430,000 Shares in Magic Software Enterprises Ltd. (NASDAQ:MGIC) Acquired by Truffle Hound Capital LLC

Truffle Hound Capital LLC acquired a new position in shares of Magic Software Enterprises Ltd. (NASDAQ:MGIC) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 430,000 shares of the software maker’s stock, valued at approximately $5,173,000. Magic Software Enterprises makes up 1.8% of Truffle Hound Capital LLC’s holdings, making the stock its 13th biggest holding.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. IFP Advisors Inc increased its stake in 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 acquiring an additional 2,000 shares during the last quarter. JPMorgan Chase & Co. increased its stake in Magic Software Enterprises by 77.4% during the third quarter. JPMorgan Chase & Co. now owns 93,166 shares of the software maker’s stock worth $1,101,000 after acquiring an additional 40,642 shares during the last quarter. Barclays PLC increased its stake in Magic Software Enterprises by 4,274.4% during the third quarter. Barclays PLC now owns 5,818 shares of the software maker’s stock worth $69,000 after acquiring an additional 5,685 shares during the last quarter. Truist Financial Corp acquired a new stake in Magic Software Enterprises during the fourth quarter worth $189,000. Finally, Tidal Investments LLC increased its stake in Magic Software Enterprises by 4.6% during the third quarter. Tidal Investments LLC now owns 28,917 shares of the software maker’s stock worth $342,000 after acquiring an additional 1,278 shares during the last quarter. Hedge funds and other institutional investors own 24.70% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on MGIC. Barclays raised their target price 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. William Blair cut Magic Software Enterprises from an “outperform” rating to a “market perform” rating in a research note on Wednesday, March 12th. Finally, StockNews.com raised Magic Software Enterprises from a “buy” rating to a “strong-buy” rating in a research note on Thursday, March 13th.

Magic Software Enterprises Trading Up 0.4 %

Shares of NASDAQ MGIC opened at $13.49 on Friday. Magic Software Enterprises Ltd. has a twelve month low of $9.51 and a twelve month high of $14.24. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 0.13. The stock has a fifty day simple moving average of $12.85 and a 200-day simple moving average of $11.98. The stock has a market capitalization of $662.35 million, a PE ratio of 19.27 and a beta of 1.11.

Magic Software Enterprises (NASDAQ:MGIC) last released its earnings results on Tuesday, March 11th. The software maker reported $0.24 earnings per share (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 analysts’ expectations of $137.00 million. Magic Software Enterprises had a net margin of 6.49% and a return on equity of 15.42%. On average, equities analysts forecast that Magic Software Enterprises Ltd. will post 0.95 earnings per share for the current year.

Magic Software Enterprises Increases Dividend

The business also recently announced a semi-annual dividend, which will be paid on Wednesday, May 7th. Investors of record on Tuesday, April 22nd will be issued a $0.327 dividend. The ex-dividend date of this dividend is Tuesday, April 22nd. This is a positive change from Magic Software Enterprises’s previous semi-annual dividend of $0.24. This represents a yield of 4.6%. Magic Software Enterprises’s dividend payout ratio (DPR) is 86.67%.

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.