Magic Software Enterprises (NASDAQ:MGIC) Sees Large Volume Increase – Here’s Why

Magic Software Enterprises Ltd. (NASDAQ:MGIC) shares saw strong trading volume on Wednesday . 233,554 shares traded hands during mid-day trading, an increase of 334% from the previous session’s volume of 53,806 shares.The stock last traded at $12.15 and had previously closed at $11.24.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. 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. StockNews.com raised Magic Software Enterprises from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, November 20th.

Magic Software Enterprises Trading Up 6.3 %

The company has a 50 day moving average of $11.28 and a 200-day moving average of $10.92. 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 stock has a market cap of $586.75 million, a price-to-earnings ratio of 16.06 and a beta of 1.08.

Magic Software Enterprises Increases Dividend

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

Hedge Funds Weigh In On Magic Software Enterprises

Several hedge funds have recently bought and sold shares of the company. Copeland Capital Management LLC purchased a new stake in Magic Software Enterprises during the 3rd quarter worth about $47,000. Barclays PLC increased its holdings 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 purchasing an additional 5,685 shares during the period. Public Employees Retirement System of Ohio purchased a new stake in Magic Software Enterprises during the 3rd quarter worth about $115,000. CANADA LIFE ASSURANCE Co increased its holdings in Magic Software Enterprises by 722.2% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 15,334 shares of the software maker’s stock worth $177,000 after purchasing an additional 13,469 shares during the period. Finally, Tidal Investments LLC increased its holdings in Magic Software Enterprises by 4.6% during the 3rd 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 period. 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.