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

ARK Investment Management LLC trimmed its holdings in Magic Software Enterprises Ltd. (NASDAQ:MGIC) by 26.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. 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 owned 0.19% of Magic Software Enterprises worth $1,874,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in MGIC. Raymond James Financial Inc. acquired a new stake in shares of Magic Software Enterprises during the 2nd quarter worth approximately $33,000. Quent Capital LLC acquired a new stake in Magic Software Enterprises in the third quarter valued at about $41,000. State of Tennessee Department of Treasury acquired a new position in Magic Software Enterprises during the 2nd quarter worth approximately $46,000. CWM LLC boosted its holdings in shares of Magic Software Enterprises by 1,045.5% during the 3rd quarter. CWM LLC now owns 2,291 shares of the software maker’s stock valued at $47,000 after acquiring an additional 2,091 shares in the last quarter. Finally, Ameriprise Financial Inc. bought a new stake in Magic Software Enterprises during the 2nd quarter worth $260,000. 24.70% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on MGIC shares. Wall Street Zen lowered shares of Magic Software Enterprises from a “buy” rating to a “hold” rating in a report on Saturday, February 28th. Weiss Ratings reissued 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 issued a Hold rating to the stock. According to MarketBeat.com, Magic Software Enterprises currently has a consensus rating of “Hold” and an average target price of $18.00.

Magic Software Enterprises Price Performance

Shares of NASDAQ MGIC opened at $17.38 on Friday. The stock has a market cap of $853.36 million, a price-to-earnings ratio of 21.46 and a beta of 0.73. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.48 and a current ratio of 1.48. Magic Software Enterprises Ltd. has a fifty-two week low of $11.65 and a fifty-two week high of $28.00. The firm’s 50-day simple moving average is $23.33 and its 200 day simple moving average is $22.38.

About Magic Software Enterprises

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.