Harel Insurance Investments & Financial Services Ltd. Makes New $35.91 Million Investment in Magic Software Enterprises Ltd. (NASDAQ:MGIC)

Harel Insurance Investments & Financial Services Ltd. acquired a new stake in shares of Magic Software Enterprises Ltd. (NASDAQ:MGIC - Free Report) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 2,764,487 shares of the software maker's stock, valued at approximately $35,911,000. Harel Insurance Investments & Financial Services Ltd. owned approximately 5.63% of Magic Software Enterprises as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the business. Truffle Hound Capital LLC purchased a new stake in Magic Software Enterprises during the fourth quarter worth $5,173,000. Bank of New York Mellon Corp bought a new position in shares of Magic Software Enterprises in the 4th quarter worth $1,392,000. JPMorgan Chase & Co. lifted its stake in shares of Magic Software Enterprises by 21.1% during the 4th quarter. JPMorgan Chase & Co. now owns 112,782 shares of the software maker's stock worth $1,357,000 after purchasing an additional 19,616 shares during the last quarter. Heron Bay Capital Management bought a new stake in Magic Software Enterprises during the fourth quarter valued at about $183,000. Finally, Truist Financial Corp bought a new stake in Magic Software Enterprises during the fourth quarter valued at about $189,000. 24.70% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Wall Street Zen downgraded shares of Magic Software Enterprises from a "strong-buy" rating to a "buy" rating in a report on Saturday, May 24th. Barclays lifted their price objective on shares of Magic Software Enterprises from $15.00 to $16.00 and gave the stock an "overweight" rating in a research report on Thursday, March 13th. Finally, William Blair cut shares of Magic Software Enterprises from an "outperform" rating to a "market perform" rating in a research report on Wednesday, March 12th.

Magic Software Enterprises Stock Up 3.3%

Shares of Magic Software Enterprises stock traded up $0.67 during trading on Friday, reaching $21.00. The company's stock had a trading volume of 52,742 shares, compared to its average volume of 58,330. Magic Software Enterprises Ltd. has a 1-year low of $9.64 and a 1-year high of $20.83. The company has a 50-day simple moving average of $16.15 and a two-hundred day simple moving average of $13.93. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 0.11. The company has a market cap of $1.03 billion, a price-to-earnings ratio of 27.63 and a beta of 1.04.

Magic Software Enterprises (NASDAQ:MGIC - Get Free Report) last released its quarterly earnings results on Wednesday, May 21st. The software maker reported $0.25 EPS for the quarter, meeting analysts' consensus estimates of $0.25. Magic Software Enterprises had a return on equity of 15.62% and a net margin of 6.60%. The company had revenue of $147.34 million during the quarter, compared to analysts' expectations of $143.80 million. As a group, equities analysts forecast that Magic Software Enterprises Ltd. will post 0.95 earnings per share for the current 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.