ARK Investment Management LLC Sells 9,467 Shares of Magic Software Enterprises Ltd. (NASDAQ:MGIC)

ARK Investment Management LLC reduced its stake in shares of Magic Software Enterprises Ltd. (NASDAQ:MGIC) by 4.8% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 186,974 shares of the software maker’s stock after selling 9,467 shares during the period. ARK Investment Management LLC owned 0.38% of Magic Software Enterprises worth $1,801,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Magic Software Enterprises by 61.5% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,942 shares of the software maker’s stock worth $58,000 after buying an additional 2,263 shares during the last quarter. CANADA LIFE ASSURANCE Co boosted its position in shares of Magic Software Enterprises by 722.2% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 15,334 shares of the software maker’s stock valued at $177,000 after acquiring an additional 13,469 shares during the last quarter. Quadrature Capital Ltd purchased a new position in Magic Software Enterprises in the 1st quarter worth approximately $593,000. Finally, Wellington Management Group LLP lifted its position in Magic Software Enterprises by 1.6% in the 4th quarter. Wellington Management Group LLP now owns 683,357 shares of the software maker’s stock worth $6,622,000 after buying an additional 11,010 shares during the last quarter. Institutional investors and hedge funds own 24.70% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, StockNews.com upgraded shares of Magic Software Enterprises from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, August 21st.

Magic Software Enterprises Stock Up 0.3 %

NASDAQ MGIC traded up $0.03 during mid-day trading on Tuesday, reaching $10.75. The stock had a trading volume of 77,096 shares, compared to its average volume of 55,411. The stock has a market cap of $527.81 million, a PE ratio of 14.68 and a beta of 1.06. Magic Software Enterprises Ltd. has a 1 year low of $8.15 and a 1 year high of $12.99. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.69 and a quick ratio of 1.69. The company has a fifty day moving average price of $10.55 and a 200 day moving average price of $11.07.

Magic Software Enterprises (NASDAQ:MGIC) last issued its earnings results on Wednesday, August 14th. The software maker reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.02. Magic Software Enterprises had a return on equity of 16.36% and a net margin of 6.83%. The business had revenue of $136.25 million during the quarter, compared to analyst estimates of $132.10 million. During the same quarter in the previous year, the firm earned $0.28 EPS. On average, research analysts expect 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. The company's Software Services segment develops, markets, sells, and supports application platform, software applications, and business and process integration solutions and related services.