Magic Software Enterprises (NASDAQ:MGIC) Stock Rating Lowered 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 report published on Thursday morning.

Separately, Barclays increased their price target on 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 Performance

MGIC opened at $12.58 on Thursday. The stock has a 50-day moving average of $11.32 and a 200-day moving average of $10.91. 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 has a 52-week low of $9.00 and a 52-week high of $13.40. The company has a market cap of $617.68 million, a PE ratio of 17.97 and a beta of 1.08.

Magic Software Enterprises Increases Dividend

The firm also recently declared a semi-annual dividend, which will be paid on Wednesday, January 8th. Stockholders of record on Monday, December 23rd will be given a $0.236 dividend. This is an increase from Magic Software Enterprises’s previous semi-annual dividend of $0.20. This represents a dividend yield of 3.7%. The ex-dividend date is Monday, December 23rd. Magic Software Enterprises’s dividend payout ratio (DPR) is currently 58.57%.

Hedge Funds Weigh In On Magic Software Enterprises

Several large investors have recently made changes to their positions in the business. Copeland Capital Management LLC bought a new position in Magic Software Enterprises in the 3rd quarter worth approximately $47,000. Barclays PLC increased its position in Magic Software Enterprises by 4,274.4% during the third quarter. Barclays PLC now owns 5,818 shares of the software maker’s stock worth $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 during the 3rd quarter valued at $115,000. CANADA LIFE ASSURANCE Co boosted its holdings 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 purchasing an additional 13,469 shares during the period. Finally, Tidal Investments LLC grew its position in Magic Software Enterprises by 4.6% in the 3rd 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 last quarter. 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.