Corton Capital Inc. Purchases Shares of 14,945 Magic Software Enterprises Ltd. $MGIC

Corton Capital Inc. purchased a new stake in Magic Software Enterprises Ltd. (NASDAQ:MGIC) during the 2nd quarter, Holdings Channel reports. The fund purchased 14,945 shares of the software maker’s stock, valued at approximately $286,000.

A number of other hedge funds have also recently bought and sold shares of the company. Phoenix Financial Ltd. boosted its position in Magic Software Enterprises by 1.3% during the first quarter. Phoenix Financial Ltd. now owns 689,236 shares of the software maker’s stock worth $8,953,000 after acquiring an additional 9,000 shares during the last quarter. Walleye Capital LLC purchased a new position in Magic Software Enterprises during the first quarter worth approximately $161,000. Ashton Thomas Private Wealth LLC purchased a new position in Magic Software Enterprises during the second quarter worth approximately $298,000. Jane Street Group LLC raised its stake in Magic Software Enterprises by 126.5% during the first quarter. Jane Street Group LLC now owns 32,028 shares of the software maker’s stock worth $416,000 after purchasing an additional 17,887 shares during the period. Finally, Menora Mivtachim Holdings LTD. purchased a new position in Magic Software Enterprises during the first quarter worth approximately $273,000. Institutional investors and hedge funds own 24.70% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Barclays increased their price target on shares of Magic Software Enterprises from $16.00 to $18.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 13th. Zacks Research downgraded shares of Magic Software Enterprises from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 13th. Finally, Wall Street Zen downgraded shares of Magic Software Enterprises from a “buy” rating to a “hold” rating in a research note on Saturday, August 16th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $18.00.

Magic Software Enterprises Price Performance

Shares of MGIC stock opened at $20.68 on Monday. The firm has a market cap of $1.02 billion, a P/E ratio of 26.51 and a beta of 0.91. 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 Ltd. has a 1-year low of $10.42 and a 1-year high of $22.00. The firm has a fifty day moving average of $20.20 and a two-hundred day moving average of $18.55.

Magic Software Enterprises (NASDAQ:MGIC) last announced its quarterly earnings data on Wednesday, August 13th. The software maker reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.02. The company had revenue of $151.60 million during the quarter, compared to analyst estimates of $143.06 million. Magic Software Enterprises had a net margin of 6.58% and a return on equity of 15.85%. Magic Software Enterprises has set its FY 2025 guidance at EPS. As a group, research analysts anticipate that Magic Software Enterprises Ltd. will post 0.95 earnings per share for the current fiscal year.

Magic Software Enterprises Cuts Dividend

The business also recently disclosed a semi-annual dividend, which was paid on Wednesday, October 22nd. Shareholders of record on Monday, October 6th were issued a dividend of $0.296 per share. This represents a yield of 288.0%. The ex-dividend date of this dividend was Monday, October 6th. Magic Software Enterprises’s dividend payout ratio (DPR) is currently 75.64%.

Magic Software Enterprises 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.