StockNews.com Upgrades Magic Software Enterprises (NASDAQ:MGIC) to “Strong-Buy”

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

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

Magic Software Enterprises Stock Up 0.4 %

Shares of NASDAQ:MGIC opened at $11.89 on Friday. Magic Software Enterprises has a 1-year low of $9.38 and a 1-year high of $13.40. 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 stock has a market cap of $583.79 million, a P/E ratio of 16.99 and a beta of 1.09. The firm has a fifty day moving average price of $11.57 and a 200 day moving average price of $11.07.

Magic Software Enterprises Increases Dividend

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

Hedge Funds Weigh In On Magic Software Enterprises

A number of large investors have recently bought and sold shares of the company. Acadian Asset Management LLC boosted its holdings in shares of Magic Software Enterprises by 2,254.6% in the second quarter. Acadian Asset Management LLC now owns 68,447 shares of the software maker’s stock valued at $653,000 after acquiring an additional 65,540 shares in the last quarter. Y.D. More Investments Ltd purchased a new stake in Magic Software Enterprises in the 2nd quarter valued at approximately $1,451,000. Dimensional Fund Advisors LP increased its position in Magic Software Enterprises by 14.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 228,551 shares of the software maker’s stock worth $2,201,000 after purchasing an additional 29,635 shares during the period. Inspire Investing LLC acquired a new position in Magic Software Enterprises during the 3rd quarter worth approximately $880,000. Finally, Copeland Capital Management LLC purchased a new position in shares of Magic Software Enterprises during the 3rd quarter worth approximately $47,000. Hedge funds and other institutional investors 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.