Magic Software Enterprises (NASDAQ:MGIC) Shares Pass Above 200-Day Moving Average – Here’s What Happened

Magic Software Enterprises Ltd. (NASDAQ:MGIC)’s share price passed above its 200-day moving average during trading on Thursday . The stock has a 200-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 trading hands.

Analyst Upgrades and Downgrades

A number of equities analysts have 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 upped their target price 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 1.1 %

The firm’s fifty day simple moving average is $12.03 and its two-hundred day simple moving average is $11.37. The company has a market capitalization of $630.94 million, a price-to-earnings ratio of 18.36 and a beta of 1.10. 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 firm also recently disclosed a semi-annual dividend, which was paid on Wednesday, January 8th. Investors of record on Monday, December 23rd were given a dividend of $0.236 per share. This represents a dividend yield of 3.7%. This is an increase from Magic Software Enterprises’s previous semi-annual dividend of $0.20. The ex-dividend date was Monday, December 23rd. Magic Software Enterprises’s dividend payout ratio (DPR) is presently 67.14%.

Institutional Investors Weigh In On Magic Software Enterprises

A number of institutional investors and hedge funds have recently made changes to their positions in MGIC. Copeland Capital Management LLC acquired a new stake in Magic Software Enterprises in the 3rd quarter valued at approximately $47,000. Barclays PLC boosted its position 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 worth $69,000 after buying an additional 5,685 shares during the period. Public Employees Retirement System of Ohio acquired a new stake in shares of Magic Software Enterprises in the third quarter valued at $115,000. Tidal Investments LLC grew its stake 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 buying an additional 1,278 shares in the last quarter. Finally, Inspire Investing LLC purchased a new stake in shares of Magic Software Enterprises in the 3rd quarter valued at $880,000. 24.70% of the stock is owned by hedge funds and other institutional investors.

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.