Altshuler Shaham Ltd Purchases New Shares in Magic Software Enterprises Ltd. (NASDAQ:MGIC)

Altshuler Shaham Ltd purchased a new position in Magic Software Enterprises Ltd. (NASDAQ:MGIC) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 11,293 shares of the software maker’s stock, valued at approximately $138,000.

A number of other large investors also recently added to or reduced their stakes in MGIC. Public Employees Retirement System of Ohio purchased a new stake in shares of Magic Software Enterprises during the third quarter worth about $115,000. Barclays PLC boosted its holdings in Magic Software Enterprises by 4,274.4% in the 3rd quarter. Barclays PLC now owns 5,818 shares of the software maker’s stock worth $69,000 after buying an additional 5,685 shares during the last quarter. Tidal Investments LLC increased its stake in Magic Software Enterprises by 4.6% during the 3rd quarter. Tidal Investments LLC now owns 28,917 shares of the software maker’s stock worth $342,000 after buying an additional 1,278 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Magic Software Enterprises by 77.4% during the third quarter. JPMorgan Chase & Co. now owns 93,166 shares of the software maker’s stock valued at $1,101,000 after acquiring an additional 40,642 shares during the last quarter. Finally, Truist Financial Corp purchased a new position in shares of Magic Software Enterprises in the fourth quarter valued at approximately $189,000. 24.70% of the stock is currently owned by institutional investors and hedge funds.

Magic Software Enterprises Price Performance

MGIC stock opened at $13.24 on Thursday. Magic Software Enterprises Ltd. has a 52-week low of $9.51 and a 52-week high of $14.24. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 0.13. The stock has a market cap of $650.07 million, a price-to-earnings ratio of 18.91 and a beta of 1.01. The business has a fifty day moving average of $12.99 and a two-hundred day moving average of $12.23.

Magic Software Enterprises (NASDAQ:MGIC) last posted its earnings results on Tuesday, March 11th. The software maker reported $0.24 EPS for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.01). The company had revenue of $142.58 million during the quarter, compared to analyst estimates of $137.00 million. Magic Software Enterprises had a net margin of 6.49% and a return on equity of 15.42%. As a group, research analysts anticipate that Magic Software Enterprises Ltd. will post 0.95 earnings per share for the current year.

Magic Software Enterprises Increases Dividend

The company also recently disclosed a semi-annual dividend, which will be paid on Wednesday, May 7th. Stockholders of record on Tuesday, April 22nd will be paid a $0.327 dividend. The ex-dividend date is Tuesday, April 22nd. This is a boost from Magic Software Enterprises’s previous semi-annual dividend of $0.24. This represents a dividend yield of 4.6%. Magic Software Enterprises’s payout ratio is presently 86.67%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on MGIC. StockNews.com raised shares of Magic Software Enterprises from a “buy” rating to a “strong-buy” rating in a research note on Thursday, March 13th. Barclays raised their price objective on shares of Magic Software Enterprises from $15.00 to $16.00 and gave the stock an “overweight” rating in a research report on Thursday, March 13th. Finally, William Blair lowered shares of 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.