Menora Mivtachim Holdings LTD. Purchases New Position in Magic Software Enterprises Ltd (MGIC)

Menora Mivtachim Holdings LTD. purchased a new position in shares of Magic Software Enterprises Ltd (NASDAQ:MGIC) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 121,951 shares of the software maker’s stock, valued at approximately $1,037,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Acadian Asset Management LLC acquired a new stake in Magic Software Enterprises during the third quarter worth $136,000. Jane Street Group LLC bought a new position in shares of Magic Software Enterprises during the second quarter valued at $259,000. Ramsey Quantitative Systems lifted its holdings in shares of Magic Software Enterprises by 54.4% during the third quarter. Ramsey Quantitative Systems now owns 60,989 shares of the software maker’s stock valued at $518,000 after acquiring an additional 21,479 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Magic Software Enterprises by 47.3% during the third quarter. Bank of New York Mellon Corp now owns 88,192 shares of the software maker’s stock valued at $750,000 after acquiring an additional 28,323 shares during the period. Finally, Segall Bryant & Hamill LLC bought a new position in shares of Magic Software Enterprises during the second quarter valued at $2,288,000. Hedge funds and other institutional investors own 13.48% of the company’s stock.

Shares of NASDAQ MGIC opened at $8.13 on Friday. The firm has a market cap of $396.39 million, a price-to-earnings ratio of 17.67 and a beta of 0.82. Magic Software Enterprises Ltd has a 52-week low of $7.75 and a 52-week high of $9.25. The company has a debt-to-equity ratio of 0.10, a current ratio of 3.91 and a quick ratio of 3.91.

Magic Software Enterprises (NASDAQ:MGIC) last issued its quarterly earnings data on Tuesday, November 13th. The software maker reported $0.14 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.16 by ($0.02). The company had revenue of $72.14 million for the quarter, compared to the consensus estimate of $73.35 million. Magic Software Enterprises had a net margin of 6.88% and a return on equity of 11.02%. As a group, sell-side analysts predict that Magic Software Enterprises Ltd will post 0.57 earnings per share for the current year.

A number of brokerages have issued reports on MGIC. BidaskClub raised Magic Software Enterprises from a “sell” rating to a “hold” rating in a report on Saturday, November 3rd. HC Wainwright set a $10.00 price objective on Magic Software Enterprises and gave the company a “buy” rating in a report on Thursday, August 9th. Finally, Zacks Investment Research cut Magic Software Enterprises from a “hold” rating to a “sell” rating in a report on Thursday. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $9.75.

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About Magic Software Enterprises

Magic Software Enterprises Ltd. provides proprietary application development, business process integration, vertical software solutions, and IT outsourcing software services in Israel and internationally. The company's Software Services segment develops, markets, sells, and supports a proprietary and none proprietary 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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