140,591 Shares in Magic Software Enterprises Ltd. (NASDAQ:MGIC) Bought by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. purchased a new stake in Magic Software Enterprises Ltd. (NASDAQ:MGIC - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 140,591 shares of the software maker's stock, valued at approximately $1,675,000. Assenagon Asset Management S.A. owned approximately 0.29% of Magic Software Enterprises as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in MGIC. Inspire Investing LLC bought a new stake in Magic Software Enterprises in the third quarter worth approximately $880,000. Quadrature Capital Ltd acquired a new position in Magic Software Enterprises during the first quarter worth $593,000. Y.D. More Investments Ltd bought a new position in Magic Software Enterprises during the second quarter valued at about $1,451,000. Acadian Asset Management LLC lifted its position in shares of Magic Software Enterprises by 2,254.6% in the second quarter. Acadian Asset Management LLC now owns 68,447 shares of the software maker's stock worth $653,000 after buying an additional 65,540 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Magic Software Enterprises by 14.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 228,551 shares of the software maker's stock worth $2,201,000 after acquiring an additional 29,635 shares in the last quarter. Institutional investors and hedge funds own 24.70% of the company's stock.

Analyst Ratings Changes

Separately, StockNews.com upgraded Magic Software Enterprises from a "buy" rating to a "strong-buy" rating in a report on Wednesday, August 21st.

Magic Software Enterprises Stock Performance

NASDAQ:MGIC traded down $0.04 during midday trading on Friday, reaching $11.17. The stock had a trading volume of 23,392 shares, compared to its average volume of 23,877. The stock has a market capitalization of $548.45 million, a P/E ratio of 16.43 and a beta of 1.08. Magic Software Enterprises Ltd. has a 1-year low of $8.15 and a 1-year high of $12.99. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.66 and a quick ratio of 1.66. The firm's fifty day simple moving average is $11.20 and its 200-day simple moving average is $11.02.

Magic Software Enterprises (NASDAQ:MGIC - Get Free Report) last posted its quarterly earnings data on Wednesday, August 14th. The software maker reported $0.24 EPS for the quarter, topping analysts' consensus estimates of $0.22 by $0.02. Magic Software Enterprises had a return on equity of 15.63% and a net margin of 6.41%. The business had revenue of $136.25 million for the quarter, compared to analyst estimates of $132.10 million. During the same period in the previous year, the company posted $0.28 earnings per share. On average, equities research analysts forecast that Magic Software Enterprises Ltd. will post 0.95 EPS for the current fiscal year.

Magic Software Enterprises Company Profile

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.