Phoenix Financial Ltd. Cuts Stock Position in Magic Software Enterprises Ltd. $MGIC

Phoenix Financial Ltd. decreased its holdings in shares of Magic Software Enterprises Ltd. (NASDAQ:MGIC) by 28.0% during the third quarter, HoldingsChannel reports. The institutional investor owned 488,350 shares of the software maker’s stock after selling 190,000 shares during the period. Phoenix Financial Ltd.’s holdings in Magic Software Enterprises were worth $9,967,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in MGIC. Raymond James Financial Inc. purchased a new stake in Magic Software Enterprises in the 2nd quarter worth $33,000. Quent Capital LLC purchased a new position in Magic Software Enterprises during the third quarter valued at $41,000. State of Tennessee Department of Treasury acquired a new stake in shares of Magic Software Enterprises in the second quarter valued at about $46,000. CWM LLC increased its stake in shares of Magic Software Enterprises by 1,045.5% during the third quarter. CWM LLC now owns 2,291 shares of the software maker’s stock worth $47,000 after purchasing an additional 2,091 shares in the last quarter. Finally, Ameriprise Financial Inc. purchased a new stake in shares of Magic Software Enterprises during the second quarter worth about $260,000. Institutional investors and hedge funds own 24.70% of the company’s stock.

Magic Software Enterprises Stock Up 1.1%

Shares of NASDAQ MGIC opened at $27.26 on Tuesday. The stock has a market cap of $1.32 billion, a PE ratio of 33.65 and a beta of 0.72. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.11. Magic Software Enterprises Ltd. has a 12-month low of $11.65 and a 12-month high of $28.00. The company has a 50-day moving average of $25.74 and a 200 day moving average of $22.42.

Magic Software Enterprises (NASDAQ:MGIC) last released its earnings results on Tuesday, November 18th. The software maker reported $0.25 earnings per share for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.04). The business had revenue of $161.70 million during the quarter, compared to analysts’ expectations of $154.80 million. Magic Software Enterprises had a return on equity of 16.28% and a net margin of 6.61%. As a group, sell-side analysts predict that Magic Software Enterprises Ltd. will post 0.95 EPS for the current fiscal year.

Magic Software Enterprises Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 30th. Shareholders of record on Monday, December 15th were paid a dividend of $0.151 per share. The ex-dividend date of this dividend was Monday, December 15th. This represents a $0.60 dividend on an annualized basis and a yield of 2.2%. Magic Software Enterprises’s payout ratio is 74.07%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on MGIC shares. Wall Street Zen raised shares of Magic Software Enterprises from a “hold” rating to a “buy” rating in a research note on Saturday, December 20th. Zacks Research cut Magic Software Enterprises from a “strong-buy” rating to a “hold” rating in a report on Monday, October 13th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Magic Software Enterprises in a research note on Monday, December 29th. One research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $18.00.

Magic Software Enterprises Profile

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.