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

Magic Software Enterprises Ltd. (NASDAQ:MGIC) saw a large decrease in short interest during the month of March. As of March 31st, there was short interest totalling 13,800 shares, a decrease of 21.6% from the March 15th total of 17,600 shares. Currently, 0.1% of the company’s shares are short sold. Based on an average trading volume of 64,800 shares, the days-to-cover ratio is currently 0.2 days.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on MGIC shares. StockNews.com cut Magic Software Enterprises from a “strong-buy” rating to a “buy” rating in a research note on Monday, March 18th. Barclays increased their target price 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.

Magic Software Enterprises Stock Up 0.8 %

Shares of NASDAQ MGIC traded up $0.09 during trading hours on Monday, hitting $11.83. The company had a trading volume of 55,205 shares, compared to its average volume of 63,560. The stock has a market capitalization of $580.73 million, a P/E ratio of 15.76 and a beta of 1.17. The company has a quick ratio of 1.76, a current ratio of 1.81 and a debt-to-equity ratio of 0.18. Magic Software Enterprises has a 1-year low of $8.15 and a 1-year high of $14.82. The firm’s 50 day moving average is $11.27 and its 200-day moving average is $10.38.

Magic Software Enterprises (NASDAQ:MGIC) last released its quarterly earnings data on Wednesday, March 13th. The software maker reported $0.24 EPS for the quarter, beating the consensus estimate of $0.20 by $0.04. The company had revenue of $125.55 million during the quarter, compared to the consensus estimate of $115.00 million. Magic Software Enterprises had a return on equity of 17.33% and a net margin of 6.92%. On average, analysts expect that Magic Software Enterprises will post 0.93 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Magic Software Enterprises

Large investors have recently made changes to their positions in the stock. Royal Bank of Canada lifted its holdings 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 purchasing an additional 2,000 shares during the last quarter. Lazard Asset Management LLC acquired a new stake in shares of Magic Software Enterprises during the fourth quarter worth $42,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Magic Software Enterprises by 61.5% during the fourth 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 in the last quarter. Barclays PLC acquired a new stake in shares of Magic Software Enterprises during the second quarter worth $65,000. Finally, UBS Group AG lifted its holdings in shares of Magic Software Enterprises by 153.1% during the fourth quarter. UBS Group AG now owns 4,902 shares of the software maker’s stock worth $79,000 after buying an additional 2,965 shares in the last quarter. Institutional investors and hedge funds own 24.70% of the company’s stock.

About Magic Software Enterprises

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.