock has a market capitalization of $617.68 million, a P/E ratio of 18.43 and a beta of 1.08. 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 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 issued a $0.236 dividend. This is a boost from Magic Software Enterprises’s previous semi-annual dividend of $0.20. This represents a yield of 3.7%. The ex-dividend date is Monday, December 23rd. Magic Software Enterprises’s dividend payout ratio (DPR) is currently 58.57%.

Hedge Funds Weigh In On Magic Software Enterprises

Institutional investors have recently bought and sold shares of the stock. Copeland Capital Management LLC bought a new position in Magic Software Enterprises in the 3rd quarter worth $47,000. Barclays PLC raised its holdings in Magic Software Enterprises by 4,274.4% in the 3rd quarter. Barclays PLC now owns 5,818 shares of the software maker’s stock worth $69,000 after purchasing an additional 5,685 shares during the period. Public Employees Retirement System of Ohio purchased a new stake in Magic Software Enterprises in the 3rd quarter worth $115,000. CANADA LIFE ASSURANCE Co increased its stake in Magic Software Enterprises by 722.2% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 15,334 shares of the software maker’s stock worth $177,000 after buying an additional 13,469 shares in the last quarter. Finally, Tidal Investments LLC increased its stake in Magic Software Enterprises by 4.6% in the 3rd quarter. Tidal Investments LLC now owns 28,917 shares of the software maker’s stock worth $342,000 after buying an additional 1,278 shares in the last quarter. 24.70% of the stock is 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.