ARK Investment Management LLC Sells 33,090 Shares of Magic Software Enterprises Ltd. $MGIC

ARK Investment Management LLC lowered its stake in shares of Magic Software Enterprises Ltd. (NASDAQ:MGIC) by 26.5% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 91,821 shares of the software maker’s stock after selling 33,090 shares during the period. ARK Investment Management LLC’s holdings in Magic Software Enterprises were worth $1,874,000 as of its most recent filing with the SEC.

Several other large investors also recently added to or reduced their stakes in MGIC. Dimensional Fund Advisors LP grew its position in shares of Magic Software Enterprises by 4.2% in the third quarter. Dimensional Fund Advisors LP now owns 281,958 shares of the software maker’s stock valued at $5,752,000 after purchasing an additional 11,250 shares in the last quarter. Y.D. More Investments Ltd increased its position in shares of Magic Software Enterprises by 22.4% in the third quarter. Y.D. More Investments Ltd now owns 231,768 shares of the software maker’s stock worth $4,719,000 after purchasing an additional 42,441 shares during the last quarter. Caprock Group LLC purchased a new stake in Magic Software Enterprises in the third quarter valued at approximately $306,000. Truist Financial Corp lifted its position in Magic Software Enterprises by 97.9% during the third quarter. Truist Financial Corp now owns 29,686 shares of the software maker’s stock valued at $606,000 after purchasing an additional 14,686 shares during the last quarter. Finally, Quent Capital LLC purchased a new position in Magic Software Enterprises in the 3rd quarter worth approximately $41,000. Hedge funds and other institutional investors own 24.70% of the company’s stock.

Magic Software Enterprises Stock Performance

MGIC opened at $17.38 on Friday. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.48 and a quick ratio of 1.48. Magic Software Enterprises Ltd. has a one year low of $11.65 and a one year high of $28.00. The firm has a market capitalization of $853.36 million, a price-to-earnings ratio of 21.46 and a beta of 0.73. The business has a 50 day simple moving average of $23.33 and a two-hundred day simple moving average of $22.38.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on MGIC. Wall Street Zen cut shares of Magic Software Enterprises from a “buy” rating to a “hold” rating in a research report on Saturday, February 28th. Weiss Ratings reiterated a “hold (c)” rating on shares of Magic Software Enterprises in a research report on Monday, December 29th. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $18.00.

Magic Software Enterprises Company 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.