Magic Software Enterprises (NASDAQ:MGIC) Rating Increased to Strong-Buy at StockNews.com

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

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

Magic Software Enterprises Stock Performance

NASDAQ:MGIC opened at $12.04 on Friday. The stock has a market capitalization of $591.15 million, a P/E ratio of 17.20 and a beta of 1.09. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 0.13. Magic Software Enterprises has a 1 year low of $9.38 and a 1 year high of $13.40. The firm has a 50 day moving average of $11.55 and a 200-day moving average of $11.06.

Magic Software Enterprises Increases Dividend

The business also recently announced a semi-annual dividend, which will be paid on Wednesday, January 8th. Stockholders of record on Monday, December 23rd will be given a dividend of $0.236 per share. This represents a dividend yield of 3.7%. This is a positive change from Magic Software Enterprises’s previous semi-annual dividend of $0.20. The ex-dividend date is Monday, December 23rd. Magic Software Enterprises’s dividend payout ratio is presently 67.14%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Tidal Investments LLC raised its position in shares of Magic Software Enterprises by 4.6% during the third quarter. Tidal Investments LLC now owns 28,917 shares of the software maker’s stock worth $342,000 after acquiring an additional 1,278 shares during the last quarter. Barclays PLC increased its position in Magic Software Enterprises by 4,274.4% in the third quarter. Barclays PLC now owns 5,818 shares of the software maker’s stock worth $69,000 after purchasing an additional 5,685 shares during the period. Public Employees Retirement System of Ohio bought a new stake in Magic Software Enterprises during the 3rd quarter worth about $115,000. Assenagon Asset Management S.A. acquired a new position in Magic Software Enterprises during the 3rd quarter valued at about $1,675,000. Finally, Copeland Capital Management LLC bought a new position in shares of Magic Software Enterprises in the 3rd quarter valued at about $47,000. Institutional investors 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.