Margit is the Hungarian form of Margaret — "pearl." Saint Margit of Hungary (1242-1270) was the Hungarian princess, daughter of King Béla IV — vowed to God in thanks for the kingdom's survival of the Mongol invasion. Margit Island (Margitsziget) in the Danube in Budapest is named for her.
Among the most popular Hungarian feminine names.
Margit does not currently appear in the US Social Security Administration's top 1,000 girls' names, so we don't publish a US rank or birth count for it. That says nothing about the name's standing elsewhere in the world — only that it sits outside the ranked US data we rely on.
In Pythagorean numerology the letters of Margit reduce to 5, The Seeker. This is a traditional interpretive system, not a factual claim about the name.