Magic Software Enterprises (NASDAQ:MGIC) Given New $15.00 Price Target at Barclays

Magic Software Enterprises (NASDAQ:MGIC - Free Report) had its target price raised by Barclays from $14.00 to $15.00 in a report released on Tuesday,Benzinga reports. They currently have an overweight rating on the software maker's stock.

Separately, StockNews.com downgraded shares of Magic Software Enterprises from a "strong-buy" rating to a "buy" rating in a report on Tuesday, November 12th.

Magic Software Enterprises Price Performance

Shares of MGIC stock traded down $0.05 during mid-day trading on Tuesday, reaching $10.96. The stock had a trading volume of 30,520 shares, compared to its average volume of 53,922. The company has a market cap of $538.14 million, a P/E ratio of 16.12 and a beta of 1.08. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 0.13. Magic Software Enterprises has a 12-month low of $8.40 and a 12-month high of $12.99. The business has a 50-day simple moving average of $11.29 and a 200 day simple moving average of $10.97.

Magic Software Enterprises Increases Dividend

The business also recently disclosed a semi-annual dividend, which will be paid on Wednesday, January 8th. Investors of record on Monday, December 23rd will be given a dividend of $0.236 per share. This represents a yield of 3.7%. The ex-dividend date of this dividend is Monday, December 23rd. This is a boost from Magic Software Enterprises's previous semi-annual dividend of $0.20. Magic Software Enterprises's dividend payout ratio (DPR) is currently 60.29%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Inspire Investing LLC acquired a new position in shares of Magic Software Enterprises in the third quarter valued at approximately $880,000. Quadrature Capital Ltd purchased a new position in shares of Magic Software Enterprises during the 1st quarter worth $593,000. Y.D. More Investments Ltd acquired a new stake in shares of Magic Software Enterprises during the second quarter worth $1,451,000. Assenagon Asset Management S.A. purchased a new stake in shares of Magic Software Enterprises in the third quarter valued at $1,675,000. Finally, Acadian Asset Management LLC grew its position in shares of 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 purchasing an additional 65,540 shares during the period. 24.70% of the stock is currently owned by hedge funds and other 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.