Magic Software Enterprises (NASDAQ:MGIC) Upgraded at StockNews.com

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

Separately, Barclays lifted their price objective on shares of Magic Software Enterprises from $14.00 to $15.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 19th.

Magic Software Enterprises Stock Up 0.4 %

Shares of NASDAQ:MGIC opened at $11.89 on Friday. Magic Software Enterprises has a fifty-two week low of $9.38 and a fifty-two week high of $13.40. The firm’s 50 day moving average price is $11.57 and its 200 day moving average price is $11.07. 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 $583.79 million, a price-to-earnings ratio of 16.99 and a beta of 1.09.

Magic Software Enterprises Increases Dividend

The firm 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 boost 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 67.14%.

Hedge Funds Weigh In On Magic Software Enterprises

Hedge funds have recently added to or reduced their stakes in the stock. Inspire Investing LLC acquired a new position in shares of Magic Software Enterprises in the 3rd quarter valued at $880,000. Y.D. More Investments Ltd purchased a new stake in Magic Software Enterprises in the second quarter valued at $1,451,000. Assenagon Asset Management S.A. acquired a new position in Magic Software Enterprises in the third quarter valued at $1,675,000. Acadian Asset Management LLC grew its holdings in shares of Magic Software Enterprises by 2,254.6% during the second quarter. Acadian Asset Management LLC now owns 68,447 shares of the software maker’s stock worth $653,000 after purchasing an additional 65,540 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position 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 in the last quarter. 24.70% of the stock is currently owned by hedge funds and other institutional investors.

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.