Magic Software Enterprises Ltd. $MGIC Shares Sold by Truffle Hound Capital LLC

Truffle Hound Capital LLC decreased its position in shares of Magic Software Enterprises Ltd. (NASDAQ:MGIC) by 40.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 178,296 shares of the software maker’s stock after selling 121,704 shares during the quarter. Magic Software Enterprises makes up about 0.9% of Truffle Hound Capital LLC’s portfolio, making the stock its 20th biggest holding. Truffle Hound Capital LLC owned approximately 0.36% of Magic Software Enterprises worth $3,409,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Y.D. More Investments Ltd raised its stake in Magic Software Enterprises by 8.6% during the second quarter. Y.D. More Investments Ltd now owns 189,327 shares of the software maker’s stock worth $3,616,000 after purchasing an additional 14,961 shares during the period. Acadian Asset Management LLC increased its holdings in shares of Magic Software Enterprises by 17.3% during the 2nd quarter. Acadian Asset Management LLC now owns 184,925 shares of the software maker’s stock worth $3,525,000 after buying an additional 27,294 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Magic Software Enterprises during the 2nd quarter valued at approximately $377,000. Corton Capital Inc. acquired a new position in Magic Software Enterprises in the second quarter valued at approximately $286,000. Finally, Ashton Thomas Private Wealth LLC acquired a new position in Magic Software Enterprises in the second quarter valued at approximately $298,000. 24.70% of the stock is currently owned by institutional investors and hedge funds.

Magic Software Enterprises Stock Up 0.5%

Shares of MGIC opened at $24.12 on Tuesday. The company’s 50-day simple moving average is $20.77 and its 200-day simple moving average is $19.25. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.61 and a current ratio of 1.61. Magic Software Enterprises Ltd. has a 1 year low of $10.70 and a 1 year high of $24.94. The stock has a market capitalization of $1.18 billion, a PE ratio of 30.92 and a beta of 0.90.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on MGIC shares. Barclays raised their target price on Magic Software Enterprises from $16.00 to $18.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 13th. Wall Street Zen downgraded Magic Software Enterprises from a “buy” rating to a “hold” rating in a research report on Saturday, August 16th. Zacks Research cut shares of Magic Software Enterprises from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 13th. Finally, Weiss Ratings began coverage on shares of Magic Software Enterprises in a research report on Monday, November 10th. They set a “hold (c)” rating for the company. One equities research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Magic Software Enterprises has a consensus rating of “Hold” and a consensus target price of $18.00.

About Magic Software Enterprises

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.