Menora Mivtachim Holdings LTD. purchased 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 Securities and Exchange Commission (SEC). The institutional investor purchased 21,000 shares of the software maker's stock, valued at approximately $273,000.
A number of other institutional investors have also recently made changes to their positions in the company. Man Group plc purchased a new stake in Magic Software Enterprises in the fourth quarter worth approximately $145,000. Lazard Asset Management LLC increased its holdings in Magic Software Enterprises by 45.5% in the 4th 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 last quarter. Nuveen LLC bought a new stake in Magic Software Enterprises in the 1st quarter valued at $311,000. Millennium Management LLC grew its stake in shares of Magic Software Enterprises by 66.7% in the 4th quarter. Millennium Management LLC now owns 28,599 shares of the software maker's stock worth $344,000 after buying an additional 11,442 shares in the last quarter. Finally, GHP Investment Advisors Inc. grew its stake in shares of 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 worth $737,000 after buying an additional 8,200 shares in the last quarter. Hedge funds and other institutional investors own 24.70% of the company's stock.
Analyst Upgrades and Downgrades
A number of equities analysts recently commented on MGIC shares. Zacks Research raised shares of Magic Software Enterprises from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 15th. Barclays boosted their target price on shares of Magic Software Enterprises from $16.00 to $18.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 13th. Finally, Wall Street Zen downgraded shares of Magic Software Enterprises from a "buy" rating to a "hold" rating in a research report on Saturday, August 16th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of $18.00.
Check Out Our Latest Research Report on MGIC
Magic Software Enterprises Trading Up 0.2%
Magic Software Enterprises stock traded up $0.03 during midday trading on Thursday, hitting $19.78. 7,177 shares of the stock were exchanged, compared to its average volume of 64,293. 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 stock's 50-day simple moving average is $19.75 and its 200 day simple moving average is $15.85. Magic Software Enterprises Ltd. has a fifty-two week low of $10.24 and a fifty-two week high of $22.00. The stock has a market capitalization of $971.18 million, a price-to-earnings ratio of 25.36 and a beta of 1.04.
Magic Software Enterprises (NASDAQ:MGIC - Get Free Report) last released its quarterly 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 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, equities analysts anticipate that Magic Software Enterprises Ltd. will post 0.95 EPS for the current year.
Magic Software Enterprises Cuts Dividend
The company also recently declared a semi-annual dividend, which will be paid on Wednesday, October 22nd. Shareholders of record on Monday, October 6th will be issued a dividend of $0.296 per share. This represents a yield of 290.0%. The ex-dividend date is Monday, October 6th. Magic Software Enterprises's payout ratio is 75.64%.
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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