ETF Managers Group LLC lowered its holdings in Magic Software Enterprises Ltd (NASDAQ:MGIC) by 3.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 37,136 shares of the software maker’s stock after selling 1,197 shares during the quarter. ETF Managers Group LLC owned 0.08% of Magic Software Enterprises worth $316,000 as of its most recent SEC filing.
A number of other hedge funds have also recently added to or reduced their stakes in the stock. Van ECK Associates Corp grew its stake in Magic Software Enterprises by 20.2% in the 4th quarter. Van ECK Associates Corp now owns 9,359 shares of the software maker’s stock valued at $71,000 after acquiring an additional 1,571 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Magic Software Enterprises by 8.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 36,557 shares of the software maker’s stock valued at $279,000 after acquiring an additional 2,700 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its stake in Magic Software Enterprises by 22.8% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 20,024 shares of the software maker’s stock valued at $153,000 after acquiring an additional 3,715 shares during the last quarter. Naples Global Advisors LLC increased its stake in Magic Software Enterprises by 6.0% in the first quarter. Naples Global Advisors LLC now owns 134,649 shares of the software maker’s stock valued at $1,126,000 after acquiring an additional 7,600 shares during the last quarter. Finally, Advisors Asset Management Inc. bought a new position in Magic Software Enterprises in the fourth quarter valued at $124,000. Institutional investors own 15.47% of the company’s stock.
Several equities analysts have recently issued reports on MGIC shares. Zacks Investment Research upgraded shares of Magic Software Enterprises from a “sell” rating to a “hold” rating in a report on Tuesday, April 30th. BidaskClub downgraded shares of Magic Software Enterprises from a “hold” rating to a “sell” rating in a research report on Tuesday.
Shares of MGIC traded up $0.08 during mid-day trading on Friday, hitting $8.40. The company’s stock had a trading volume of 6,000 shares, compared to its average volume of 25,547. Magic Software Enterprises Ltd has a 52-week low of $7.29 and a 52-week high of $10.20. The stock has a market capitalization of $407.25 million, a PE ratio of 15.27 and a beta of 0.98. The company has a debt-to-equity ratio of 0.08, a quick ratio of 3.50 and a current ratio of 3.50.
Magic Software Enterprises (NASDAQ:MGIC) last posted its earnings results on Thursday, May 16th. The software maker reported $0.14 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.14. The company had revenue of $71.80 million during the quarter, compared to analysts’ expectations of $75.30 million. Magic Software Enterprises had a net margin of 7.21% and a return on equity of 10.83%. Equities research analysts forecast that Magic Software Enterprises Ltd will post 0.59 EPS for the current year.
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Magic Software Enterprises Company Profile
Magic Software Enterprises Ltd. provides proprietary application development, business process integration, vertical software solutions, and IT outsourcing software services in Israel and internationally. The company's Software Services segment develops, markets, sells, and supports a proprietary and none proprietary application platform, software applications, and business and process integration solutions and related services.
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