Magic Software Enterprises (NASDAQ:MGIC) Sees Unusually-High Trading Volume – Time to Buy?

Magic Software Enterprises Ltd. (NASDAQ:MGIC) saw unusually-high trading volume on Thursday . Approximately 78,712 shares were traded during trading, an increase of 107% from the previous session’s volume of 38,094 shares.The stock last traded at $12.33 and had previously closed at $12.62.

Wall Street Analyst Weigh In

MGIC has been the subject of several research reports. StockNews.com raised shares of Magic Software Enterprises from a “buy” rating to a “strong-buy” rating in a report on Sunday, December 22nd. Barclays boosted their price objective on shares of Magic Software Enterprises from $14.00 to $15.00 and gave the company an “overweight” rating in a report on Tuesday, November 19th.

Magic Software Enterprises Stock Up 2.4 %

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 firm has a market capitalization of $618.66 million, a P/E ratio of 18.00 and a beta of 1.10. The company’s 50-day simple moving average is $11.88 and its two-hundred day simple moving average is $11.29.

Magic Software Enterprises Increases Dividend

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

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. increased its holdings in Magic Software Enterprises by 77.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 93,166 shares of the software maker’s stock worth $1,101,000 after acquiring an additional 40,642 shares in the last quarter. Tidal Investments LLC boosted its position 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 period. Barclays PLC increased its stake in shares of Magic Software Enterprises by 4,274.4% in 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 in the last quarter. Public Employees Retirement System of Ohio bought a new stake in shares of Magic Software Enterprises during the 3rd quarter valued at $115,000. Finally, Assenagon Asset Management S.A. purchased a new position in shares of Magic Software Enterprises during the 3rd quarter valued at $1,675,000. 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.