ARK Investment Management LLC Has $2.23 Million Stock Position in Magic Software Enterprises Ltd. (NASDAQ:MGIC)

ARK Investment Management LLC reduced its stake in shares of Magic Software Enterprises Ltd. (NASDAQ:MGICGet Rating) by 5.5% during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 131,121 shares of the software maker’s stock after selling 7,665 shares during the period. ARK Investment Management LLC owned approximately 0.27% of Magic Software Enterprises worth $2,234,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the stock. Natixis Advisors L.P. raised its holdings in Magic Software Enterprises by 5.8% during the 1st quarter. Natixis Advisors L.P. now owns 16,210 shares of the software maker’s stock worth $279,000 after buying an additional 887 shares during the period. Paradiem LLC grew its stake in shares of Magic Software Enterprises by 7.5% during the 1st quarter. Paradiem LLC now owns 26,447 shares of the software maker’s stock worth $464,000 after acquiring an additional 1,836 shares in the last quarter. Covestor Ltd bought a new position in shares of Magic Software Enterprises during the 4th quarter worth approximately $41,000. Royal Bank of Canada grew its stake in shares of Magic Software Enterprises by 666.7% during the 1st quarter. Royal Bank of Canada now owns 2,300 shares of the software maker’s stock worth $39,000 after acquiring an additional 2,000 shares in the last quarter. Finally, Acadian Asset Management LLC grew its stake in shares of Magic Software Enterprises by 5.8% during the 1st quarter. Acadian Asset Management LLC now owns 42,197 shares of the software maker’s stock worth $717,000 after acquiring an additional 2,313 shares in the last quarter. 29.56% of the stock is currently owned by institutional investors and hedge funds.

Magic Software Enterprises Price Performance

Shares of MGIC opened at $16.41 on Monday. The stock has a market capitalization of $805.29 million, a P/E ratio of 29.30 and a beta of 1.21. Magic Software Enterprises Ltd. has a twelve month low of $15.08 and a twelve month high of $25.49. The company has a 50 day moving average of $18.25 and a 200-day moving average of $17.69. The company has a quick ratio of 2.31, a current ratio of 2.31 and a debt-to-equity ratio of 0.14.

Magic Software Enterprises Increases Dividend

The company also recently announced a semi-annual dividend, which was paid on Tuesday, September 13th. Investors of record on Tuesday, August 30th were paid a $0.29 dividend. The ex-dividend date of this dividend was Monday, August 29th. This is a boost from Magic Software Enterprises’s previous semi-annual dividend of $0.22. This represents a dividend yield of 3.1%. Magic Software Enterprises’s dividend payout ratio (DPR) is currently 103.57%.

Wall Street Analysts Forecast Growth

Separately, StockNews.com cut shares of Magic Software Enterprises from a “strong-buy” rating to a “buy” rating in a research note on Friday, August 12th.

About Magic Software Enterprises

(Get Rating)

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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