Magic Software Enterprises (NASDAQ:MGIC) Lowered to “Buy” Rating by StockNews.com

StockNews.com downgraded shares of Magic Software Enterprises (NASDAQ:MGIC) from a strong-buy rating to a buy rating in a research report sent to investors on Thursday.

Separately, Barclays lifted their price target 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 Price Performance

Shares of Magic Software Enterprises stock opened at $11.95 on Thursday. Magic Software Enterprises has a twelve month low of $9.00 and a twelve month high of $12.99. The firm has a market cap of $586.75 million, a P/E ratio of 17.07 and a beta of 1.08. The firm’s 50-day simple moving average is $11.30 and its 200-day simple moving average is $10.93. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.76 and a current ratio of 1.76.

Magic Software Enterprises Increases Dividend

The firm also recently declared 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 represents a dividend yield of 3.7%. This is an increase from Magic Software Enterprises’s previous semi-annual dividend of $0.20. The ex-dividend date is Monday, December 23rd. Magic Software Enterprises’s payout ratio is 58.57%.

Institutional Investors Weigh In On Magic Software Enterprises

A number of institutional investors and hedge funds have recently modified their holdings of the business. Tidal Investments LLC raised its stake in shares of Magic Software Enterprises by 4.6% during the third quarter. Tidal Investments LLC now owns 28,917 shares of the software maker’s stock worth $342,000 after buying an additional 1,278 shares during the last quarter. Barclays PLC boosted its holdings 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 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 third quarter valued at approximately $115,000. Assenagon Asset Management S.A. acquired a new position in shares of Magic Software Enterprises in the third quarter valued at approximately $1,675,000. Finally, Copeland Capital Management LLC bought a new stake in shares of Magic Software Enterprises in the third quarter worth $47,000. 24.70% of the stock is owned by 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.