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

Magic Software Enterprises Ltd. (NASDAQ:MGIC) was the target of a large decrease in short interest in the month of March. As of March 31st, there was short interest totalling 146,900 shares, a decrease of 23.5% from the March 15th total of 192,000 shares. Based on an average daily trading volume, of 73,800 shares, the short-interest ratio is currently 2.0 days. Approximately 0.8% of the company’s shares are short sold.

Hedge Funds Weigh In On Magic Software Enterprises

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. IFP Advisors Inc raised its holdings in Magic Software Enterprises by 100.0% in the fourth quarter. IFP Advisors Inc now owns 4,000 shares of the software maker’s stock valued at $48,000 after acquiring an additional 2,000 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Magic Software Enterprises by 77.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 93,166 shares of the software maker’s stock valued at $1,101,000 after purchasing an additional 40,642 shares during the last quarter. Barclays PLC raised its holdings in shares of Magic Software Enterprises by 4,274.4% in the 3rd quarter. Barclays PLC now owns 5,818 shares of the software maker’s stock valued at $69,000 after purchasing an additional 5,685 shares in the last quarter. Truffle Hound Capital LLC purchased a new stake in shares of Magic Software Enterprises during the 4th quarter worth $5,173,000. Finally, Truist Financial Corp acquired a new position in shares of Magic Software Enterprises during the fourth quarter worth $189,000. 24.70% of the stock is owned by institutional investors and hedge funds.

Magic Software Enterprises Trading Up 0.5 %

Shares of MGIC stock traded up $0.06 during trading hours on Friday, hitting $13.30. The company had a trading volume of 28,622 shares, compared to its average volume of 55,920. Magic Software Enterprises has a fifty-two week low of $9.51 and a fifty-two week high of $14.24. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.76 and a quick ratio of 1.76. The company’s fifty day moving average is $13.00 and its 200 day moving average is $12.25. The stock has a market capitalization of $653.02 million, a PE ratio of 19.00 and a beta of 1.01.

Magic Software Enterprises (NASDAQ:MGIC) last posted its quarterly earnings data on Tuesday, March 11th. The software maker reported $0.24 EPS for the quarter, missing the consensus estimate of $0.25 by ($0.01). Magic Software Enterprises had a net margin of 6.49% and a return on equity of 15.42%. The business had revenue of $142.58 million during the quarter, compared to analysts’ expectations of $137.00 million. Research analysts expect that Magic Software Enterprises will post 0.95 earnings per share for the current fiscal year.

Magic Software Enterprises Increases Dividend

The business also recently declared a semi-annual dividend, which will be paid on Wednesday, May 7th. Shareholders of record on Tuesday, April 22nd will be given a $0.327 dividend. The ex-dividend date is Tuesday, April 22nd. This represents a yield of 4.6%. This is a positive change from Magic Software Enterprises’s previous semi-annual dividend of $0.24. Magic Software Enterprises’s dividend payout ratio (DPR) is currently 86.67%.

Analyst Upgrades and Downgrades

MGIC has been the topic of several analyst reports. StockNews.com raised shares of Magic Software Enterprises from a “buy” rating to a “strong-buy” rating in a research report on Thursday, March 13th. William Blair downgraded Magic Software Enterprises from an “outperform” rating to a “market perform” rating in a research report on Wednesday, March 12th. Finally, Barclays increased their price target on Magic Software Enterprises from $15.00 to $16.00 and gave the stock an “overweight” rating in a report on Thursday, March 13th.

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