Magic Software Enterprises (NASDAQ:MGIC) Rating Lowered to Buy at StockNews.com

StockNews.com downgraded shares of Magic Software Enterprises (NASDAQ:MGIC) from a strong-buy rating to a buy rating in a research note released on Saturday morning.

Separately, Barclays boosted 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.

Magic Software Enterprises Trading Up 2.0 %

Shares of NASDAQ:MGIC opened at $12.51 on Friday. Magic Software Enterprises has a 12-month low of $9.36 and a 12-month high of $13.40. The business has a 50 day moving average of $11.45 and a 200-day moving average of $11.00. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 0.13. The stock has a market cap of $614.23 million, a PE ratio of 17.87 and a beta of 1.09.

Magic Software Enterprises Increases Dividend

The business also recently disclosed a semi-annual dividend, which will be paid on Wednesday, January 8th. Shareholders of record on Monday, December 23rd will be issued a $0.236 dividend. The ex-dividend date of this dividend is Monday, December 23rd. This is a boost from Magic Software Enterprises’s previous semi-annual dividend of $0.20. This represents a yield of 3.7%. Magic Software Enterprises’s payout ratio is currently 67.14%.

Institutional Trading of Magic Software Enterprises

A number of institutional investors have recently modified their holdings of MGIC. Copeland Capital Management LLC acquired a new position in Magic Software Enterprises in the third quarter valued at about $47,000. Barclays PLC increased its holdings in Magic Software Enterprises by 4,274.4% in the 3rd quarter. Barclays PLC now owns 5,818 shares of the software maker’s stock valued at $69,000 after buying an additional 5,685 shares during the period. Public Employees Retirement System of Ohio acquired a new position in shares of Magic Software Enterprises in the 3rd quarter valued at approximately $115,000. Tidal Investments LLC lifted its holdings in shares of 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 acquiring an additional 1,278 shares during the period. Finally, Acadian Asset Management LLC lifted its holdings in shares of 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 worth $653,000 after acquiring an additional 65,540 shares during the period. 24.70% of the stock is currently owned by institutional investors.

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.