Naples Global Advisors LLC Reduces Position in Magic Software Enterprises Ltd. (NASDAQ:MGIC)

Naples Global Advisors LLC lessened its stake in Magic Software Enterprises Ltd. (NASDAQ:MGIC - Free Report) by 28.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 103,060 shares of the software maker's stock after selling 40,270 shares during the quarter. Naples Global Advisors LLC owned 0.21% of Magic Software Enterprises worth $1,339,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently modified their holdings of the stock. Truist Financial Corp bought a new position in shares of Magic Software Enterprises during the 4th quarter valued at approximately $189,000. IFP Advisors Inc raised its holdings in Magic Software Enterprises by 100.0% during the 4th quarter. IFP Advisors Inc now owns 4,000 shares of the software maker's stock valued at $48,000 after buying an additional 2,000 shares during the period. Bank of New York Mellon Corp purchased a new stake in Magic Software Enterprises during the 4th quarter valued at $1,392,000. Truffle Hound Capital LLC bought a new position in Magic Software Enterprises in the 4th quarter valued at $5,173,000. Finally, Heron Bay Capital Management bought a new position in Magic Software Enterprises in the 4th quarter valued at $183,000. Hedge funds and other institutional investors own 24.70% of the company's stock.

Magic Software Enterprises Trading Up 1.2%

Shares of NASDAQ MGIC traded up $0.19 during trading on Friday, reaching $16.35. The stock had a trading volume of 26,909 shares, compared to its average volume of 56,394. Magic Software Enterprises Ltd. has a fifty-two week low of $9.51 and a fifty-two week high of $16.50. The company has a market cap of $802.77 million, a P/E ratio of 23.36 and a beta of 1.00. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.76 and a current ratio of 1.76. The business's 50-day moving average price is $14.34 and its 200-day moving average price is $13.14.

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

Magic Software Enterprises Increases Dividend

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

Wall Street Analyst Weigh In

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

Magic Software Enterprises Company 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.