Y.D. More Investments Ltd Buys 42,441 Shares of Magic Software Enterprises Ltd. $MGIC

Y.D. More Investments Ltd raised its position in shares of Magic Software Enterprises Ltd. (NASDAQ:MGIC) by 22.4% in the third quarter, HoldingsChannel reports. The fund owned 231,768 shares of the software maker’s stock after acquiring an additional 42,441 shares during the period. Y.D. More Investments Ltd’s holdings in Magic Software Enterprises were worth $4,719,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently made changes to their positions in MGIC. Acadian Asset Management LLC boosted its stake in Magic Software Enterprises by 17.3% in the 2nd quarter. Acadian Asset Management LLC now owns 184,925 shares of the software maker’s stock valued at $3,525,000 after purchasing an additional 27,294 shares during the period. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Magic Software Enterprises by 133.2% during the second quarter. Arrowstreet Capital Limited Partnership now owns 126,278 shares of the software maker’s stock worth $2,415,000 after buying an additional 72,117 shares in the last quarter. Inspire Investing LLC grew its stake in shares of Magic Software Enterprises by 6.0% in the third quarter. Inspire Investing LLC now owns 53,777 shares of the software maker’s stock valued at $1,098,000 after acquiring an additional 3,050 shares in the last quarter. Tidal Investments LLC increased its position in Magic Software Enterprises by 48.6% during the second quarter. Tidal Investments LLC now owns 36,403 shares of the software maker’s stock worth $696,000 after acquiring an additional 11,909 shares during the period. Finally, Legal & General Group Plc increased its position in Magic Software Enterprises by 34.6% during the second quarter. Legal & General Group Plc now owns 32,220 shares of the software maker’s stock worth $616,000 after acquiring an additional 8,289 shares during the period. Institutional investors own 24.70% of the company’s stock.

Magic Software Enterprises Price Performance

MGIC stock traded down $0.06 during mid-day trading on Friday, hitting $19.00. The stock had a trading volume of 16,560 shares, compared to its average volume of 31,334. The firm has a fifty day simple moving average of $25.12 and a 200 day simple moving average of $22.55. The firm has a market capitalization of $932.90 million, a P/E ratio of 23.46 and a beta of 0.73. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.11. Magic Software Enterprises Ltd. has a 52 week low of $11.65 and a 52 week high of $28.00.

Magic Software Enterprises (NASDAQ:MGIC) last posted its quarterly earnings results on Tuesday, November 18th. The software maker reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.29 by ($0.04). The firm had revenue of $161.70 million for the quarter, compared to analyst estimates of $154.80 million. Magic Software Enterprises had a return on equity of 16.28% and a net margin of 6.61%. As a group, research analysts forecast that Magic Software Enterprises Ltd. will post 0.95 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on MGIC. Weiss Ratings reissued a “hold (c)” rating on shares of Magic Software Enterprises in a report on Monday, December 29th. Wall Street Zen upgraded shares of Magic Software Enterprises from a “hold” rating to a “buy” rating in a research report on Saturday, December 20th. One analyst has rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $18.00.

Magic Software Enterprises Profile

Magic Software Enterprises Ltd. is a global provider of enterprise software solutions that enable organizations to develop, integrate and manage business applications across cloud and on-premises environments. Serving clients in industries such as financial services, healthcare, manufacturing and distribution, the company’s platforms are designed to accelerate digital transformation by streamlining the creation of web, desktop and mobile applications while ensuring seamless data flow between disparate systems.

The company’s flagship offering, the Magic xpa Application Platform, provides a low-code development environment that simplifies the design, deployment and maintenance of enterprise applications.