Pictet Asset Management SA Sells 6,263 Shares of Magic Software Enterprises Ltd. (NASDAQ:MGIC)

Pictet Asset Management SA lessened its stake in shares of Magic Software Enterprises Ltd. (NASDAQ:MGICGet Rating) by 34.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,661 shares of the software maker’s stock after selling 6,263 shares during the quarter. Pictet Asset Management SA’s holdings in Magic Software Enterprises were worth $207,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Royal Bank of Canada boosted its position in Magic Software Enterprises by 666.7% during the 1st quarter. Royal Bank of Canada now owns 2,300 shares of the software maker’s stock valued at $39,000 after acquiring an additional 2,000 shares in the last quarter. Lazard Asset Management LLC boosted its position in shares of Magic Software Enterprises by 25.2% in the 2nd quarter. Lazard Asset Management LLC now owns 6,176 shares of the software maker’s stock worth $109,000 after purchasing an additional 1,245 shares in the last quarter. Van ECK Associates Corp boosted its position in shares of Magic Software Enterprises by 9.9% in the 2nd quarter. Van ECK Associates Corp now owns 6,161 shares of the software maker’s stock worth $109,000 after purchasing an additional 555 shares in the last quarter. Bank of America Corp DE boosted its position in shares of Magic Software Enterprises by 114.3% in the 1st quarter. Bank of America Corp DE now owns 10,941 shares of the software maker’s stock worth $189,000 after purchasing an additional 5,836 shares in the last quarter. Finally, Sawtooth Solutions LLC acquired a new stake in shares of Magic Software Enterprises in the 1st quarter worth $260,000. Institutional investors own 29.56% of the company’s stock.

Analysts Set New Price Targets

Separately, StockNews.com raised Magic Software Enterprises from a “hold” rating to a “buy” rating in a research report on Tuesday.

Magic Software Enterprises Stock Down 1.1 %

Magic Software Enterprises stock opened at $16.70 on Thursday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.97 and a quick ratio of 1.97. The stock has a market capitalization of $819.52 million, a price-to-earnings ratio of 26.09 and a beta of 1.15. Magic Software Enterprises Ltd. has a 1-year low of $14.01 and a 1-year high of $22.89. The business has a fifty day moving average price of $15.67 and a 200-day moving average price of $17.06.

Magic Software Enterprises Company Profile

(Get Rating)

Magic Software Enterprises Ltd. provides proprietary application development, business process integration, vertical software solutions, and information technologies (IT) outsourcing software 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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