Magic Software Enterprises (NASDAQ:MGIC) Shares Pass Above 200 Day Moving Average - Time to Sell?

Magic Software Enterprises Ltd. (NASDAQ:MGIC - Get Free Report) shares crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $11.35 and traded as high as $13.03. Magic Software Enterprises shares last traded at $12.99, with a volume of 36,695 shares trading hands.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on MGIC shares. StockNews.com upgraded Magic Software Enterprises from a "buy" rating to a "strong-buy" rating in a research note on Sunday, December 22nd. Barclays boosted their target price 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.

Magic Software Enterprises Stock Performance

The firm has a market cap of $630.94 million, a P/E ratio of 18.36 and a beta of 1.10. 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 business's 50-day simple moving average is $11.97 and its 200 day simple moving average is $11.35.

Magic Software Enterprises Increases Dividend

The company also recently announced a semi-annual dividend, which was paid on Wednesday, January 8th. Shareholders of record on Monday, December 23rd were issued a $0.236 dividend. This is an increase from Magic Software Enterprises's previous semi-annual dividend of $0.20. The ex-dividend date of this dividend was Monday, December 23rd. This represents a yield of 3.7%. Magic Software Enterprises's dividend payout ratio is currently 67.14%.

Institutional Investors Weigh In On Magic Software Enterprises

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Copeland Capital Management LLC bought a new stake in Magic Software Enterprises during the third quarter valued at approximately $47,000. Barclays PLC grew its position in shares of 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. Public Employees Retirement System of Ohio purchased a new stake in shares of Magic Software Enterprises in the 3rd quarter worth $115,000. Tidal Investments LLC raised its holdings in Magic Software Enterprises by 4.6% in the 3rd quarter. Tidal Investments LLC now owns 28,917 shares of the software maker's stock worth $342,000 after purchasing an additional 1,278 shares during the period. Finally, Inspire Investing LLC purchased a new position in Magic Software Enterprises during the third quarter valued at $880,000. Hedge funds and other institutional investors own 24.70% of the company's stock.

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.