ARK Investment Management LLC Reduces Stock Position in Magic Software Enterprises Ltd. (NASDAQ:MGIC)

ARK Investment Management LLC decreased its position in Magic Software Enterprises Ltd. (NASDAQ:MGIC) by 2.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 182,389 shares of the software maker’s stock after selling 4,585 shares during the quarter. ARK Investment Management LLC owned approximately 0.37% of Magic Software Enterprises worth $2,156,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Assenagon Asset Management S.A. purchased a new position in shares of Magic Software Enterprises during the third quarter valued at approximately $1,675,000. Copeland Capital Management LLC bought a new stake in Magic Software Enterprises in the third quarter valued at $47,000. Inspire Investing LLC purchased a new position in Magic Software Enterprises during the 3rd quarter valued at $880,000. Dimensional Fund Advisors LP raised its holdings in Magic Software Enterprises by 14.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 228,551 shares of the software maker’s stock worth $2,201,000 after purchasing an additional 29,635 shares in the last quarter. Finally, Y.D. More Investments Ltd purchased a new stake in shares of Magic Software Enterprises in the 2nd quarter worth about $1,451,000. 24.70% of the stock is owned by institutional investors.

Analyst Ratings Changes

Separately, StockNews.com upgraded shares of Magic Software Enterprises from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, August 21st.

Magic Software Enterprises Stock Up 1.4 %

MGIC stock opened at $10.90 on Friday. The company has a market capitalization of $535.19 million, a price-to-earnings ratio of 16.03 and a beta of 1.08. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.66 and a current ratio of 1.66. The business’s 50 day moving average price is $11.21 and its two-hundred day moving average price is $11.00. Magic Software Enterprises Ltd. has a fifty-two week low of $8.18 and a fifty-two week high of $12.99.

Magic Software Enterprises (NASDAQ:MGIC) last posted its quarterly earnings data on Wednesday, August 14th. The software maker reported $0.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.22 by $0.02. Magic Software Enterprises had a return on equity of 15.63% and a net margin of 6.41%. The business had revenue of $136.25 million during the quarter, compared to the consensus estimate of $132.10 million. During the same quarter in the prior year, the company earned $0.28 earnings per share. As a group, analysts forecast that Magic Software Enterprises Ltd. will post 0.95 earnings per share for the current fiscal year.

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.