GHP Investment Advisors Inc. Purchases 8,200 Shares of Magic Software Enterprises Ltd. (NASDAQ:MGIC)

GHP Investment Advisors Inc. boosted its position in Magic Software Enterprises Ltd. (NASDAQ:MGIC) by 16.9% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 56,751 shares of the software maker’s stock after acquiring an additional 8,200 shares during the period. GHP Investment Advisors Inc.’s holdings in Magic Software Enterprises were worth $737,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. IFP Advisors Inc raised its stake in Magic Software Enterprises by 100.0% in the 4th quarter. IFP Advisors Inc now owns 4,000 shares of the software maker’s stock valued at $48,000 after acquiring an additional 2,000 shares during the period. Altshuler Shaham Ltd bought a new stake in Magic Software Enterprises in the 4th quarter valued at about $138,000. Man Group plc purchased a new position in Magic Software Enterprises during the 4th quarter valued at about $145,000. Heron Bay Capital Management purchased a new position in Magic Software Enterprises during the 4th quarter valued at about $183,000. Finally, Truist Financial Corp purchased a new position in Magic Software Enterprises during the 4th quarter valued at about $189,000. 24.70% of the stock is currently owned by institutional investors.

Magic Software Enterprises Stock Up 0.9%

MGIC stock opened at $18.07 on Thursday. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 0.11. The firm has a market capitalization of $887.24 million, a PE ratio of 23.78 and a beta of 1.00. Magic Software Enterprises Ltd. has a twelve month low of $9.57 and a twelve month high of $18.26. The stock has a 50-day simple moving average of $15.28 and a two-hundred day simple moving average of $13.58.

Magic Software Enterprises (NASDAQ:MGIC) last issued its quarterly earnings data on Wednesday, May 21st. The software maker reported $0.25 EPS for the quarter, hitting the consensus estimate of $0.25. Magic Software Enterprises had a return on equity of 15.62% and a net margin of 6.60%. The company had revenue of $147.34 million during the quarter, compared to analyst estimates of $143.80 million. On average, equities analysts predict that Magic Software Enterprises Ltd. will post 0.95 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on MGIC. Wall Street Zen lowered Magic Software Enterprises from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 24th. Barclays lifted their target price on Magic Software Enterprises from $15.00 to $16.00 and gave the company an “overweight” rating in a report on Thursday, March 13th. Finally, William Blair lowered Magic Software Enterprises from an “outperform” rating to a “market perform” rating in a report on Wednesday, March 12th.

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.