Magic Software Enterprises (NASDAQ:MGIC) Share Price Crosses Above Two Hundred Day Moving Average – Should You Sell?

Magic Software Enterprises Ltd. (NASDAQ:MGIC) shares 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.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on MGIC shares. StockNews.com lowered Magic Software Enterprises from a “strong-buy” rating to a “buy” rating in a research note on Saturday. Barclays raised their target price on Magic Software Enterprises from $14.00 to $15.00 and gave the company an “overweight” rating in a research note on Tuesday, November 19th.

Magic Software Enterprises Price Performance

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

Magic Software Enterprises Increases Dividend

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

Hedge Funds Weigh In On Magic Software Enterprises

Hedge funds have recently modified their holdings of the stock. Inspire Investing LLC acquired a new position in shares of Magic Software Enterprises in the 3rd quarter valued at $880,000. Y.D. More Investments Ltd acquired a new position in shares of Magic Software Enterprises in the second quarter worth about $1,451,000. Assenagon Asset Management S.A. acquired a new position in shares of Magic Software Enterprises in the third quarter worth about $1,675,000. Acadian Asset Management LLC increased 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 worth $653,000 after acquiring an additional 65,540 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Magic Software Enterprises by 14.9% during the second quarter. Dimensional Fund Advisors LP now owns 228,551 shares of the software maker’s stock valued at $2,201,000 after acquiring an additional 29,635 shares during the period. 24.70% of the stock is currently owned by institutional investors and hedge funds.

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.