Magic Software Enterprises (NASDAQ:MGIC) Sees Strong Trading Volume – Here’s What Happened

Magic Software Enterprises Ltd. (NASDAQ:MGIC) shares saw unusually-high trading volume on Friday . Approximately 18,570 shares were traded during trading, a decline of 0% from the previous session’s volume of 18,579 shares.The stock last traded at $11.98 and had previously closed at $11.89.

Analyst Ratings Changes

Several brokerages have recently commented on MGIC. 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. Barclays boosted their price target on shares of Magic Software Enterprises from $14.00 to $15.00 and gave the company an “overweight” rating in a research report on Tuesday, November 19th.

Magic Software Enterprises Price Performance

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 stock has a market capitalization of $583.30 million, a price-to-earnings ratio of 16.97 and a beta of 1.10. The stock has a fifty day moving average of $11.67 and a two-hundred day moving average of $11.13.

Magic Software Enterprises Increases Dividend

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

Institutional Trading of Magic Software Enterprises

Several hedge funds have recently modified their holdings of the stock. Copeland Capital Management LLC acquired a new position in Magic Software Enterprises during the 3rd quarter worth $47,000. Barclays PLC raised 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 acquiring an additional 5,685 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new position in shares of Magic Software Enterprises during the third quarter valued at $115,000. Tidal Investments LLC lifted its stake 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 acquiring an additional 1,278 shares during the period. Finally, Acadian Asset Management LLC boosted its holdings in Magic Software Enterprises by 2,254.6% in the second quarter. Acadian Asset Management LLC now owns 68,447 shares of the software maker’s stock valued at $653,000 after acquiring an additional 65,540 shares during the last quarter. 24.70% of the stock is owned by institutional investors.

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.