ARK Investment Management LLC Lowers Holdings in Magic Software Enterprises Ltd. (NASDAQ:MGIC)

ARK Investment Management LLC reduced its stake in Magic Software Enterprises Ltd. (NASDAQ:MGIC) by 2.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 182,389 shares of the software maker’s stock after selling 4,585 shares during the period. ARK Investment Management LLC’s holdings in Magic Software Enterprises were worth $2,156,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of MGIC. Copeland Capital Management LLC bought a new stake in Magic Software Enterprises during the 3rd quarter valued at about $47,000. CANADA LIFE ASSURANCE Co raised its holdings in Magic Software Enterprises by 722.2% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 15,334 shares of the software maker’s stock worth $177,000 after acquiring an additional 13,469 shares during the last quarter. Quadrature Capital Ltd bought a new position in Magic Software Enterprises in the 1st quarter valued at approximately $593,000. Acadian Asset Management LLC boosted its stake in Magic Software Enterprises by 2,254.6% during the 2nd quarter. Acadian Asset Management LLC now owns 68,447 shares of the software maker’s stock valued at $653,000 after purchasing an additional 65,540 shares during the last quarter. Finally, Inspire Investing LLC bought a new stake in shares of Magic Software Enterprises in the 3rd quarter worth $880,000. Institutional investors own 24.70% of the company’s stock.

Analysts Set New Price Targets

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

Magic Software Enterprises Stock Performance

Shares of MGIC stock opened at $10.90 on Friday. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.13. The company has a 50 day moving average price of $11.21 and a 200-day moving average price of $11.00. Magic Software Enterprises Ltd. has a 52 week low of $8.18 and a 52 week high of $12.99. The firm has a market capitalization of $535.19 million, a PE ratio of 16.03 and a beta of 1.08.

Magic Software Enterprises (NASDAQ:MGIC) last announced its earnings results on Wednesday, August 14th. The software maker reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $0.02. The business had revenue of $136.25 million during the quarter, compared to analyst estimates of $132.10 million. Magic Software Enterprises had a net margin of 6.41% and a return on equity of 15.63%. During the same period in the previous year, the business earned $0.28 EPS. As a group, equities research analysts expect that Magic Software Enterprises Ltd. will post 0.95 earnings per share for the current 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. Its Software Services segment develops, markets, sells, and supports application platform, software applications, and business and process integration solutions and related services.