Magic Software Enterprises Ltd. (NASDAQ:MGIC) Shares Acquired by Wellington Management Group LLP

Wellington Management Group LLP increased its position in shares of Magic Software Enterprises Ltd. (NASDAQ:MGIC) by 1.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 683,357 shares of the software maker’s stock after acquiring an additional 11,010 shares during the quarter. Wellington Management Group LLP owned approximately 1.39% of Magic Software Enterprises worth $6,622,000 as of its most recent filing with the SEC.

Separately, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Magic Software Enterprises by 61.5% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,942 shares of the software maker’s stock worth $58,000 after purchasing an additional 2,263 shares during the last quarter. Institutional investors own 24.70% of the company’s stock.

Magic Software Enterprises Stock Performance

Shares of MGIC opened at $9.63 on Friday. The stock’s fifty day simple moving average is $11.08 and its 200 day simple moving average is $10.87. Magic Software Enterprises Ltd. has a twelve month low of $8.15 and a twelve month high of $13.62. The company has a current ratio of 1.69, a quick ratio of 1.69 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $472.83 million, a P/E ratio of 13.19 and a beta of 1.07.

Magic Software Enterprises (NASDAQ:MGIC) last released its quarterly earnings data on Thursday, May 16th. The software maker reported $0.23 earnings per share for the quarter, beating the consensus estimate of $0.21 by $0.02. Magic Software Enterprises had a return on equity of 16.36% and a net margin of 6.83%. The business had revenue of $130.72 million for the quarter, compared to analyst estimates of $126.80 million. On average, equities research analysts forecast that Magic Software Enterprises Ltd. will post 0.95 earnings per share for the current year.

Magic Software Enterprises Cuts Dividend

The firm also recently disclosed a Semi-Annual dividend, which will be paid on Thursday, July 11th. Stockholders of record on Thursday, June 27th will be given a $0.204 dividend. This represents a dividend yield of 3.5%. The ex-dividend date is Thursday, June 27th. Magic Software Enterprises’s payout ratio is currently 45.21%.

Analysts Set New Price Targets

Several research firms recently weighed in on MGIC. StockNews.com upgraded Magic Software Enterprises from a “buy” rating to a “strong-buy” rating in a research report on Monday, May 20th. Barclays raised their target price on shares of Magic Software Enterprises from $13.00 to $14.00 and gave the stock an “overweight” rating in a research report on Thursday, March 14th.

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. The company's Software Services segment develops, markets, sells, and supports application platform, software applications, and business and process integration solutions and related services.