Magic Software Enterprises (NASDAQ:MGIC) Stock Rating Upgraded by StockNews.com

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

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

Magic Software Enterprises Stock Performance

Shares of MGIC stock opened at $10.99 on Wednesday. The company has a current ratio of 1.76, a quick ratio of 1.66 and a debt-to-equity ratio of 0.13. The stock has a 50 day simple moving average of $11.29 and a 200-day simple moving average of $10.95. The company has a market cap of $539.61 million, a price-to-earnings ratio of 15.70 and a beta of 1.08. Magic Software Enterprises has a 12-month low of $8.40 and a 12-month high of $12.99.

Magic Software Enterprises Increases Dividend

The company also recently disclosed 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 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 payout ratio is currently 58.57%.

Institutional Trading of Magic Software Enterprises

Several large investors have recently bought and sold shares of MGIC. Copeland Capital Management LLC acquired a new position in shares of Magic Software Enterprises during the 3rd 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 during the last quarter. Public Employees Retirement System of Ohio purchased a new stake in shares of Magic Software Enterprises in the third quarter valued at about $115,000. CANADA LIFE ASSURANCE Co grew its position in shares of Magic Software Enterprises by 722.2% in the first quarter. CANADA LIFE ASSURANCE Co now owns 15,334 shares of the software maker’s stock valued at $177,000 after purchasing an additional 13,469 shares during the last quarter. Finally, Quadrature Capital Ltd purchased a new position in shares of Magic Software Enterprises during the 1st quarter worth approximately $593,000. Institutional investors and hedge funds 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.