Magic Software Enterprises (NASDAQ:MGIC) Stock Passes Above Two Hundred Day Moving Average – Time to Sell?

Shares of Magic Software Enterprises Ltd. (NASDAQ:MGIC) passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $11.35 and traded as high as $13.03. Magic Software Enterprises shares last traded at $12.99, with a volume of 36,695 shares changing hands.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on MGIC. Barclays lifted their price objective on Magic Software Enterprises from $14.00 to $15.00 and gave the company an “overweight” rating in a research note on Tuesday, November 19th. StockNews.com upgraded shares of Magic Software Enterprises from a “buy” rating to a “strong-buy” rating in a research note on Sunday, December 22nd.

Magic Software Enterprises Stock Down 1.1 %

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 $630.94 million, a PE ratio of 18.36 and a beta of 1.10. The firm has a fifty day moving average of $12.03 and a 200 day moving average of $11.37.

Magic Software Enterprises Increases Dividend

The firm also recently disclosed a semi-annual dividend, which was paid on Wednesday, January 8th. Stockholders of record on Monday, December 23rd were issued a $0.236 dividend. The ex-dividend date of this dividend was Monday, December 23rd. This represents a dividend yield of 3.7%. This is an increase from Magic Software Enterprises’s previous semi-annual dividend of $0.20. Magic Software Enterprises’s dividend payout ratio is presently 67.14%.

Hedge Funds Weigh In On Magic Software Enterprises

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MGIC. Inspire Investing LLC purchased a new stake in shares of Magic Software Enterprises during the 3rd quarter worth approximately $880,000. Assenagon Asset Management S.A. purchased a new stake in Magic Software Enterprises in the third quarter valued at $1,675,000. Barclays PLC boosted its stake in 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 acquiring an additional 5,685 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in Magic Software Enterprises by 77.4% in the third quarter. JPMorgan Chase & Co. now owns 93,166 shares of the software maker’s stock valued at $1,101,000 after acquiring an additional 40,642 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings 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 during the last quarter. 24.70% of the stock is owned by institutional investors and hedge funds.

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.