Magic Software Enterprises Ltd. (NASDAQ:MGIC) Shares Sold by Altshuler Shaham Ltd

Altshuler Shaham Ltd cut its holdings in Magic Software Enterprises Ltd. (NASDAQ:MGIC) by 49.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,323 shares of the software maker’s stock after selling 5,117 shares during the quarter. Altshuler Shaham Ltd’s holdings in Magic Software Enterprises were worth $52,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Magic Software Enterprises by 61.5% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,942 shares of the software maker’s stock valued at $58,000 after acquiring an additional 2,263 shares in the last quarter. Colonial River Wealth Management LLC bought a new stake in shares of Magic Software Enterprises in the 4th quarter valued at approximately $127,000. Paradiem LLC grew its stake in shares of Magic Software Enterprises by 36.3% in the 3rd quarter. Paradiem LLC now owns 74,544 shares of the software maker’s stock valued at $842,000 after buying an additional 19,861 shares in the last quarter. Yelin Lapidot Holdings Management Ltd. acquired a new position in Magic Software Enterprises during the third quarter worth $1,193,000. Finally, Wellington Management Group LLP raised its stake in Magic Software Enterprises by 12.7% during the third quarter. Wellington Management Group LLP now owns 672,347 shares of the software maker’s stock worth $7,591,000 after acquiring an additional 76,000 shares in the last quarter. 24.70% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on MGIC. StockNews.com cut Magic Software Enterprises from a “strong-buy” rating to a “buy” rating in a report on Monday, March 18th. Barclays raised their price target on Magic Software Enterprises from $13.00 to $14.00 and gave the stock an “overweight” rating in a research report on Thursday, March 14th.

Magic Software Enterprises Stock Performance

Shares of NASDAQ MGIC traded down $0.01 during midday trading on Thursday, hitting $12.43. 25,842 shares of the company’s stock were exchanged, compared to its average volume of 60,491. The company has a quick ratio of 1.76, a current ratio of 1.81 and a debt-to-equity ratio of 0.18. Magic Software Enterprises Ltd. has a 12 month low of $8.15 and a 12 month high of $14.82. The company’s 50 day moving average price is $11.63 and its 200 day moving average price is $10.49. The firm has a market capitalization of $610.23 million, a PE ratio of 16.57 and a beta of 1.12.

Magic Software Enterprises (NASDAQ:MGIC) last posted its earnings results on Wednesday, March 13th. The software maker reported $0.24 EPS for the quarter, beating the consensus estimate of $0.20 by $0.04. The company had revenue of $125.55 million for the quarter, compared to the consensus estimate of $115.00 million. Magic Software Enterprises had a return on equity of 17.33% and a net margin of 6.92%. As a group, analysts predict that Magic Software Enterprises Ltd. will post 0.93 earnings per share for the current fiscal year.

About Magic Software Enterprises

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. The company's Software Services segment develops, markets, sells, and supports application platform, software applications, and business and process integration solutions and related services.