ARK Investment Management LLC Has $1.99 Million Stock Position in Magic Software Enterprises Ltd. (NASDAQ:MGIC)

ARK Investment Management LLC reduced its holdings in Magic Software Enterprises Ltd. (NASDAQ:MGIC) by 9.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 165,154 shares of the software maker’s stock after selling 17,235 shares during the period. ARK Investment Management LLC’s holdings in Magic Software Enterprises were worth $1,987,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of MGIC. Assenagon Asset Management S.A. acquired a new position in shares of Magic Software Enterprises in the 3rd quarter valued at about $1,675,000. Bank of New York Mellon Corp purchased a new position in Magic Software Enterprises during the fourth quarter valued at approximately $1,392,000. JPMorgan Chase & Co. increased its stake in Magic Software Enterprises by 77.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 93,166 shares of the software maker’s stock valued at $1,101,000 after buying an additional 40,642 shares during the period. Tidal Investments LLC lifted its position in Magic Software Enterprises by 4.6% in the 3rd quarter. Tidal Investments LLC now owns 28,917 shares of the software maker’s stock worth $342,000 after buying an additional 1,278 shares in the last quarter. Finally, Truist Financial Corp purchased a new stake in Magic Software Enterprises in the 4th quarter worth approximately $189,000. 24.70% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

MGIC has been the topic of several research analyst reports. StockNews.com cut shares of Magic Software Enterprises from a “strong-buy” rating to a “buy” rating in a report on Wednesday. Barclays boosted their target price on Magic Software Enterprises from $14.00 to $15.00 and gave the company an “overweight” rating in a research note on Tuesday, November 19th.

Magic Software Enterprises Trading Down 0.2 %

NASDAQ:MGIC opened at $12.50 on Thursday. The company has a market capitalization of $613.74 million, a P/E ratio of 17.86 and a beta of 1.11. The stock’s 50 day moving average price is $12.45 and its 200 day moving average price is $11.69. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.76 and a current ratio of 1.76. Magic Software Enterprises Ltd. has a 52 week low of $9.51 and a 52 week high of $13.46.

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.