Naples Global Advisors LLC Cuts Stock Holdings in Magic Software Enterprises Ltd. (NASDAQ:MGIC)

Naples Global Advisors LLC lessened its holdings in Magic Software Enterprises Ltd. (NASDAQ:MGIC) by 13.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 143,330 shares of the software maker’s stock after selling 23,131 shares during the quarter. Naples Global Advisors LLC owned 0.29% of Magic Software Enterprises worth $1,757,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in MGIC. Copeland Capital Management LLC acquired a new position in shares of Magic Software Enterprises during the 3rd quarter worth $47,000. Barclays PLC grew its position 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 buying an additional 5,685 shares during the period. Public Employees Retirement System of Ohio acquired a new position in Magic Software Enterprises during the third quarter worth about $115,000. Tidal Investments LLC increased its holdings in Magic Software Enterprises by 4.6% in the third quarter. Tidal Investments LLC now owns 28,917 shares of the software maker’s stock valued at $342,000 after buying an additional 1,278 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its position in shares of Magic Software Enterprises by 77.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 93,166 shares of the software maker’s stock valued at $1,101,000 after acquiring an additional 40,642 shares during the period. Institutional investors and hedge funds own 24.70% of the company’s stock.

Magic Software Enterprises Stock Performance

Shares of MGIC opened at $12.81 on Friday. Magic Software Enterprises Ltd. has a 12-month low of $9.51 and a 12-month high of $13.46. The stock has a market cap of $628.96 million, a P/E ratio of 18.30 and a beta of 1.11. 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 company has a 50-day moving average of $12.37 and a two-hundred day moving average of $11.53.

Magic Software Enterprises Increases Dividend

The business also recently announced a semi-annual dividend, which was paid on Wednesday, January 8th. Investors of record on Monday, December 23rd were paid a $0.236 dividend. The ex-dividend date was Monday, December 23rd. This represents a yield of 3.7%. This is a positive change from Magic Software Enterprises’s previous semi-annual dividend of $0.20. Magic Software Enterprises’s dividend payout ratio is presently 67.14%.

Analysts Set New Price Targets

MGIC has been the topic of a number of research reports. StockNews.com upgraded Magic Software Enterprises from a “buy” rating to a “strong-buy” rating in a report on Sunday, December 22nd. Barclays upped their target price on Magic Software Enterprises from $14.00 to $15.00 and gave the company an “overweight” rating in a report on Tuesday, November 19th.

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.