Magic Software Enterprises Ltd. (NASDAQ:MGIC) Sees Large Increase in Short Interest

Magic Software Enterprises Ltd. (NASDAQ:MGIC) was the target of a large increase in short interest during the month of June. As of June 15th, there was short interest totalling 35,300 shares, an increase of 25.2% from the May 31st total of 28,200 shares. Currently, 0.1% of the shares of the stock are short sold. Based on an average trading volume of 56,000 shares, the days-to-cover ratio is presently 0.6 days.

Analyst Ratings Changes

MGIC has been the topic of a number of research reports. StockNews.com raised Magic Software Enterprises from a “buy” rating to a “strong-buy” rating in a research note on Monday, May 20th. Barclays lifted their price objective on Magic Software Enterprises from $13.00 to $14.00 and gave the stock an “overweight” rating in a research note on Thursday, March 14th.

Hedge Funds Weigh In On Magic Software Enterprises

Institutional investors and hedge funds have recently modified their holdings of the stock. Quadrature Capital Ltd purchased a new position in Magic Software Enterprises during the 1st quarter valued at $593,000. CANADA LIFE ASSURANCE Co boosted its holdings in Magic Software Enterprises by 722.2% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 15,334 shares of the software maker’s stock valued at $177,000 after acquiring an additional 13,469 shares during the period. Wellington Management Group LLP lifted its holdings in shares of Magic Software Enterprises by 1.6% in the 4th quarter. Wellington Management Group LLP now owns 683,357 shares of the software maker’s stock worth $6,622,000 after buying an additional 11,010 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Magic Software Enterprises by 61.5% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,942 shares of the software maker’s stock worth $58,000 after buying an additional 2,263 shares during the period. Finally, Colonial River Wealth Management LLC purchased a new stake in shares of Magic Software Enterprises in the 4th quarter worth $127,000. Hedge funds and other institutional investors own 24.70% of the company’s stock.

Magic Software Enterprises Trading Up 1.5 %

Shares of Magic Software Enterprises stock traded up $0.15 on Tuesday, reaching $10.14. The company had a trading volume of 24,431 shares, compared to its average volume of 57,910. The firm has a market cap of $497.87 million, a price-to-earnings ratio of 13.89 and a beta of 1.06. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.69 and a quick ratio of 1.69. The firm’s 50-day moving average price is $11.02 and its two-hundred day moving average price is $10.90. Magic Software Enterprises has a 1 year low of $8.15 and a 1 year high of $13.62.

Magic Software Enterprises (NASDAQ:MGIC) last announced its earnings results on Thursday, May 16th. The software maker reported $0.23 EPS for the quarter, topping analysts’ consensus estimates of $0.21 by $0.02. The firm had revenue of $130.72 million during the quarter, compared to analysts’ expectations of $126.80 million. Magic Software Enterprises had a return on equity of 16.36% and a net margin of 6.83%. As a group, research analysts predict that Magic Software Enterprises will post 0.95 earnings per share for the current fiscal year.

Magic Software Enterprises Cuts Dividend

The business also recently announced a Semi-Annual dividend, which will be paid on Thursday, July 11th. Stockholders of record on Thursday, June 27th will be issued a $0.204 dividend. This represents a dividend yield of 3.5%. The ex-dividend date is Thursday, June 27th. Magic Software Enterprises’s dividend payout ratio (DPR) is 56.16%.

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