Arrowstreet Capital Limited Partnership Has $1.92 Million Holdings in Magic Software Enterprises Ltd. (NASDAQ:MGIC)

Arrowstreet Capital Limited Partnership grew its stake in Magic Software Enterprises Ltd. (NASDAQ:MGIC) by 135.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 124,158 shares of the software maker’s stock after purchasing an additional 71,349 shares during the period. Arrowstreet Capital Limited Partnership owned about 0.25% of Magic Software Enterprises worth $1,915,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of MGIC. Lazard Asset Management LLC grew its position in Magic Software Enterprises by 88.8% in the 1st quarter. Lazard Asset Management LLC now owns 3,887 shares of the software maker’s stock worth $59,000 after purchasing an additional 1,828 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Magic Software Enterprises in the 1st quarter worth $90,000. Nkcfo LLC acquired a new stake in Magic Software Enterprises in the 1st quarter worth $137,000. Credit Suisse AG acquired a new stake in Magic Software Enterprises in the 4th quarter worth $267,000. Finally, Ritholtz Wealth Management grew its position in Magic Software Enterprises by 24.3% in the 1st quarter. Ritholtz Wealth Management now owns 18,417 shares of the software maker’s stock worth $280,000 after purchasing an additional 3,601 shares during the last quarter. Institutional investors own 18.16% of the company’s stock.

Separately, Zacks Investment Research downgraded shares of Magic Software Enterprises from a “buy” rating to a “hold” rating in a report on Friday, July 9th.

NASDAQ:MGIC opened at $17.33 on Thursday. The stock’s 50-day simple moving average is $16.24. The company has a market cap of $849.78 million, a P/E ratio of 33.33 and a beta of 1.38. Magic Software Enterprises Ltd. has a 52 week low of $11.13 and a 52 week high of $18.35. The company has a quick ratio of 2.17, a current ratio of 2.17 and a debt-to-equity ratio of 0.05.

Magic Software Enterprises (NASDAQ:MGIC) last released its quarterly earnings data on Monday, May 10th. The software maker reported $0.21 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.01. The company had revenue of $107.30 million during the quarter, compared to the consensus estimate of $102.20 million. Magic Software Enterprises had a net margin of 6.50% and a return on equity of 14.47%. As a group, equities research analysts predict that Magic Software Enterprises Ltd. will post 0.86 earnings per share for the current fiscal year.

Magic Software Enterprises Company Profile

Magic Software Enterprises Ltd. provides proprietary application development, business process integration, vertical software solutions, and information technologies (IT) outsourcing software 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.

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Institutional Ownership by Quarter for Magic Software Enterprises (NASDAQ:MGIC)

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