Colonial River Wealth Management LLC Invests $127,000 in Magic Software Enterprises Ltd. (NASDAQ:MGIC)

Colonial River Wealth Management LLC purchased a new position in shares of Magic Software Enterprises Ltd. (NASDAQ:MGICFree Report) during the fourth quarter, HoldingsChannel.com reports. The institutional investor purchased 13,093 shares of the software maker’s stock, valued at approximately $127,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Yelin Lapidot Holdings Management Ltd. purchased a new stake in shares of Magic Software Enterprises in the 3rd quarter worth about $1,193,000. Barclays PLC purchased a new position in Magic Software Enterprises in the 2nd quarter valued at about $65,000. Wellington Management Group LLP lifted its holdings in Magic Software Enterprises by 12.7% in the 3rd quarter. Wellington Management Group LLP now owns 672,347 shares of the software maker’s stock valued at $7,591,000 after purchasing an additional 76,000 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. purchased a new position in Magic Software Enterprises in the 3rd quarter valued at about $29,543,000. Finally, Paradiem LLC lifted its holdings in Magic Software Enterprises by 36.3% in the 3rd quarter. Paradiem LLC now owns 74,544 shares of the software maker’s stock valued at $842,000 after purchasing an additional 19,861 shares in the last quarter. 24.70% of the stock is owned by institutional investors and hedge funds.

Magic Software Enterprises Trading Down 0.2 %

Shares of MGIC stock opened at $11.86 on Wednesday. The firm’s 50-day simple moving average is $11.05 and its 200-day simple moving average is $10.34. The firm has a market cap of $582.21 million, a P/E ratio of 15.81 and a beta of 1.17. Magic Software Enterprises Ltd. has a 1-year low of $8.15 and a 1-year high of $14.82. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.81 and a quick ratio of 1.76.

Wall Street Analyst Weigh In

A number of research firms have issued reports on MGIC. Barclays upped their target price on shares of Magic Software Enterprises from $13.00 to $14.00 and gave the company an “overweight” rating in a report on Thursday, March 14th. StockNews.com lowered shares of Magic Software Enterprises from a “strong-buy” rating to a “buy” rating in a report on Monday, March 18th.

Get Our Latest Analysis on MGIC

About Magic Software Enterprises

(Free Report)

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. The company's Software Services segment develops, markets, sells, and supports application platform, software applications, and business and process integration solutions and related services.

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Institutional Ownership by Quarter for Magic Software Enterprises (NASDAQ:MGIC)

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