Magic Software Enterprises (NASDAQ:MGIC) Shares Pass Above Two Hundred Day Moving Average – What’s Next?

Magic Software Enterprises Ltd. (NASDAQ:MGIC) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $11.52 and traded as high as $12.96. Magic Software Enterprises shares last traded at $12.85, with a volume of 20,049 shares traded.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on MGIC shares. StockNews.com upgraded Magic Software Enterprises from a “buy” rating to a “strong-buy” rating in a report on Sunday, December 22nd. Barclays lifted their target price on Magic Software Enterprises from $14.00 to $15.00 and gave the stock an “overweight” rating in a report on Tuesday, November 19th.

Magic Software Enterprises Stock Down 1.8 %

The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $630.94 million, a price-to-earnings ratio of 18.36 and a beta of 1.11. The stock has a fifty day moving average of $12.35 and a 200-day moving average of $11.52.

Magic Software Enterprises Increases Dividend

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Assenagon Asset Management S.A. purchased a new position in shares of Magic Software Enterprises during the third quarter valued at $1,675,000. JPMorgan Chase & Co. grew its holdings in shares of Magic Software Enterprises by 77.4% during the third quarter. JPMorgan Chase & Co. now owns 93,166 shares of the software maker’s stock valued at $1,101,000 after buying an additional 40,642 shares in the last quarter. Barclays PLC grew its holdings in shares of Magic Software Enterprises by 4,274.4% during the third quarter. Barclays PLC now owns 5,818 shares of the software maker’s stock valued at $69,000 after buying an additional 5,685 shares in the last quarter. Tidal Investments LLC grew its holdings in shares of Magic Software Enterprises by 4.6% during the third quarter. Tidal Investments LLC now owns 28,917 shares of the software maker’s stock valued at $342,000 after buying an additional 1,278 shares in the last quarter. Finally, Copeland Capital Management LLC purchased a new position in shares of Magic Software Enterprises during the third quarter valued at $47,000. Hedge funds and other 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.