Magic Software Enterprises (NASDAQ:MGIC) Hits New 12-Month High – Should You Buy?

Magic Software Enterprises Ltd. (NASDAQ:MGIC) hit a new 52-week high during mid-day trading on Friday . The company traded as high as $13.40 and last traded at $12.58, with a volume of 182477 shares changing hands. The stock had previously closed at $11.95.

Analysts Set New Price Targets

Several research firms have commented on MGIC. Barclays lifted their price target on 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 report on Thursday.

Magic Software Enterprises Stock Performance

The stock has a market cap of $617.67 million, a PE ratio of 17.97 and a beta of 1.08. The stock has a fifty day moving average of $11.32 and a 200-day moving average of $10.92. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 0.13.

Magic Software Enterprises Increases Dividend

The business also recently announced a semi-annual dividend, which will be paid on Wednesday, January 8th. Shareholders of record on Monday, December 23rd will be paid a $0.236 dividend. This is an increase from Magic Software Enterprises’s previous semi-annual dividend of $0.20. This represents a dividend yield of 3.7%. The ex-dividend date is Monday, December 23rd. Magic Software Enterprises’s dividend payout ratio (DPR) is 67.14%.

Institutional Investors Weigh In On Magic Software Enterprises

Several hedge funds have recently modified their holdings of the stock. Dimensional Fund Advisors LP raised its position in Magic Software Enterprises by 14.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 228,551 shares of the software maker’s stock worth $2,201,000 after buying an additional 29,635 shares during the last quarter. Y.D. More Investments Ltd acquired a new position in shares of Magic Software Enterprises during the second quarter worth about $1,451,000. Assenagon Asset Management S.A. purchased a new position in Magic Software Enterprises during the third quarter worth about $1,675,000. Inspire Investing LLC acquired a new stake in Magic Software Enterprises in the third quarter valued at about $880,000. Finally, Acadian Asset Management LLC boosted its holdings in Magic Software Enterprises by 2,254.6% in the 2nd quarter. Acadian Asset Management LLC now owns 68,447 shares of the software maker’s stock valued at $653,000 after purchasing an additional 65,540 shares in the last quarter. 24.70% of the stock is owned by institutional investors and hedge funds.

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.