Truffle Hound Capital LLC Takes $5.17 Million Position in Magic Software Enterprises Ltd. (NASDAQ:MGIC)

Truffle Hound Capital LLC acquired a new stake in Magic Software Enterprises Ltd. (NASDAQ:MGIC) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 430,000 shares of the software maker’s stock, valued at approximately $5,173,000. Magic Software Enterprises accounts for approximately 1.8% of Truffle Hound Capital LLC’s investment portfolio, making the stock its 13th largest position. Truffle Hound Capital LLC owned approximately 0.88% of Magic Software Enterprises at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of MGIC. IFP Advisors Inc increased its holdings in shares of Magic Software Enterprises by 100.0% in the fourth quarter. IFP Advisors Inc now owns 4,000 shares of the software maker’s stock valued at $48,000 after purchasing an additional 2,000 shares during the period. Barclays PLC increased its holdings in shares of Magic Software Enterprises by 4,274.4% in the third quarter. Barclays PLC now owns 5,818 shares of the software maker’s stock valued at $69,000 after purchasing an additional 5,685 shares during the period. Public Employees Retirement System of Ohio acquired a new stake in Magic Software Enterprises during the third quarter worth about $115,000. Truist Financial Corp acquired a new stake in Magic Software Enterprises during the fourth quarter worth about $189,000. Finally, Tidal Investments LLC grew its holdings 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 period. 24.70% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

MGIC has been the topic of several analyst reports. William Blair lowered Magic Software Enterprises from an “outperform” rating to a “market perform” rating in a report on Wednesday, March 12th. StockNews.com raised Magic Software Enterprises from a “buy” rating to a “strong-buy” rating in a report on Thursday, March 13th. Finally, Barclays raised their target price on Magic Software Enterprises from $15.00 to $16.00 and gave the stock an “overweight” rating in a report on Thursday, March 13th.

Magic Software Enterprises Stock Performance

NASDAQ MGIC opened at $13.49 on Friday. The company has a market cap of $662.35 million, a PE ratio of 19.27 and a beta of 1.11. The stock’s 50 day simple moving average is $12.85 and its 200-day simple moving average is $11.98. Magic Software Enterprises Ltd. has a 1-year low of $9.51 and a 1-year high of $14.24. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.76 and a quick ratio of 1.76.

Magic Software Enterprises (NASDAQ:MGIC) last released its earnings results on Tuesday, March 11th. The software maker reported $0.24 earnings per share for the quarter, missing the consensus estimate of $0.25 by ($0.01). The firm 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%. As a group, equities research analysts anticipate that Magic Software Enterprises Ltd. will post 0.95 EPS for the current fiscal year.

Magic Software Enterprises Increases Dividend

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

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.