Magic Software Enterprises Ltd. (NASDAQ:MGIC) Sees Significant Decline in Short Interest

Magic Software Enterprises Ltd. (NASDAQ:MGICGet Free Report) saw a significant decrease in short interest in December. As of December 31st, there was short interest totalling 25,100 shares, a decrease of 38.9% from the December 15th total of 41,100 shares. Based on an average trading volume of 43,400 shares, the short-interest ratio is presently 0.6 days. Approximately 0.1% of the company’s shares are short sold.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. StockNews.com raised Magic Software Enterprises from a “buy” rating to a “strong-buy” rating in a research report on Sunday, December 22nd. Barclays raised their price target on shares of Magic Software Enterprises from $14.00 to $15.00 and gave the company an “overweight” rating in a report on Tuesday, November 19th.

Get Our Latest Stock Report on MGIC

Institutional Trading of Magic Software Enterprises

Several institutional investors have recently added to or reduced their stakes in MGIC. Copeland Capital Management LLC acquired a new stake in shares of Magic Software Enterprises in the 3rd quarter valued at about $47,000. Barclays PLC lifted its holdings in Magic Software Enterprises by 4,274.4% during the 3rd quarter. Barclays PLC now owns 5,818 shares of the software maker’s stock worth $69,000 after buying an additional 5,685 shares during the last quarter. Public Employees Retirement System of Ohio bought a new position in Magic Software Enterprises during the 3rd quarter worth approximately $115,000. Tidal Investments LLC increased its holdings in shares of Magic Software Enterprises by 4.6% in the 3rd quarter. Tidal Investments LLC now owns 28,917 shares of the software maker’s stock valued at $342,000 after acquiring an additional 1,278 shares during the last quarter. Finally, Acadian Asset Management LLC raised its position in shares of Magic Software Enterprises by 2,254.6% during the 2nd quarter. Acadian Asset Management LLC now owns 68,447 shares of the software maker’s stock valued at $653,000 after acquiring an additional 65,540 shares in the last quarter. 24.70% of the stock is owned by institutional investors and hedge funds.

Magic Software Enterprises Stock Up 3.0 %

Shares of NASDAQ:MGIC traded up $0.35 during trading on Tuesday, hitting $12.20. The company’s stock had a trading volume of 38,828 shares, compared to its average volume of 33,703. Magic Software Enterprises has a fifty-two week low of $9.51 and a fifty-two week high of $13.40. The stock’s 50-day moving average price is $11.78 and its two-hundred day moving average price is $11.25. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.76 and a current ratio of 1.76. The company has a market capitalization of $599.01 million, a PE ratio of 17.43 and a beta of 1.10.

Magic Software Enterprises Increases Dividend

The business also recently declared a semi-annual dividend, which was paid on Wednesday, January 8th. Stockholders of record on Monday, December 23rd were given a dividend of $0.236 per share. The ex-dividend date was Monday, December 23rd. This represents a dividend yield of 3.7%. This is an increase from Magic Software Enterprises’s previous semi-annual dividend of $0.20. Magic Software Enterprises’s dividend payout ratio (DPR) is presently 67.14%.

About Magic Software Enterprises

(Get Free Report)

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. Its Software Services segment develops, markets, sells, and supports application platform, software applications, and business and process integration solutions and related services.

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