Menora Mivtachim Holdings LTD. acquired a new position in Magic Software Enterprises Ltd. (NASDAQ:MGIC - Free Report) in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 21,000 shares of the software maker's stock, valued at approximately $273,000.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Harel Insurance Investments & Financial Services Ltd. bought a new position in Magic Software Enterprises in the 1st quarter worth approximately $35,911,000. Phoenix Financial Ltd. grew its holdings 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 worth $8,953,000 after buying an additional 9,000 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Magic Software Enterprises by 4.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 240,841 shares of the software maker's stock valued at $2,896,000 after purchasing an additional 9,752 shares in the last quarter. Y.D. More Investments Ltd boosted its stake in Magic Software Enterprises by 22.1% during 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 purchasing an additional 31,527 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in Magic Software Enterprises by 21.1% during the 4th quarter. JPMorgan Chase & Co. now owns 112,782 shares of the software maker's stock valued at $1,357,000 after purchasing an additional 19,616 shares in the last quarter. 24.70% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
A number of equities analysts have issued reports on MGIC shares. Zacks Research raised Magic Software Enterprises from a "hold" rating to a "strong-buy" rating in a research note on Friday. Barclays increased their price target on Magic Software Enterprises from $16.00 to $18.00 and gave the company an "overweight" rating in a research note on Wednesday, August 13th. Finally, Wall Street Zen lowered Magic Software Enterprises from a "buy" rating to a "hold" rating in a research note on Saturday. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $18.00.
View Our Latest Analysis on MGIC
Magic Software Enterprises Price Performance
Shares of MGIC traded up $0.11 during trading hours on Tuesday, hitting $20.28. 30,355 shares of the company were exchanged, compared to its average volume of 48,848. The company has a market capitalization of $995.75 million, a PE ratio of 26.00 and a beta of 1.04. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.61 and a quick ratio of 1.61. The firm has a fifty day simple moving average of $19.68 and a 200-day simple moving average of $15.83. Magic Software Enterprises Ltd. has a one year low of $10.24 and a one year high of $22.00.
Magic Software Enterprises (NASDAQ:MGIC - Get Free Report) last released its earnings results on Wednesday, August 13th. The software maker reported $0.26 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.24 by $0.02. The company had revenue of $151.60 million during the quarter, compared to analyst estimates of $143.06 million. Magic Software Enterprises had a return on equity of 15.85% and a net margin of 6.58%. Magic Software Enterprises has set its FY 2025 guidance at EPS. As a group, sell-side analysts predict that Magic Software Enterprises Ltd. will post 0.95 earnings per share for the current year.
Magic Software Enterprises Cuts Dividend
The firm also recently announced a semi-annual dividend, which will be paid on Wednesday, October 22nd. Stockholders of record on Monday, October 6th will be issued a $0.296 dividend. The ex-dividend date is Monday, October 6th. This represents a dividend yield of 290.0%. Magic Software Enterprises's dividend payout ratio is presently 83.33%.
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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