Magic Software Enterprises (NASDAQ:MGIC) Sees Unusually-High Trading Volume – Should You Buy?

Magic Software Enterprises Ltd. (NASDAQ:MGIC) shares saw an uptick in trading volume on Wednesday . 233,554 shares changed hands during mid-day 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 Analyst Weigh In

A number of research firms have weighed in on MGIC. Barclays upped their price objective on shares of Magic Software Enterprises from $14.00 to $15.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 19th. StockNews.com cut shares of Magic Software Enterprises from a “strong-buy” rating to a “buy” rating in a research note on Thursday.

Magic Software Enterprises Stock Performance

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 firm has a 50-day moving average price of $11.30 and a two-hundred day moving average price of $10.93. The firm has a market cap of $586.75 million, a PE ratio of 17.07 and a beta of 1.08.

Magic Software Enterprises Increases Dividend

The company also recently disclosed a semi-annual dividend, which will be paid on Wednesday, January 8th. Shareholders of record on Monday, December 23rd will be issued a $0.236 dividend. The ex-dividend date is Monday, December 23rd. This represents a yield of 3.7%. This is a positive change from Magic Software Enterprises’s previous semi-annual dividend of $0.20. Magic Software Enterprises’s dividend payout ratio (DPR) is presently 58.57%.

Institutional Investors Weigh In On Magic Software Enterprises

A number of large investors have recently modified their holdings of the business. Copeland Capital Management LLC purchased a new position in shares of Magic Software Enterprises in the third quarter worth about $47,000. Barclays PLC lifted its stake in Magic Software Enterprises by 4,274.4% in the 3rd quarter. Barclays PLC now owns 5,818 shares of the software maker’s stock worth $69,000 after purchasing an additional 5,685 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new position in shares of Magic Software Enterprises during the 3rd quarter worth approximately $115,000. CANADA LIFE ASSURANCE Co grew its position in shares of Magic Software Enterprises by 722.2% in the first 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 in the last quarter. Finally, Tidal Investments LLC increased its holdings in shares of Magic Software Enterprises by 4.6% in the third quarter. Tidal Investments LLC now owns 28,917 shares of the software maker’s stock valued at $342,000 after purchasing an additional 1,278 shares during the last quarter. Hedge funds and other institutional investors 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.