Acadian Asset Management LLC Has $2.04 Million Position in Magic Software Enterprises Ltd. $MGIC

Key Points

• Acadian Asset Management LLC reduced its stake in Magic Software Enterprises by 16.6%, selling 31,473 shares and retaining 157,631 shares valued at approximately $2,042,000.
• Magic Software Enterprises recently reported $0.26 earnings per share for the quarter, beating estimates, and had a net revenue of $151.60 million.
• The company declared a semi-annual dividend of $0.296 per share, representing a yield of 290.0%, with the ex-dividend date set for October 6th.

Acadian Asset Management LLC lessened its stake in Magic Software Enterprises Ltd. (NASDAQ:MGIC - Free Report) by 16.6% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 157,631 shares of the software maker's stock after selling 31,473 shares during the period. Acadian Asset Management LLC owned 0.32% of Magic Software Enterprises worth $2,042,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of MGIC. Harel Insurance Investments & Financial Services Ltd. bought a new position in Magic Software Enterprises in the 1st quarter valued at about $35,911,000. Y.D. More Investments Ltd lifted its holdings in Magic Software Enterprises by 22.1% in the 1st quarter. Y.D. More Investments Ltd now owns 174,366 shares of the software maker's stock valued at $2,240,000 after acquiring an additional 31,527 shares during the last quarter. Nuveen LLC acquired a new stake in Magic Software Enterprises in the 1st quarter valued at about $311,000. Menora Mivtachim Holdings LTD. acquired a new stake in Magic Software Enterprises in the 1st quarter valued at about $273,000. Finally, Jane Street Group LLC lifted its holdings in Magic Software Enterprises by 126.5% in the 1st quarter. Jane Street Group LLC now owns 32,028 shares of the software maker's stock valued at $416,000 after acquiring an additional 17,887 shares during the last quarter. Institutional investors own 24.70% of the company's stock.

Magic Software Enterprises Stock Performance

Shares of Magic Software Enterprises stock traded up $0.09 on Friday, reaching $19.90. The stock had a trading volume of 115,445 shares, compared to its average volume of 42,451. The business's 50-day moving average price is $20.35 and its two-hundred day moving average price is $16.96. The stock has a market cap of $977.09 million, a P/E ratio of 25.51 and a beta of 0.95. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.61 and a current ratio of 1.61. Magic Software Enterprises Ltd. has a fifty-two week low of $10.42 and a fifty-two week high of $22.00.

Magic Software Enterprises (NASDAQ:MGIC - Get Free Report) last announced its quarterly earnings data on Wednesday, August 13th. The software maker reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.02. The business had revenue of $151.60 million for the quarter, compared to the consensus estimate of $143.06 million. Magic Software Enterprises had a net margin of 6.58% and a return on equity of 15.85%. Magic Software Enterprises has set its FY 2025 guidance at EPS. On average, sell-side analysts forecast that Magic Software Enterprises Ltd. will post 0.95 EPS for the current year.

Magic Software Enterprises Cuts Dividend

The company also recently announced a semi-annual dividend, which will be paid on Wednesday, October 22nd. Stockholders of record on Monday, October 6th will be paid a $0.296 dividend. This represents a dividend yield of 290.0%. The ex-dividend date is Monday, October 6th. Magic Software Enterprises's payout ratio is currently 83.33%.

Analyst Upgrades and Downgrades

MGIC has been the subject of a number of research analyst reports. Wall Street Zen downgraded shares of Magic Software Enterprises from a "buy" rating to a "hold" rating in a report on Saturday, August 16th. Barclays upped their price target on shares of Magic Software Enterprises from $16.00 to $18.00 and gave the company an "overweight" rating in a report on Wednesday, August 13th. Finally, Zacks Research raised shares of Magic Software Enterprises from a "hold" rating to a "strong-buy" rating in a report on Friday, August 15th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Buy" and an average price target of $18.00.

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.