Truffle Hound Capital LLC Has $3.90 Million Stake in Magic Software Enterprises Ltd. (NASDAQ:MGIC)

Key Points

• Truffle Hound Capital LLC has reduced its stake in Magic Software Enterprises Ltd. by 30.2%, owning 300,000 shares valued at approximately $3.90 million.
• Institutional ownership of Magic Software now stands at 24.70%, with several firms, including Lazard Asset Management and Millennium Management, increasing their positions in the fourth quarter.
• The stock is currently trading at $20.60, and analysts have set expectations for earnings per share of 0.95 for the current year.

Truffle Hound Capital LLC cut its position in shares of Magic Software Enterprises Ltd. (NASDAQ:MGIC - Free Report) by 30.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 300,000 shares of the software maker's stock after selling 130,000 shares during the period. Magic Software Enterprises comprises about 1.4% of Truffle Hound Capital LLC's investment portfolio, making the stock its 22nd largest position. Truffle Hound Capital LLC owned about 0.61% of Magic Software Enterprises worth $3,897,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Altshuler Shaham Ltd bought a new stake in Magic Software Enterprises in the fourth quarter valued at $138,000. Man Group plc bought a new stake in Magic Software Enterprises in the fourth quarter valued at $145,000. Lazard Asset Management LLC grew its position in Magic Software Enterprises by 45.5% in the fourth quarter. Lazard Asset Management LLC now owns 18,795 shares of the software maker's stock valued at $226,000 after acquiring an additional 5,878 shares during the period. Millennium Management LLC grew its position in Magic Software Enterprises by 66.7% in the fourth quarter. Millennium Management LLC now owns 28,599 shares of the software maker's stock valued at $344,000 after acquiring an additional 11,442 shares during the period. Finally, Geode Capital Management LLC raised its holdings in shares of Magic Software Enterprises by 4.7% in the fourth quarter. Geode Capital Management LLC now owns 58,105 shares of the software maker's stock valued at $699,000 after buying an additional 2,587 shares during the last quarter. 24.70% of the stock is currently owned by institutional investors.

Magic Software Enterprises Trading Down 0.5%

Shares of MGIC traded down $0.11 during trading hours on Friday, hitting $20.60. 59,889 shares of the stock traded hands, compared to its average volume of 66,671. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 0.11. Magic Software Enterprises Ltd. has a 1-year low of $9.64 and a 1-year high of $22.00. The firm has a market capitalization of $1.01 billion, a PE ratio of 27.11 and a beta of 1.04. The business has a fifty day moving average of $18.70 and a 200-day moving average of $15.21.

Magic Software Enterprises (NASDAQ:MGIC - Get Free Report) last issued its quarterly earnings results on Wednesday, May 21st. The software maker reported $0.25 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.25. Magic Software Enterprises had a return on equity of 15.62% and a net margin of 6.60%. The business had revenue of $147.34 million for the quarter, compared to analyst estimates of $143.80 million. Analysts expect that Magic Software Enterprises Ltd. will post 0.95 EPS for the current year.

Analysts Set New Price Targets

Separately, Wall Street Zen lowered shares of Magic Software Enterprises from a "strong-buy" rating to a "buy" rating in a report on Saturday, May 24th.

Magic Software Enterprises 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.