Magic Software Enterprises (NASDAQ:MGIC) Sees Large Volume Increase – Should You Buy?

Magic Software Enterprises Ltd. (NASDAQ:MGIC) saw strong trading volume on Wednesday . 233,554 shares were traded during trading, an increase of 334% from the previous session’s volume of 53,806 shares.The stock last traded at $12.15 and had previously closed at $11.24.

Wall Street Analysts Forecast Growth

MGIC has been the subject of a number of analyst reports. StockNews.com lowered shares of Magic Software Enterprises from a “strong-buy” rating to a “buy” rating in a report on Thursday. Barclays increased their price target on shares of 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 Stock Up 6.3 %

The stock has a market capitalization of $586.75 million, a price-to-earnings ratio of 17.07 and a beta of 1.08. The business has a 50-day moving average of $11.30 and a 200-day moving average of $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 business also recently declared a semi-annual dividend, which will be paid on Wednesday, January 8th. Stockholders of record on Monday, December 23rd will be paid a $0.236 dividend. 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 Trading of Magic Software Enterprises

Several institutional investors have recently added to or reduced their stakes in MGIC. Copeland Capital Management LLC purchased a new position in shares of Magic Software Enterprises during the third quarter worth $47,000. Barclays PLC boosted its holdings in Magic Software Enterprises by 4,274.4% during the 3rd quarter. Barclays PLC now owns 5,818 shares of the software maker’s stock valued at $69,000 after acquiring an additional 5,685 shares during the period. Public Employees Retirement System of Ohio acquired a new position in Magic Software Enterprises in the 3rd quarter valued at about $115,000. CANADA LIFE ASSURANCE Co grew its position in Magic Software Enterprises by 722.2% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 15,334 shares of the software maker’s stock valued at $177,000 after acquiring an additional 13,469 shares in the last quarter. Finally, Tidal Investments LLC increased its stake in 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 purchasing an additional 1,278 shares during the period. Institutional investors and hedge funds 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.