Naples Global Advisors LLC Sells 40,270 Shares of Magic Software Enterprises Ltd. (NASDAQ:MGIC)

Naples Global Advisors LLC trimmed its stake in shares of Magic Software Enterprises Ltd. (NASDAQ:MGIC - Free Report) by 28.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 103,060 shares of the software maker's stock after selling 40,270 shares during the period. Naples Global Advisors LLC owned approximately 0.21% of Magic Software Enterprises worth $1,339,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. IFP Advisors Inc raised its position in shares of Magic Software Enterprises by 100.0% during the fourth quarter. IFP Advisors Inc now owns 4,000 shares of the software maker's stock worth $48,000 after purchasing an additional 2,000 shares during the period. Altshuler Shaham Ltd bought a new stake in Magic Software Enterprises during the 4th quarter worth approximately $138,000. Man Group plc bought a new stake in Magic Software Enterprises during the 4th quarter worth approximately $145,000. Truist Financial Corp acquired a new stake in Magic Software Enterprises during the 4th quarter worth approximately $189,000. Finally, Heron Bay Capital Management bought a new position in Magic Software Enterprises in the fourth quarter valued at approximately $183,000. 24.70% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently issued reports on MGIC shares. Wall Street Zen downgraded shares of Magic Software Enterprises from a "strong-buy" rating to a "buy" rating in a report on Saturday, May 24th. Barclays raised their target price on shares of Magic Software Enterprises from $15.00 to $16.00 and gave the company an "overweight" rating in a research report on Thursday, March 13th. Finally, William Blair cut shares of Magic Software Enterprises from an "outperform" rating to a "market perform" rating in a research report on Wednesday, March 12th.

Magic Software Enterprises Stock Performance

MGIC traded down $0.20 during trading on Monday, hitting $16.15. The stock had a trading volume of 43,198 shares, compared to its average volume of 56,368. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.76 and a quick ratio of 1.76. The company has a 50 day moving average price of $14.39 and a 200-day moving average price of $13.21. Magic Software Enterprises Ltd. has a one year low of $9.51 and a one year high of $16.50. The firm has a market cap of $792.95 million, a price-to-earnings ratio of 23.07 and a beta of 1.00.

Magic Software Enterprises (NASDAQ:MGIC - Get Free Report) last released its earnings results on Wednesday, May 21st. The software maker reported $0.25 earnings per share for the quarter, meeting analysts' consensus estimates of $0.25. The firm had revenue of $147.34 million during the quarter, compared to the consensus estimate of $143.80 million. Magic Software Enterprises had a return on equity of 15.42% and a net margin of 6.49%. As a group, research analysts predict that Magic Software Enterprises Ltd. will post 0.95 EPS for the current year.

Magic Software Enterprises Increases Dividend

The company also recently declared a semi-annual dividend, which was paid on Wednesday, May 7th. Stockholders of record on Tuesday, April 22nd were paid a dividend of $0.327 per share. This represents a dividend yield of 4.6%. This is a positive change from Magic Software Enterprises's previous semi-annual dividend of $0.24. The ex-dividend date of this dividend was Tuesday, April 22nd. Magic Software Enterprises's dividend payout ratio (DPR) is presently 85.53%.

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.