Magic Software Enterprises (NASDAQ:MGIC) Share Price Passes Above 200 Day Moving Average – Here’s Why

Magic Software Enterprises Ltd. (NASDAQ:MGIC) shares passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $11.00 and traded as high as $12.48. Magic Software Enterprises shares last traded at $12.26, with a volume of 23,779 shares.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on MGIC shares. StockNews.com cut Magic Software Enterprises from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Barclays lifted their target price on shares of Magic Software Enterprises from $14.00 to $15.00 and gave the company an “overweight” rating in a report on Tuesday, November 19th.

Magic Software Enterprises Trading Down 0.3 %

The stock has a market cap of $601.97 million, a PE ratio of 17.51 and a beta of 1.09. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.76 and a current ratio of 1.76. The company has a 50 day moving average of $11.45 and a two-hundred day moving average of $11.00.

Magic Software Enterprises Increases Dividend

The firm also recently announced a semi-annual dividend, which will be paid on Wednesday, January 8th. Stockholders of record on Monday, December 23rd will be paid a dividend of $0.236 per share. This represents a dividend yield of 3.7%. This is an increase from Magic Software Enterprises’s previous semi-annual dividend of $0.20. The ex-dividend date of this dividend is Monday, December 23rd. Magic Software Enterprises’s dividend payout ratio is presently 58.57%.

Institutional Investors Weigh In On Magic Software Enterprises

A number of institutional investors have recently added to or reduced their stakes in the stock. Inspire Investing LLC purchased a new stake in shares of Magic Software Enterprises during the third quarter worth about $880,000. Y.D. More Investments Ltd acquired a new position in shares of Magic Software Enterprises during the second quarter valued at approximately $1,451,000. Assenagon Asset Management S.A. purchased a new position in shares of Magic Software Enterprises in the third quarter valued at approximately $1,675,000. Acadian Asset Management LLC boosted its stake 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 worth $653,000 after acquiring an additional 65,540 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Magic Software Enterprises by 14.9% during the second 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 in the last quarter. 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.