Naples Global Advisors LLC Takes Position in Magic Software Enterprises Ltd (MGIC)

Naples Global Advisors LLC bought a new position in Magic Software Enterprises Ltd (NASDAQ:MGIC) during the fourth quarter, Holdings Channel reports. The fund bought 66,832 shares of the software maker’s stock, valued at approximately $560,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in MGIC. Dimensional Fund Advisors LP raised its holdings in shares of Magic Software Enterprises by 11.2% during the second quarter. Dimensional Fund Advisors LP now owns 19,858 shares of the software maker’s stock valued at $158,000 after acquiring an additional 2,000 shares during the period. AXA acquired a new stake in shares of Magic Software Enterprises during the second quarter valued at approximately $176,000. Macquarie Group Ltd. acquired a new stake in shares of Magic Software Enterprises during the third quarter valued at approximately $518,000. Bank of New York Mellon Corp acquired a new stake in shares of Magic Software Enterprises during the second quarter valued at approximately $544,000. Finally, Clal Insurance Enterprises Holdings Ltd raised its holdings in shares of Magic Software Enterprises by 0.9% during the third quarter. Clal Insurance Enterprises Holdings Ltd now owns 1,196,982 shares of the software maker’s stock valued at $10,414,000 after acquiring an additional 10,962 shares during the period. Institutional investors and hedge funds own 9.32% of the company’s stock.

A number of research firms have recently issued reports on MGIC. Zacks Investment Research lowered shares of Magic Software Enterprises from a “hold” rating to a “sell” rating in a report on Friday, November 17th. Barclays restated a “buy” rating and set a $10.50 price target on shares of Magic Software Enterprises in a report on Thursday, November 16th. Finally, HC Wainwright set a $10.00 price target on shares of Magic Software Enterprises and gave the company a “buy” rating in a report on Monday, November 20th. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company. Magic Software Enterprises presently has a consensus rating of “Buy” and an average target price of $9.81.

Magic Software Enterprises Ltd (NASDAQ:MGIC) opened at $8.65 on Friday. The firm has a market cap of $387.03, a P/E ratio of 18.13 and a beta of 0.65. The company has a debt-to-equity ratio of 0.16, a current ratio of 3.45 and a quick ratio of 3.45. Magic Software Enterprises Ltd has a 12 month low of $6.75 and a 12 month high of $9.50.

Magic Software Enterprises (NASDAQ:MGIC) last released its quarterly earnings data on Tuesday, November 14th. The software maker reported $0.12 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.15 by ($0.03). The company had revenue of $65.70 million during the quarter, compared to analyst estimates of $62.65 million. Magic Software Enterprises had a net margin of 4.77% and a return on equity of 10.37%. The firm’s quarterly revenue was up 20.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.12 EPS. equities research analysts expect that Magic Software Enterprises Ltd will post 0.55 earnings per share for the current year.

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About Magic Software Enterprises

Magic Software Enterprises Ltd. is a provider of application development, business process integration platforms, vertical software solutions and related professional services. The Company is a vendor of information technology (IT) outsourcing services. Its software technology is used by customers to develop, deploy and integrate on premise, mobile and cloud-based business.

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Institutional Ownership by Quarter for Magic Software Enterprises (NASDAQ:MGIC)

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