ARK Investment Management LLC lessened its holdings in Magic Software Enterprises Ltd. (NASDAQ:MGIC - Free Report) by 18.8% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 124,911 shares of the software maker's stock after selling 28,957 shares during the quarter. ARK Investment Management LLC owned 0.25% of Magic Software Enterprises worth $2,388,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors have also recently bought and sold shares of the business. GHP Investment Advisors Inc. grew its stake in Magic Software Enterprises by 16.9% in the 1st quarter. GHP Investment Advisors Inc. now owns 56,751 shares of the software maker's stock valued at $737,000 after purchasing an additional 8,200 shares during the period. Phoenix Financial Ltd. grew its stake in Magic Software Enterprises by 1.3% in the 1st quarter. Phoenix Financial Ltd. now owns 689,236 shares of the software maker's stock valued at $8,953,000 after purchasing an additional 9,000 shares during the period. Walleye Capital LLC purchased a new position in shares of Magic Software Enterprises during the 1st quarter valued at $161,000. Jane Street Group LLC lifted its position in shares of Magic Software Enterprises by 126.5% during the 1st quarter. Jane Street Group LLC now owns 32,028 shares of the software maker's stock valued at $416,000 after buying an additional 17,887 shares during the last quarter. Finally, Menora Mivtachim Holdings LTD. purchased a new position in shares of Magic Software Enterprises during the 1st quarter valued at $273,000. Institutional investors own 24.70% of the company's stock.
Magic Software Enterprises Price Performance
Shares of Magic Software Enterprises stock opened at $19.69 on Thursday. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $966.78 million, a PE ratio of 25.24 and a beta of 0.91. The business's 50-day moving average price is $20.14 and its 200-day moving average price is $18.07. Magic Software Enterprises Ltd. has a 12 month low of $10.42 and a 12 month high of $22.00.
Magic Software Enterprises (NASDAQ:MGIC - Get Free Report) last posted its quarterly earnings results 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. Magic Software Enterprises had a return on equity of 15.85% and a net margin of 6.58%.The business had revenue of $151.60 million for the quarter, compared to analyst estimates of $143.06 million. Magic Software Enterprises has set its FY 2025 guidance at EPS. Sell-side analysts forecast that Magic Software Enterprises Ltd. will post 0.95 EPS for the current fiscal year.
Magic Software Enterprises Cuts Dividend
The firm also recently disclosed a semi-annual dividend, which was paid on Wednesday, October 22nd. Shareholders of record on Monday, October 6th were issued a $0.296 dividend. The ex-dividend date was Monday, October 6th. This represents a yield of 288.0%. Magic Software Enterprises's dividend payout ratio (DPR) is 75.64%.
Analyst Ratings Changes
MGIC has been the topic of a number of recent research reports. Wall Street Zen cut Magic Software Enterprises from a "buy" rating to a "hold" rating in a research report on Saturday, August 16th. Zacks Research cut Magic Software Enterprises from a "strong-buy" rating to a "hold" rating in a report on Monday, October 13th. Finally, Barclays increased their price objective on Magic Software Enterprises from $16.00 to $18.00 and gave the stock an "overweight" rating in a report on Wednesday, August 13th. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $18.00.
Check Out Our Latest Stock Report on MGIC
Magic Software Enterprises Profile
(
Free Report)
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.
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