Magic Software Enterprises (NASDAQ:MGIC) Reaches New 52-Week High - Still a Buy?

Magic Software Enterprises Ltd. (NASDAQ:MGIC - Get Free Report) shares hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $13.44 and last traded at $13.40, with a volume of 10887 shares traded. The stock had previously closed at $12.92.

Analyst Ratings Changes

A number of research 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 boosted their target price on 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 Trading Up 0.7 %

The stock's fifty day moving average price is $12.31 and its 200 day moving average price is $11.50. The stock has a market capitalization of $644.93 million, a P/E ratio of 18.76 and a beta of 1.11. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.76 and a quick ratio of 1.76.

Magic Software Enterprises Increases Dividend

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

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. Inspire Investing LLC purchased a new stake in shares of Magic Software Enterprises during the 3rd quarter valued at $880,000. Assenagon Asset Management S.A. acquired a new position in Magic Software Enterprises in the 3rd quarter worth approximately $1,675,000. JPMorgan Chase & Co. raised its position in Magic Software Enterprises by 77.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 93,166 shares of the software maker's stock worth $1,101,000 after buying an additional 40,642 shares during the last quarter. Barclays PLC lifted its stake in Magic Software Enterprises by 4,274.4% during the 3rd quarter. Barclays PLC now owns 5,818 shares of the software maker's stock valued at $69,000 after acquiring an additional 5,685 shares during the period. Finally, Tidal Investments LLC boosted its holdings in shares of Magic Software Enterprises by 4.6% in the 3rd 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 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.