Magic Software Enterprises Ltd. $MGIC Shares Purchased by Acadian Asset Management LLC

Acadian Asset Management LLC raised its holdings in Magic Software Enterprises Ltd. (NASDAQ:MGIC) by 17.3% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 184,925 shares of the software maker’s stock after buying an additional 27,294 shares during the quarter. Acadian Asset Management LLC owned approximately 0.38% of Magic Software Enterprises worth $3,525,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. Corton Capital Inc. purchased a new stake in Magic Software Enterprises in the second quarter valued at approximately $286,000. Menora Mivtachim Holdings LTD. acquired a new position in shares of Magic Software Enterprises in the 1st quarter valued at $273,000. Y.D. More Investments Ltd boosted its holdings in shares of Magic Software Enterprises by 22.1% in the 1st quarter. Y.D. More Investments Ltd now owns 174,366 shares of the software maker’s stock valued at $2,240,000 after purchasing an additional 31,527 shares during the last quarter. Nuveen LLC purchased a new stake in shares of Magic Software Enterprises during the 1st quarter valued at $311,000. Finally, Ashton Thomas Private Wealth LLC acquired a new stake in shares of Magic Software Enterprises during the 2nd quarter worth $298,000. 24.70% of the stock is currently owned by hedge funds and other institutional investors.

Magic Software Enterprises Stock Up 0.4%

Shares of NASDAQ:MGIC opened at $23.99 on Friday. The company has a market capitalization of $1.18 billion, a price-to-earnings ratio of 30.76 and a beta of 0.90. The company has a 50 day moving average of $20.69 and a two-hundred day moving average of $19.10. Magic Software Enterprises Ltd. has a 52-week low of $10.70 and a 52-week high of $24.94. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.14.

Magic Software Enterprises (NASDAQ:MGIC) last announced its earnings results on Wednesday, August 13th. The software maker reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.02. The business had revenue of $151.60 million during the quarter, compared to the consensus estimate of $143.06 million. Magic Software Enterprises had a net margin of 6.58% and a return on equity of 15.85%. As a group, analysts forecast that Magic Software Enterprises Ltd. will post 0.95 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on MGIC shares. Barclays lifted their target price on Magic Software Enterprises from $16.00 to $18.00 and gave the company an “overweight” rating in a report on Wednesday, August 13th. Wall Street Zen cut Magic Software Enterprises from a “buy” rating to a “hold” rating in a report on Saturday, August 16th. Zacks Research downgraded shares of Magic Software Enterprises from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 13th. Finally, Weiss Ratings assumed coverage on shares of Magic Software Enterprises in a report on Monday. They issued a “hold (c)” rating on the stock. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $18.00.

Magic Software Enterprises Company Profile

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.