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

Magic Software Enterprises Ltd. (NASDAQ:MGIC) was the target of a significant decrease in short interest in the month of October. As of October 31st, there was short interest totalling 17,000 shares, a decrease of 21.3% from the October 15th total of 21,600 shares. Currently, 0.1% of the shares of the stock are short sold. Based on an average daily volume of 49,800 shares, the days-to-cover ratio is presently 0.3 days.

Wall Street Analysts Forecast Growth

Separately, StockNews.com lowered shares of Magic Software Enterprises from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, November 12th.

Magic Software Enterprises Price Performance

Shares of NASDAQ:MGIC opened at $11.42 on Friday. The stock has a market cap of $560.71 million, a price-to-earnings ratio of 16.79 and a beta of 1.08. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.66 and a quick ratio of 1.66. Magic Software Enterprises has a 12 month low of $8.40 and a 12 month high of $12.99. The stock’s 50 day moving average price is $11.28 and its 200 day moving average price is $10.99.

Magic Software Enterprises (NASDAQ:MGIC) last posted its quarterly earnings data on Wednesday, August 14th. The software maker reported $0.24 EPS for the quarter, topping analysts’ consensus estimates of $0.22 by $0.02. The company had revenue of $136.25 million for the quarter, compared to the consensus estimate of $132.10 million. Magic Software Enterprises had a return on equity of 15.63% and a net margin of 6.41%. During the same quarter in the previous year, the business earned $0.28 EPS. Equities research analysts anticipate that Magic Software Enterprises will post 0.95 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Magic Software Enterprises

Institutional investors and hedge funds have recently modified their holdings of the stock. Dimensional Fund Advisors LP boosted its position in shares of Magic Software Enterprises by 14.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 228,551 shares of the software maker’s stock valued at $2,201,000 after purchasing an additional 29,635 shares during the period. Y.D. More Investments Ltd acquired a new position in shares of Magic Software Enterprises in the second quarter worth about $1,451,000. Assenagon Asset Management S.A. purchased a new position in shares of Magic Software Enterprises in the third quarter worth approximately $1,675,000. Inspire Investing LLC acquired a new stake in shares of Magic Software Enterprises during the third quarter valued at approximately $880,000. Finally, Acadian Asset Management LLC lifted its position in shares of Magic Software Enterprises by 2,254.6% in 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. 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. Its Software Services segment develops, markets, sells, and supports application platform, software applications, and business and process integration solutions and related services.