Connor Clark & Lunn Investment Management Ltd. Makes New $11.91 Million Investment in Magic Software Enterprises Ltd. $MGIC

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Magic Software Enterprises Ltd. (NASDAQ:MGIC) during the 2nd quarter, Holdings Channel.com reports. The fund purchased 844,854 shares of the software maker’s stock, valued at approximately $11,912,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Raymond James Financial Inc. bought a new position in shares of Magic Software Enterprises during the second quarter valued at approximately $33,000. State of Tennessee Department of Treasury purchased a new position in Magic Software Enterprises during the 2nd quarter valued at $46,000. BNP Paribas Financial Markets bought a new position in shares of Magic Software Enterprises in the third quarter worth about $62,000. Russell Investments Group Ltd. grew its holdings in shares of Magic Software Enterprises by 2,112.4% in the third quarter. Russell Investments Group Ltd. now owns 5,177 shares of the software maker’s stock worth $106,000 after purchasing an additional 4,943 shares during the last quarter. Finally, State of Wyoming purchased a new position in Magic Software Enterprises in the 2nd quarter worth about $179,000. 24.70% of the stock is owned by hedge funds and other institutional investors.

Magic Software Enterprises Price Performance

Shares of NASDAQ MGIC opened at $17.38 on Wednesday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.48 and a current ratio of 1.48. The firm has a market capitalization of $853.36 million, a price-to-earnings ratio of 21.46 and a beta of 0.73. The stock has a 50 day moving average price of $17.38 and a 200 day moving average price of $17.60. Magic Software Enterprises Ltd. has a 52-week low of $11.65 and a 52-week high of $28.00.

Magic Software Enterprises Company Profile

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.