Magic Software Enterprises (NASDAQ:MGIC) Shares Gap Up – What’s Next?

Magic Software Enterprises Ltd. (NASDAQ:MGIC) shares gapped up before the market opened on Tuesday . The stock had previously closed at $11.74, but opened at $12.11. Magic Software Enterprises shares last traded at $12.14, with a volume of 8,961 shares.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on MGIC shares. StockNews.com upgraded Magic Software Enterprises from a “buy” rating to a “strong-buy” rating in a research report on Sunday, December 22nd. Barclays lifted their price objective on shares of 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

The firm has a market capitalization of $594.59 million, a PE ratio of 17.30 and a beta of 1.09. 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 business has a 50-day simple moving average of $11.62 and a 200-day simple moving average of $11.11.

Magic Software Enterprises Increases Dividend

The company also recently announced a semi-annual dividend, which will be paid on Wednesday, January 8th. Stockholders of record on Monday, December 23rd will be issued a $0.236 dividend. This represents a dividend yield of 3.7%. 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. Magic Software Enterprises’s dividend payout ratio (DPR) is 67.14%.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of MGIC. Copeland Capital Management LLC bought a new stake in shares of Magic Software Enterprises during the 3rd quarter worth approximately $47,000. Barclays PLC lifted its position in shares of 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 purchasing 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 during the third quarter valued at $115,000. Tidal Investments LLC grew its holdings in shares of Magic Software Enterprises by 4.6% in the third quarter. Tidal Investments LLC now owns 28,917 shares of the software maker’s stock worth $342,000 after purchasing an additional 1,278 shares during the last quarter. Finally, Acadian Asset Management LLC increased its stake in Magic Software Enterprises by 2,254.6% in the 2nd quarter. Acadian Asset Management LLC now owns 68,447 shares of the software maker’s stock worth $653,000 after buying an additional 65,540 shares during the period. 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.