Magic Software Enterprises (NASDAQ:MGIC) Upgraded at StockNews.com

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

Separately, Barclays upped their price target 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.

Magic Software Enterprises Stock Performance

Shares of NASDAQ:MGIC opened at $12.18 on Friday. The stock has a market capitalization of $598.04 million, a P/E ratio of 17.40 and a beta of 1.09. Magic Software Enterprises has a 1-year low of $9.00 and a 1-year high of $13.40. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 0.13. The business has a 50-day moving average price of $11.36 and a two-hundred day moving average price of $10.94.

Magic Software Enterprises Increases Dividend

The firm also recently disclosed 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 is a positive change from Magic Software Enterprises’s previous semi-annual dividend of $0.20. This represents a dividend yield of 3.7%. Magic Software Enterprises’s payout ratio is currently 58.57%.

Hedge Funds Weigh In On Magic Software Enterprises

Several institutional investors and hedge funds have recently modified their holdings of the business. Tidal Investments LLC grew its position in shares of Magic Software Enterprises by 4.6% in the 3rd quarter. Tidal Investments LLC now owns 28,917 shares of the software maker’s stock valued at $342,000 after purchasing an additional 1,278 shares during the period. Copeland Capital Management LLC acquired a new position in shares of Magic Software Enterprises in the 3rd quarter valued at approximately $47,000. Barclays PLC boosted its position in Magic Software Enterprises by 4,274.4% during the 3rd 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 acquired a new position in Magic Software Enterprises during the 3rd quarter worth approximately $115,000. Finally, Dimensional Fund Advisors LP boosted 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 acquiring an additional 29,635 shares during the last quarter. 24.70% of the stock is currently 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.