Magic Software Enterprises (NASDAQ:MGIC) Hits New 52-Week High – Time to Buy?

Shares of Magic Software Enterprises Ltd. (NASDAQ:MGIC) hit a new 52-week high during mid-day trading on Friday . The company traded as high as $13.40 and last traded at $12.58, with a volume of 182477 shares. The stock had previously closed at $11.95.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on MGIC shares. StockNews.com lowered Magic Software Enterprises from a “strong-buy” rating to a “buy” rating in a research note on Thursday. Barclays raised their price objective on Magic Software Enterprises from $14.00 to $15.00 and gave the company an “overweight” rating in a research report on Tuesday, November 19th.

Magic Software Enterprises Trading Up 5.3 %

The stock has a market cap of $617.68 million, a PE ratio of 18.43 and a beta of 1.08. The stock has a 50-day moving average price of $11.30 and a two-hundred day moving average price of $10.93. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.76 and a quick ratio of 1.76.

Magic Software Enterprises Increases Dividend

The company also recently disclosed 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 is a positive change from Magic Software Enterprises’s previous semi-annual dividend of $0.20. The ex-dividend date is Monday, December 23rd. This represents a dividend yield of 3.7%. Magic Software Enterprises’s dividend payout ratio (DPR) is presently 58.57%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP grew its position in Magic Software Enterprises by 14.9% in the second quarter. Dimensional Fund Advisors LP now owns 228,551 shares of the software maker’s stock worth $2,201,000 after acquiring an additional 29,635 shares in the last quarter. Y.D. More Investments Ltd purchased a new position in 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 third quarter worth about $1,675,000. Inspire Investing LLC purchased a new position in Magic Software Enterprises in the third quarter worth about $880,000. Finally, Acadian Asset Management LLC grew its position in 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 in the last quarter. Hedge funds and other 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.