Acadian Asset Management LLC Sells 31,473 Shares of Magic Software Enterprises Ltd. $MGIC

Acadian Asset Management LLC reduced its position in Magic Software Enterprises Ltd. (NASDAQ:MGIC) by 16.6% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 157,631 shares of the software maker’s stock after selling 31,473 shares during the period. Acadian Asset Management LLC owned 0.32% of Magic Software Enterprises worth $2,042,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of MGIC. Man Group plc bought a new stake in shares of Magic Software Enterprises in the 4th quarter valued at about $145,000. Walleye Capital LLC bought a new stake in shares of Magic Software Enterprises in the 1st quarter valued at about $161,000. Lazard Asset Management LLC boosted its holdings in shares of Magic Software Enterprises by 45.5% in the 4th quarter. Lazard Asset Management LLC now owns 18,795 shares of the software maker’s stock valued at $226,000 after buying an additional 5,878 shares in the last quarter. Menora Mivtachim Holdings LTD. bought a new stake in shares of Magic Software Enterprises in the 1st quarter valued at about $273,000. Finally, Nuveen LLC bought a new stake in shares of Magic Software Enterprises in the 1st quarter valued at about $311,000. 24.70% of the stock is currently owned by institutional investors.

Magic Software Enterprises Price Performance

NASDAQ:MGIC opened at $20.17 on Wednesday. The company has a 50 day moving average price of $20.46 and a 200-day moving average price of $16.84. Magic Software Enterprises Ltd. has a 1-year low of $10.42 and a 1-year high of $22.00. The firm has a market cap of $990.35 million, a price-to-earnings ratio of 25.86 and a beta of 0.95. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.61 and a quick ratio of 1.61.

Magic Software Enterprises (NASDAQ:MGIC) last released its quarterly earnings results on Wednesday, August 13th. The software maker reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.02. Magic Software Enterprises had a net margin of 6.58% and a return on equity of 15.85%. The firm had revenue of $151.60 million for the quarter, compared to analysts’ expectations of $143.06 million. Magic Software Enterprises has set its FY 2025 guidance at EPS. Equities research analysts forecast that Magic Software Enterprises Ltd. will post 0.95 EPS for the current year.

Magic Software Enterprises Cuts Dividend

The firm also recently announced a semi-annual dividend, which will be paid on Wednesday, October 22nd. Shareholders of record on Monday, October 6th will be paid a dividend of $0.296 per share. This represents a yield of 290.0%. The ex-dividend date of this dividend is Monday, October 6th. Magic Software Enterprises’s payout ratio is 83.33%.

Analyst Ratings Changes

A number of analysts have recently weighed in on MGIC shares. Zacks Research upgraded shares of Magic Software Enterprises from a “hold” rating to a “strong-buy” rating in a report on Friday, August 15th. Barclays increased their price objective on shares of Magic Software Enterprises from $16.00 to $18.00 and gave the company an “overweight” rating in a research report on Wednesday, August 13th. Finally, Wall Street Zen lowered shares of Magic Software Enterprises from a “buy” rating to a “hold” rating in a research report on Saturday, August 16th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, Magic Software Enterprises currently has an average rating of “Buy” and an average target price of $18.00.

About Magic Software Enterprises

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.