Short Interest in Magic Software Enterprises Ltd. (NASDAQ:MGIC) Decreases By 16.4%

Magic Software Enterprises Ltd. (NASDAQ:MGIC) saw a significant decline in short interest during 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. Based on an average daily volume of 48,200 shares, the days-to-cover ratio is currently 0.6 days. Approximately 0.1% of the company’s shares are short sold.

Analysts Set New Price Targets

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

Institutional Investors Weigh In On Magic Software Enterprises

A number of institutional investors and hedge funds have recently made changes to their positions in MGIC. Zurcher Kantonalbank Zurich Cantonalbank increased its stake 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 during the last quarter. Wellington Management Group LLP increased its stake in 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 valued at $6,622,000 after buying an additional 11,010 shares during the last quarter. Colonial River Wealth Management LLC purchased a new stake in Magic Software Enterprises in the 4th quarter valued at about $127,000. CANADA LIFE ASSURANCE Co increased its stake in 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 valued at $177,000 after buying an additional 13,469 shares during the last quarter. Finally, Quadrature Capital Ltd bought a new position in shares of Magic Software Enterprises during the 1st quarter valued at approximately $593,000. Institutional investors and hedge funds own 24.70% of the company’s stock.

Magic Software Enterprises Stock Performance

Shares of MGIC opened at $11.09 on Monday. The company has a current ratio of 1.69, a quick ratio of 1.69 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $544.52 million, a P/E ratio of 16.00 and a beta of 1.06. The firm’s fifty day simple moving average is $10.63 and its two-hundred day simple moving average is $11.05. Magic Software Enterprises has a 12 month low of $8.15 and a 12 month high of $13.20.

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

Magic Software Enterprises Cuts Dividend

The firm also recently announced a Semi-Annual dividend, which was paid on Thursday, July 11th. Investors of record on Thursday, June 27th were issued a $0.204 dividend. The ex-dividend date was Thursday, June 27th. This represents a dividend yield of 3.5%. Magic Software Enterprises’s dividend payout ratio is presently 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.