Clal Insurance Enterprises Holdings Ltd increased its stake in Magic Software Enterprises Ltd. (NASDAQ:MGIC) by 1,421.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,186,020 shares of the software maker’s stock after buying an additional 1,108,088 shares during the period. Clal Insurance Enterprises Holdings Ltd owned approximately 2.69% of Magic Software Enterprises worth $9,429,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Edmond DE Rothschild Holding S.A. increased its position in shares of Magic Software Enterprises by 3.5% in the first quarter. Edmond DE Rothschild Holding S.A. now owns 73,000 shares of the software maker’s stock worth $569,000 after buying an additional 2,500 shares during the period. Harel Insurance Investments & Financial Services Ltd. increased its position in shares of Magic Software Enterprises by 0.5% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,067,991 shares of the software maker’s stock worth $8,491,000 after buying an additional 5,250 shares during the period. Eagle Global Advisors LLC increased its position in shares of Magic Software Enterprises by 11.0% in the first quarter. Eagle Global Advisors LLC now owns 70,783 shares of the software maker’s stock worth $552,000 after buying an additional 7,000 shares during the period. Brandes Investment Partners LP increased its position in shares of Magic Software Enterprises by 65.7% in the first quarter. Brandes Investment Partners LP now owns 18,210 shares of the software maker’s stock worth $142,000 after buying an additional 7,221 shares during the period. Finally, Denver Investment Advisors LLC increased its position in shares of Magic Software Enterprises by 0.6% in the first quarter. Denver Investment Advisors LLC now owns 1,394,025 shares of the software maker’s stock worth $10,873,000 after buying an additional 8,354 shares during the period. Institutional investors and hedge funds own 8.99% of the company’s stock.

Magic Software Enterprises Ltd. (MGIC) opened at 7.80 on Friday. Magic Software Enterprises Ltd. has a 12 month low of $6.51 and a 12 month high of $8.70. The firm has a market cap of $344.23 million, a P/E ratio of 28.89 and a beta of 0.64. The firm’s 50-day moving average price is $7.98 and its 200-day moving average price is $7.91.

Magic Software Enterprises (NASDAQ:MGIC) last posted its earnings results on Wednesday, August 9th. The software maker reported $0.13 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.12 by $0.01. Magic Software Enterprises had a net margin of 5.08% and a return on equity of 10.49%. The firm had revenue of $65.50 million for the quarter, compared to analysts’ expectations of $52.65 million. During the same quarter last year, the firm earned $0.12 EPS. The company’s quarterly revenue was up 38.2% compared to the same quarter last year. On average, equities research analysts expect that Magic Software Enterprises Ltd. will post $0.56 EPS for the current fiscal year.

The company also recently announced a semiannual dividend, which will be paid on Wednesday, September 13th. Shareholders of record on Tuesday, August 29th will be given a dividend of $0.13 per share. The ex-dividend date of this dividend is Tuesday, August 29th. This represents a dividend yield of 3.25%. This is a boost from Magic Software Enterprises’s previous semiannual dividend of $0.10. Magic Software Enterprises’s dividend payout ratio (DPR) is currently 96.30%.

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MGIC has been the topic of a number of recent analyst reports. Zacks Investment Research downgraded Magic Software Enterprises from a “buy” rating to a “hold” rating in a research report on Tuesday, May 9th. Rodman & Renshaw reissued a “buy” rating and set a $10.00 price target (up previously from $9.00) on shares of Magic Software Enterprises in a research report on Wednesday, May 17th. Barclays PLC reissued an “overweight” rating and set a $10.00 price target (up previously from $9.50) on shares of Magic Software Enterprises in a research report on Wednesday, May 17th. BidaskClub raised Magic Software Enterprises from a “sell” rating to a “hold” rating in a research report on Wednesday, July 12th. Finally, HC Wainwright set a $10.00 price target on Magic Software Enterprises and gave the stock a “buy” rating in a research report on Thursday, August 10th. One analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $9.75.

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.

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

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