Magic Software Enterprises (NASDAQ:MGIC) Stock Passes Above 200 Day Moving Average - Here's What Happened

Magic Software Enterprises Ltd. (NASDAQ:MGIC - Get Free Report) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $11.00 and traded as high as $12.48. Magic Software Enterprises shares last traded at $12.26, with a volume of 23,779 shares trading hands.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on MGIC shares. Barclays lifted their price target on shares of Magic Software Enterprises from $14.00 to $15.00 and gave the stock an "overweight" rating in a report on Tuesday, November 19th. StockNews.com lowered Magic Software Enterprises from a "strong-buy" rating to a "buy" rating in a research report on Saturday.

Magic Software Enterprises Trading Down 0.3 %

The firm's fifty day simple moving average is $11.45 and its 200-day simple moving average is $11.00. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.76 and a current ratio of 1.76. The stock has a market cap of $601.95 million, a P/E ratio of 17.51 and a beta of 1.09.

Magic Software Enterprises Increases Dividend

The company also recently announced 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 is a positive change from Magic Software Enterprises's previous semi-annual dividend of $0.20. The ex-dividend date of this dividend is Monday, December 23rd. This represents a yield of 3.7%. Magic Software Enterprises's payout ratio is presently 67.14%.

Institutional Trading of Magic Software Enterprises

A number of large investors have recently bought and sold shares of MGIC. Acadian Asset Management LLC boosted its holdings in shares of Magic Software Enterprises by 2,254.6% during the 2nd quarter. Acadian Asset Management LLC now owns 68,447 shares of the software maker's stock worth $653,000 after buying an additional 65,540 shares in the last quarter. Y.D. More Investments Ltd acquired a new stake in Magic Software Enterprises in the second quarter worth $1,451,000. Dimensional Fund Advisors LP increased its stake in Magic Software Enterprises by 14.9% in the second quarter. Dimensional Fund Advisors LP now owns 228,551 shares of the software maker's stock valued at $2,201,000 after purchasing an additional 29,635 shares in the last quarter. Inspire Investing LLC acquired a new position in shares of Magic Software Enterprises during the third quarter valued at about $880,000. Finally, Copeland Capital Management LLC acquired a new position in shares of Magic Software Enterprises during the third quarter valued at about $47,000. 24.70% of the stock is currently 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.