Magic Software Enterprises (MGIC) – Analysts’ Weekly Ratings Changes

Several brokerages have updated their recommendations and price targets on shares of Magic Software Enterprises (NASDAQ: MGIC) in the last few weeks:

• 11/28/2024 – Magic Software Enterprises was downgraded by analysts at StockNews.com from a “strong-buy” rating to a “buy” rating.
• 11/20/2024 – Magic Software Enterprises was upgraded by analysts at StockNews.com from a “buy” rating to a “strong-buy” rating.
• 11/19/2024 – Magic Software Enterprises had its price target raised by analysts at Barclays PLC from $14.00 to $15.00. They now have an “overweight” rating on the stock.
• 11/12/2024 – Magic Software Enterprises was downgraded by analysts at StockNews.com from a “strong-buy” rating to a “buy” rating.

Magic Software Enterprises Price Performance

MGIC traded up $0.63 during trading on Friday, reaching $12.58. The stock had a trading volume of 182,876 shares, compared to its average volume of 55,117. 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 business has a 50-day moving average of $11.30 and a 200-day moving average of $10.93. Magic Software Enterprises Ltd. has a one year low of $9.00 and a one year high of $13.40. The stock has a market cap of $617.68 million, a PE ratio of 17.97 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 given a $0.236 dividend. 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. This represents a yield of 3.7%. Magic Software Enterprises’s payout ratio is presently 58.57%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of MGIC. Inspire Investing LLC purchased a new stake in shares of Magic Software Enterprises in the 3rd quarter valued at $880,000. Y.D. More Investments Ltd purchased a new position in shares of Magic Software Enterprises in the second quarter worth about $1,451,000. Assenagon Asset Management S.A. purchased a new position in Magic Software Enterprises in the 3rd quarter worth approximately $1,675,000. Acadian Asset Management LLC raised its holdings in Magic Software Enterprises by 2,254.6% during the 2nd quarter. Acadian Asset Management LLC now owns 68,447 shares of the software maker’s stock valued at $653,000 after buying an additional 65,540 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings 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 during the period. 24.70% of the stock is currently owned by institutional investors.

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.