Harel Insurance Investments & Financial Services Ltd. Invests $35.91 Million 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 1st quarter, according to its most recent filing with the SEC. The institutional investor acquired 2,764,487 shares of the software maker's stock, valued at approximately $35,911,000. Harel Insurance Investments & Financial Services Ltd. owned about 5.63% of Magic Software Enterprises at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the company. IFP Advisors Inc grew its position in Magic Software Enterprises by 100.0% during the 4th quarter. IFP Advisors Inc now owns 4,000 shares of the software maker's stock worth $48,000 after acquiring an additional 2,000 shares during the last quarter. Altshuler Shaham Ltd bought a new position in Magic Software Enterprises during the 4th quarter worth approximately $138,000. Man Group plc bought a new position in Magic Software Enterprises during the 4th quarter worth approximately $145,000. Truist Financial Corp bought a new position in Magic Software Enterprises during the 4th quarter worth approximately $189,000. Finally, Heron Bay Capital Management bought a new position in Magic Software Enterprises during the 4th quarter worth approximately $183,000. 24.70% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

MGIC has been the topic of several recent research reports. Wall Street Zen lowered Magic Software Enterprises from a "strong-buy" rating to a "buy" rating in a research report on Saturday, May 24th. Barclays raised their price target on 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 lowered Magic Software Enterprises from an "outperform" rating to a "market perform" rating in a research report on Wednesday, March 12th.

Magic Software Enterprises Trading Up 1.4%

Shares of MGIC stock traded up $0.28 during trading hours on Monday, reaching $20.98. The company's stock had a trading volume of 149,528 shares, compared to its average volume of 58,716. The stock has a market capitalization of $1.03 billion, a P/E ratio of 27.61 and a beta of 1.04. Magic Software Enterprises Ltd. has a one year low of $9.64 and a one year high of $21.27. The firm's fifty day simple moving average is $16.29 and its 200 day simple moving average is $14.01. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 0.11.

Magic Software Enterprises (NASDAQ:MGIC - Get Free Report) last issued its quarterly earnings data on Wednesday, May 21st. The software maker reported $0.25 earnings per share for the quarter, hitting analysts' consensus estimates of $0.25. The firm had revenue of $147.34 million for the quarter, compared to analyst estimates of $143.80 million. Magic Software Enterprises had a return on equity of 15.62% and a net margin of 6.60%. Equities research analysts expect that Magic Software Enterprises Ltd. will post 0.95 EPS 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.