Magic Software Enterprises Ltd (NASDAQ:MGIC) was the target of a large growth in short interest during the month of August. As of August 31st, there was short interest totalling 44,900 shares, a growth of 55.4% from the August 15th total of 28,900 shares. Based on an average daily volume of 73,400 shares, the short-interest ratio is presently 0.6 days. Approximately 0.1% of the shares of the company are short sold.
Institutional investors and hedge funds have recently modified their holdings of the business. Tower Research Capital LLC TRC raised its holdings in shares of Magic Software Enterprises by 202.2% in the 1st quarter. Tower Research Capital LLC TRC now owns 4,013 shares of the software maker’s stock worth $32,000 after acquiring an additional 2,685 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in Magic Software Enterprises by 19.1% in the 1st quarter. JPMorgan Chase & Co. now owns 12,097 shares of the software maker’s stock worth $97,000 after buying an additional 1,943 shares during the period. Two Sigma Securities LLC bought a new position in Magic Software Enterprises in the 1st quarter valued at $103,000. Virtu Financial LLC bought a new position in Magic Software Enterprises in the 2nd quarter valued at $140,000. Finally, Samalin Investment Counsel LLC raised its position in shares of Magic Software Enterprises by 10.7% during the 2nd quarter. Samalin Investment Counsel LLC now owns 15,522 shares of the software maker’s stock valued at $175,000 after buying an additional 1,500 shares in the last quarter. 16.28% of the stock is currently owned by institutional investors and hedge funds.
Several equities analysts have commented on the company. HC Wainwright raised Magic Software Enterprises from a “neutral” rating to a “buy” rating and upped their price target for the company from $8.50 to $17.00 in a report on Monday, August 17th. ValuEngine upgraded Magic Software Enterprises from a “sell” rating to a “hold” rating in a research report on Monday, August 3rd. BidaskClub lowered Magic Software Enterprises from a “buy” rating to a “hold” rating in a research report on Thursday, September 10th. TheStreet upgraded Magic Software Enterprises from a “c+” rating to a “b-” rating in a research report on Thursday, May 21st. Finally, Zacks Investment Research raised Magic Software Enterprises from a “hold” rating to a “buy” rating and set a $16.00 price objective on the stock in a research note on Friday, September 11th. Two equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Magic Software Enterprises currently has an average rating of “Buy” and an average price target of $16.50.
Shares of NASDAQ:MGIC opened at $13.46 on Wednesday. Magic Software Enterprises has a 12-month low of $6.31 and a 12-month high of $16.87. The stock has a market cap of $658.73 million, a PE ratio of 43.42 and a beta of 1.05. The business has a 50 day moving average of $13.93 and a 200-day moving average of $10.75. The company has a quick ratio of 2.89, a current ratio of 2.89 and a debt-to-equity ratio of 0.07.
Magic Software Enterprises (NASDAQ:MGIC) last announced its quarterly earnings data on Thursday, August 13th. The software maker reported $0.17 EPS for the quarter, beating the consensus estimate of $0.15 by $0.02. Magic Software Enterprises had a net margin of 4.37% and a return on equity of 12.25%. Equities research analysts expect that Magic Software Enterprises will post 0.7 earnings per share for the current year.
The firm also recently disclosed a semi-annual dividend, which was paid on Thursday, September 10th. Investors of record on Thursday, August 27th were paid a $0.175 dividend. This is a boost from Magic Software Enterprises’s previous semi-annual dividend of $0.08. The ex-dividend date was Wednesday, August 26th. This represents a dividend yield of 2.4%. Magic Software Enterprises’s payout ratio is currently 60.34%.
Magic Software Enterprises Company Profile
Magic Software Enterprises Ltd. provides proprietary application development, business process integration, vertical software solutions, and IT outsourcing software services in Israel and internationally. The company's Software Services segment develops, markets, sells, and supports a proprietary and none proprietary application platform, software applications, and business and process integration solutions and related services.
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