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

Magic Software Enterprises Ltd. (NASDAQ:MGIC) was the recipient of a large increase in short interest in the month of November. As of November 15th, there was short interest totalling 21,600 shares, an increase of 27.1% from the October 31st total of 17,000 shares. Based on an average daily volume of 48,200 shares, the short-interest ratio is presently 0.4 days. Currently, 0.1% of the company’s stock are short sold.

Institutional Investors Weigh In On Magic Software Enterprises

Several large investors have recently made changes to their positions in the stock. Copeland Capital Management LLC acquired a new position in Magic Software Enterprises during the third quarter worth $47,000. 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 during the period. Public Employees Retirement System of Ohio acquired a new stake in Magic Software Enterprises in the 3rd quarter valued at about $115,000. CANADA LIFE ASSURANCE Co lifted 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 purchasing an additional 13,469 shares during the last quarter. Finally, Tidal Investments LLC grew its holdings in Magic Software Enterprises by 4.6% during the third quarter. Tidal Investments LLC now owns 28,917 shares of the software maker’s stock worth $342,000 after purchasing an additional 1,278 shares during the period. Institutional investors and hedge funds own 24.70% of the company’s stock.

Magic Software Enterprises Stock Up 5.3 %

Shares of NASDAQ:MGIC traded up $0.63 during midday trading on Friday, reaching $12.58. The company had a trading volume of 185,578 shares, compared to its average volume of 55,129. Magic Software Enterprises has a 1-year low of $9.00 and a 1-year high of $13.40. The stock has a market cap of $617.67 million, a PE ratio of 17.97 and a beta of 1.08. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 0.13. The business’s 50 day moving average price is $11.32 and its 200 day moving average price is $10.93.

Magic Software Enterprises Increases Dividend

The business also recently declared a semi-annual dividend, which will be paid on Wednesday, January 8th. Shareholders of record on Monday, December 23rd will be given a dividend of $0.236 per share. This is a positive change from Magic Software Enterprises’s previous semi-annual dividend of $0.20. The ex-dividend date of this dividend is Monday, December 23rd. This represents a dividend yield of 3.7%. Magic Software Enterprises’s payout ratio is 67.14%.

Analysts Set New Price Targets

Several research firms have recently weighed in on MGIC. Barclays upped their price objective on Magic Software Enterprises from $14.00 to $15.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 19th. StockNews.com downgraded Magic Software Enterprises from a “strong-buy” rating to a “buy” rating in a research report on Thursday.

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