Magic Software Enterprises (NASDAQ:MGIC) Hits New 52-Week High – What’s Next?

Shares of Magic Software Enterprises Ltd. (NASDAQ:MGIC) reached a new 52-week high on Wednesday . The stock traded as high as $13.44 and last traded at $13.40, with a volume of 10887 shares traded. The stock had previously closed at $12.92.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Barclays lifted their target price on Magic Software Enterprises from $14.00 to $15.00 and gave the company an “overweight” rating in a research report on Tuesday, November 19th. StockNews.com raised shares of Magic Software Enterprises from a “buy” rating to a “strong-buy” rating in a research note on Sunday, December 22nd.

Magic Software Enterprises Stock Down 1.4 %

The stock has a market capitalization of $646.16 million, a P/E ratio of 18.80 and a beta of 1.11. The firm’s 50-day simple moving average is $12.28 and its 200 day simple moving average is $11.48. 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 declared a semi-annual dividend, which was paid on Wednesday, January 8th. Investors of record on Monday, December 23rd were given a dividend of $0.236 per share. The ex-dividend date was Monday, December 23rd. This is a boost from Magic Software Enterprises’s previous semi-annual dividend of $0.20. This represents a yield of 3.7%. Magic Software Enterprises’s dividend payout ratio is 67.14%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP grew its stake in shares of Magic Software Enterprises by 14.9% in the second quarter. Dimensional Fund Advisors LP now owns 228,551 shares of the software maker’s stock valued at $2,201,000 after buying an additional 29,635 shares in the last quarter. Assenagon Asset Management S.A. acquired a new stake in Magic Software Enterprises in the third quarter valued at $1,675,000. Bank of New York Mellon Corp bought a new position in shares of Magic Software Enterprises in the 4th quarter valued at about $1,392,000. JPMorgan Chase & Co. increased its stake in shares of Magic Software Enterprises by 77.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 93,166 shares of the software maker’s stock worth $1,101,000 after purchasing an additional 40,642 shares during the last quarter. Finally, Inspire Investing LLC bought a new stake in shares of Magic Software Enterprises in the 3rd quarter valued at about $880,000. Institutional investors and hedge funds own 24.70% of the company’s stock.

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.