Legal & General Group Plc Buys Shares of 1,619,975 Magic Software Enterprises Ltd. $MGIC

Legal & General Group Plc bought a new position in Magic Software Enterprises Ltd. (NASDAQ:MGIC) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 1,619,975 shares of the software maker’s stock, valued at approximately $22,842,000. Legal & General Group Plc owned 3.30% of Magic Software Enterprises as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of MGIC. BlackRock Inc. purchased a new stake in Magic Software Enterprises in the 2nd quarter worth about $160,036,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Magic Software Enterprises in the second quarter worth approximately $11,912,000. Algert Global LLC lifted its position in shares of Magic Software Enterprises by 1,005.1% in the second quarter. Algert Global LLC now owns 387,014 shares of the software maker’s stock worth $5,457,000 after purchasing an additional 351,994 shares in the last quarter. Global Retirement Partners LLC purchased a new stake in Magic Software Enterprises in the 2nd quarter worth approximately $5,254,000. Finally, Dimensional Fund Advisors LP lifted its position in Magic Software Enterprises by 6.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 298,836 shares of the software maker’s stock worth $7,697,000 after buying an additional 16,878 shares in the last quarter. Hedge funds and other institutional investors own 24.70% of the company’s stock.

Magic Software Enterprises Stock Performance

Shares of NASDAQ:MGIC opened at $17.38 on Friday. The firm has a fifty day moving average of $17.38 and a two-hundred day moving average of $17.54. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.11. Magic Software Enterprises Ltd. has a 12-month low of $11.65 and a 12-month high of $28.00. The firm has a market capitalization of $853.36 million, a P/E ratio of 21.46 and a beta of 0.73.

About Magic Software Enterprises

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.