Inspire Investing LLC Invests $880,000 in Magic Software Enterprises Ltd. (NASDAQ:MGIC)

Inspire Investing LLC acquired a new stake in shares of Magic Software Enterprises Ltd. (NASDAQ:MGIC) in the third quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 74,435 shares of the software maker’s stock, valued at approximately $880,000.

A number of other large investors have also added to or reduced their stakes in MGIC. CANADA LIFE ASSURANCE Co boosted its stake in Magic Software Enterprises by 722.2% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 15,334 shares of the software maker’s stock worth $177,000 after purchasing an additional 13,469 shares in the last quarter. Quadrature Capital Ltd purchased a new position in Magic Software Enterprises in the first quarter worth about $593,000. Acadian Asset Management LLC lifted its stake 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 in the last quarter. Y.D. More Investments Ltd purchased a new stake in shares of Magic Software Enterprises during the second quarter valued at approximately $1,451,000. Finally, Dimensional Fund Advisors LP increased its position in shares of Magic Software Enterprises by 14.9% during the second quarter. Dimensional Fund Advisors LP now owns 228,551 shares of the software maker’s stock valued at $2,201,000 after acquiring an additional 29,635 shares in the last quarter. Hedge funds and other institutional investors own 24.70% of the company’s stock.

Magic Software Enterprises Trading Down 0.8 %

Shares of NASDAQ:MGIC opened at $11.12 on Tuesday. The stock’s 50-day simple moving average is $10.93 and its two-hundred day simple moving average is $11.06. The stock has a market capitalization of $545.98 million, a price-to-earnings ratio of 15.22 and a beta of 1.08. Magic Software Enterprises Ltd. has a 52-week low of $8.15 and a 52-week high of $12.99. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.66 and a current ratio of 1.66.

Magic Software Enterprises (NASDAQ:MGIC) last posted its quarterly earnings data on Wednesday, August 14th. The software maker reported $0.24 EPS for the quarter, topping the consensus estimate 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 firm had revenue of $136.25 million during the quarter, compared to analyst estimates of $132.10 million. During the same period in the prior year, the business posted $0.28 EPS. Analysts expect that Magic Software Enterprises Ltd. will post 0.95 EPS for the current year.

Wall Street Analysts Forecast Growth

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

Magic Software Enterprises 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.