Magic Software Enterprises Ltd. (NASDAQ:MGIC) Short Interest Update

Magic Software Enterprises Ltd. (NASDAQ:MGIC) was the recipient of a large decline in short interest in the month of July. As of July 15th, there was short interest totalling 29,000 shares, a decline of 16.4% from the June 30th total of 34,700 shares. Currently, 0.1% of the company’s shares are sold short. Based on an average daily volume of 48,200 shares, the short-interest ratio is currently 0.6 days.

Magic Software Enterprises Trading Down 3.0 %

Shares of NASDAQ:MGIC traded down $0.33 during midday trading on Tuesday, reaching $10.80. The company’s stock had a trading volume of 58,442 shares, compared to its average volume of 56,495. Magic Software Enterprises has a fifty-two week low of $8.15 and a fifty-two week high of $13.20. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.69 and a current ratio of 1.69. The firm has a 50 day moving average price of $10.63 and a two-hundred day moving average price of $11.06. The firm has a market capitalization of $530.28 million, a price-to-earnings ratio of 15.25 and a beta of 1.06.

Magic Software Enterprises (NASDAQ:MGIC) last issued its quarterly earnings results on Thursday, May 16th. The software maker reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.02. The firm had revenue of $130.72 million for the quarter, compared to analyst estimates 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, analysts forecast that Magic Software Enterprises will post 0.95 earnings per share for the current year.

Magic Software Enterprises Cuts Dividend

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

Analysts Set New Price Targets

Separately, StockNews.com upgraded shares of Magic Software Enterprises from a “buy” rating to a “strong-buy” rating in a research report on Saturday.

Hedge Funds Weigh In On Magic Software Enterprises

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

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.