Magic Software Enterprises (NASDAQ:MGIC) Sets New 12-Month High – Time to Buy?

Magic Software Enterprises Ltd. (NASDAQ:MGIC) shares reached a new 52-week high during trading on Wednesday . The stock traded as high as $13.44 and last traded at $13.40, with a volume of 10887 shares changing hands. The stock had previously closed at $12.92.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. StockNews.com upgraded shares of Magic Software Enterprises from a “buy” rating to a “strong-buy” rating in a research report on Sunday, December 22nd. Barclays raised 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 Down 1.4 %

The business’s fifty day simple moving average is $12.28 and its 200 day simple moving average is $11.48. The stock has a market cap of $646.16 million, a price-to-earnings ratio of 18.80 and a beta of 1.11. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 0.13.

Magic Software Enterprises Increases Dividend

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

Hedge Funds Weigh In On Magic Software Enterprises

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP increased its position in shares of Magic Software Enterprises by 14.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 228,551 shares of the software maker’s stock valued at $2,201,000 after buying an additional 29,635 shares in the last quarter. Inspire Investing LLC bought a new stake in shares of Magic Software Enterprises in the third quarter worth about $880,000. Copeland Capital Management LLC bought a new stake in shares of Magic Software Enterprises in the third quarter worth about $47,000. Assenagon Asset Management S.A. acquired a new stake in shares of Magic Software Enterprises during the third quarter worth about $1,675,000. Finally, Public Employees Retirement System of Ohio bought a new position in shares of Magic Software Enterprises during the 3rd quarter valued at about $115,000. Institutional investors own 24.70% of the company’s stock.

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.