Altshuler Shaham Ltd Has $6.58 Million Holdings in Magic Software Enterprises Ltd. $MGIC

Altshuler Shaham Ltd raised its position in Magic Software Enterprises Ltd. (NASDAQ:MGIC) by 187,232.6% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 252,899 shares of the software maker’s stock after purchasing an additional 252,764 shares during the quarter. Altshuler Shaham Ltd’s holdings in Magic Software Enterprises were worth $6,580,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Raymond James Financial Inc. acquired a new position in shares of Magic Software Enterprises during the second quarter worth approximately $33,000. State of Tennessee Department of Treasury acquired a new position in shares of Magic Software Enterprises during the second quarter worth approximately $46,000. IFP Advisors Inc lifted its position in shares of Magic Software Enterprises by 38.8% during the third quarter. IFP Advisors Inc now owns 2,775 shares of the software maker’s stock worth $57,000 after purchasing an additional 775 shares in the last quarter. BNP Paribas Financial Markets acquired a new position in shares of Magic Software Enterprises during the third quarter worth approximately $62,000. Finally, Russell Investments Group Ltd. lifted its position in shares of Magic Software Enterprises by 2,112.4% during 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 in the last quarter. 24.70% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, Wall Street Zen lowered shares of Magic Software Enterprises from a “buy” rating to a “hold” rating in a research report on Saturday, February 28th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $18.00.

Magic Software Enterprises Price Performance

Shares of MGIC stock opened at $17.38 on Thursday. Magic Software Enterprises Ltd. has a 1 year low of $11.65 and a 1 year high of $28.00. The firm’s 50 day moving average is $17.38 and its 200-day moving average is $20.66. 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 company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.11.

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.