Y.D. More Investments Ltd grew its stake in Magic Software Enterprises Ltd. (NASDAQ:MGIC - Free Report) by 22.1% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 174,366 shares of the software maker's stock after buying an additional 31,527 shares during the quarter. Y.D. More Investments Ltd owned 0.36% of Magic Software Enterprises worth $2,240,000 as of its most recent SEC filing.
A number of other hedge funds have also recently modified their holdings of MGIC. Altshuler Shaham Ltd purchased a new position in Magic Software Enterprises during the fourth quarter valued at approximately $138,000. Man Group plc acquired a new stake in shares of Magic Software Enterprises during the 4th quarter worth approximately $145,000. Lazard Asset Management LLC increased its holdings in shares of Magic Software Enterprises by 45.5% during the 4th quarter. Lazard Asset Management LLC now owns 18,795 shares of the software maker's stock valued at $226,000 after purchasing an additional 5,878 shares in the last quarter. Millennium Management LLC lifted its stake in shares of Magic Software Enterprises by 66.7% in the 4th quarter. Millennium Management LLC now owns 28,599 shares of the software maker's stock valued at $344,000 after purchasing an additional 11,442 shares during the period. Finally, GHP Investment Advisors Inc. boosted its holdings in Magic Software Enterprises by 16.9% during the first quarter. GHP Investment Advisors Inc. now owns 56,751 shares of the software maker's stock worth $737,000 after buying an additional 8,200 shares in the last quarter. Hedge funds and other institutional investors own 24.70% of the company's stock.
Magic Software Enterprises Stock Performance
NASDAQ MGIC opened at $20.20 on Thursday. The stock has a market capitalization of $991.82 million, a price-to-earnings ratio of 26.58 and a beta of 1.04. The stock has a 50-day moving average of $18.98 and a 200 day moving average of $15.36. 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 Ltd. has a twelve month low of $9.90 and a twelve month high of $22.00.
Magic Software Enterprises (NASDAQ:MGIC - Get Free Report) last posted its quarterly earnings data on Wednesday, May 21st. The software maker reported $0.25 EPS for the quarter, meeting analysts' consensus estimates of $0.25. The business had revenue of $147.34 million during the quarter, compared to analysts' expectations of $143.80 million. Magic Software Enterprises had a return on equity of 15.62% and a net margin of 6.60%. Sell-side analysts anticipate that Magic Software Enterprises Ltd. will post 0.95 EPS for the current fiscal year.
Analysts Set New Price Targets
Separately, Wall Street Zen cut shares of Magic Software Enterprises from a "strong-buy" rating to a "buy" rating in a report on Saturday, May 24th.
Check Out Our Latest Analysis on Magic Software Enterprises
About Magic Software Enterprises
(
Free Report)
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.
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