Magic Software Enterprises Ltd. (NASDAQ:MGIC) Shares Sold by ARK Investment Management LLC

ARK Investment Management LLC reduced its position in shares of Magic Software Enterprises Ltd. (NASDAQ:MGIC) by 9.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 165,154 shares of the software maker’s stock after selling 17,235 shares during the period. ARK Investment Management LLC owned approximately 0.34% of Magic Software Enterprises worth $1,987,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. IFP Advisors Inc boosted its position in shares of Magic Software Enterprises by 100.0% during the 4th quarter. IFP Advisors Inc now owns 4,000 shares of the software maker’s stock valued at $48,000 after purchasing an additional 2,000 shares in the last quarter. Barclays PLC lifted its stake in Magic Software Enterprises by 4,274.4% during the third quarter. Barclays PLC now owns 5,818 shares of the software maker’s stock valued at $69,000 after purchasing an additional 5,685 shares during the last quarter. Public Employees Retirement System of Ohio bought a new stake in Magic Software Enterprises during the third quarter worth approximately $115,000. Truist Financial Corp acquired a new position in Magic Software Enterprises in the fourth quarter worth approximately $189,000. Finally, Tidal Investments LLC increased its holdings in shares of Magic Software Enterprises by 4.6% in the third quarter. Tidal Investments LLC now owns 28,917 shares of the software maker’s stock valued at $342,000 after buying an additional 1,278 shares in the last quarter. 24.70% of the stock is currently owned by institutional investors.

Magic Software Enterprises Stock Performance

Magic Software Enterprises stock opened at $12.50 on Thursday. Magic Software Enterprises Ltd. has a fifty-two week low of $9.51 and a fifty-two week high of $13.46. The firm’s 50 day simple moving average is $12.45 and its 200-day simple moving average is $11.69. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.76 and a quick ratio of 1.76. The company has a market cap of $613.74 million, a P/E ratio of 17.86 and a beta of 1.11.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on MGIC shares. StockNews.com lowered Magic Software Enterprises from a “strong-buy” rating to a “buy” rating in a research note on Wednesday. Barclays upped their target price on Magic Software Enterprises from $14.00 to $15.00 and gave the company an “overweight” rating in a report on Tuesday, November 19th.

About Magic Software Enterprises

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.