Goldman Sachs Group Inc. lessened its stake in shares of Magic Software Enterprises Ltd. (NASDAQ:MGIC) by 12.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 18,706 shares of the software maker’s stock after selling 2,743 shares during the quarter. Goldman Sachs Group Inc.’s holdings in Magic Software Enterprises were worth $149,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of MGIC. Clal Insurance Enterprises Holdings Ltd increased its stake in shares of Magic Software Enterprises by 1,421.9% during the second quarter. Clal Insurance Enterprises Holdings Ltd now owns 1,186,020 shares of the software maker’s stock valued at $9,429,000 after acquiring an additional 1,108,088 shares during the period. Bank of New York Mellon Corp acquired a new position in shares of Magic Software Enterprises during the second quarter valued at approximately $544,000. Edmond DE Rothschild Holding S.A. increased its stake in shares of Magic Software Enterprises by 39.1% during the second quarter. Edmond DE Rothschild Holding S.A. now owns 101,539 shares of the software maker’s stock valued at $807,000 after acquiring an additional 28,539 shares during the period. AXA acquired a new position in shares of Magic Software Enterprises during the second quarter valued at approximately $176,000. Finally, Eagle Global Advisors LLC increased its stake in shares of Magic Software Enterprises by 12.7% during the second quarter. Eagle Global Advisors LLC now owns 79,783 shares of the software maker’s stock valued at $634,000 after acquiring an additional 9,000 shares during the period. Institutional investors and hedge funds own 9.42% of the company’s stock.

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A number of research analysts recently commented on MGIC shares. HC Wainwright set a $10.00 price objective on shares of Magic Software Enterprises and gave the company a “buy” rating in a research note on Monday. Barclays PLC restated a “buy” rating and set a $10.50 target price on shares of Magic Software Enterprises in a report on Thursday, November 16th. Zacks Investment Research upgraded shares of Magic Software Enterprises from a “hold” rating to a “buy” rating and set a $9.00 target price for the company in a report on Saturday, August 12th. ValuEngine upgraded shares of Magic Software Enterprises from a “hold” rating to a “buy” rating in a report on Monday, September 11th. Finally, BidaskClub cut shares of Magic Software Enterprises from a “hold” rating to a “sell” rating in a report on Friday, July 28th. Two investment analysts have rated the stock with a sell rating and five have assigned a buy rating to the company. Magic Software Enterprises presently has an average rating of “Hold” and an average price target of $9.81.

Shares of Magic Software Enterprises Ltd. (NASDAQ MGIC) opened at $8.45 on Thursday. The firm has a market cap of $369.24, a P/E ratio of 17.29 and a beta of 0.70. Magic Software Enterprises Ltd. has a 1-year low of $6.65 and a 1-year high of $9.50. The company has a current ratio of 3.45, a quick ratio of 3.45 and a debt-to-equity ratio of 0.16.

Magic Software Enterprises (NASDAQ:MGIC) last issued its earnings results on Tuesday, November 14th. The software maker reported $0.12 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.15 by ($0.03). The business had revenue of $65.70 million for the quarter, compared to the consensus estimate of $62.65 million. Magic Software Enterprises had a return on equity of 10.37% and a net margin of 4.77%. The company’s quarterly revenue was up 20.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.12 earnings per share. equities research analysts predict that Magic Software Enterprises Ltd. will post 0.55 EPS for the current fiscal year.

Magic Software Enterprises Company Profile

Magic Software Enterprises Ltd. is a provider of application development, business process integration platforms, vertical software solutions and related professional services. The Company is a vendor of information technology (IT) outsourcing services. Its software technology is used by customers to develop, deploy and integrate on premise, mobile and cloud-based business.

Institutional Ownership by Quarter for Magic Software Enterprises (NASDAQ:MGIC)

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