Magic Software Enterprises Ltd. $MGIC Shares Sold by Phoenix Financial Ltd.

Phoenix Financial Ltd. trimmed its position in Magic Software Enterprises Ltd. (NASDAQ:MGIC) by 28.0% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 488,350 shares of the software maker’s stock after selling 190,000 shares during the period. Phoenix Financial Ltd. owned 0.99% of Magic Software Enterprises worth $9,967,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MGIC. Y.D. More Investments Ltd lifted its position in Magic Software Enterprises by 8.6% during the 2nd quarter. Y.D. More Investments Ltd now owns 189,327 shares of the software maker’s stock worth $3,616,000 after acquiring an additional 14,961 shares during the period. Acadian Asset Management LLC raised its stake in shares of Magic Software Enterprises by 17.3% in the second quarter. Acadian Asset Management LLC now owns 184,925 shares of the software maker’s stock worth $3,525,000 after purchasing an additional 27,294 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Magic Software Enterprises by 133.2% during the second quarter. Arrowstreet Capital Limited Partnership now owns 126,278 shares of the software maker’s stock worth $2,415,000 after purchasing an additional 72,117 shares during the period. Inspire Investing LLC boosted its position in Magic Software Enterprises by 6.0% in the third quarter. Inspire Investing LLC now owns 53,777 shares of the software maker’s stock valued at $1,098,000 after buying an additional 3,050 shares during the last quarter. Finally, Tidal Investments LLC boosted its position in Magic Software Enterprises by 48.6% in the second quarter. Tidal Investments LLC now owns 36,403 shares of the software maker’s stock valued at $696,000 after buying an additional 11,909 shares during the last quarter. Hedge funds and other institutional investors own 24.70% of the company’s stock.

Magic Software Enterprises Stock Performance

MGIC opened at $27.26 on Tuesday. The firm has a fifty day moving average price of $25.74 and a 200 day moving average price of $22.42. Magic Software Enterprises Ltd. has a 1 year low of $11.65 and a 1 year high of $28.00. The stock has a market cap of $1.32 billion, a P/E ratio of 33.65 and a beta of 0.72. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.48 and a quick ratio of 1.48.

Magic Software Enterprises (NASDAQ:MGIC) last released its quarterly earnings results on Tuesday, November 18th. The software maker reported $0.25 EPS for the quarter, missing the consensus estimate of $0.29 by ($0.04). The firm had revenue of $161.70 million for the quarter, compared to analyst estimates of $154.80 million. Magic Software Enterprises had a net margin of 6.61% and a return on equity of 16.28%. Equities research analysts anticipate that Magic Software Enterprises Ltd. will post 0.95 earnings per share for the current year.

Magic Software Enterprises Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 30th. Investors of record on Monday, December 15th were paid a $0.151 dividend. This represents a $0.60 annualized dividend and a dividend yield of 2.2%. The ex-dividend date was Monday, December 15th. Magic Software Enterprises’s payout ratio is currently 74.07%.

Analysts Set New Price Targets

A number of research firms have issued reports on MGIC. Wall Street Zen raised shares of Magic Software Enterprises from a “hold” rating to a “buy” rating in a research report on Saturday, December 20th. Zacks Research lowered shares of Magic Software Enterprises from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 13th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Magic Software Enterprises in a research report on Monday, December 29th. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $18.00.

About Magic Software Enterprises

Magic Software Enterprises Ltd. is a global provider of enterprise software solutions that enable organizations to develop, integrate and manage business applications across cloud and on-premises environments. Serving clients in industries such as financial services, healthcare, manufacturing and distribution, the company’s platforms are designed to accelerate digital transformation by streamlining the creation of web, desktop and mobile applications while ensuring seamless data flow between disparate systems.

The company’s flagship offering, the Magic xpa Application Platform, provides a low-code development environment that simplifies the design, deployment and maintenance of enterprise applications.