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

Magic Software Enterprises Ltd. (NASDAQ:MGIC) was the target of a significant decline in short interest in the month of October. As of October 31st, there was short interest totalling 17,000 shares, a decline 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 trading volume, of 49,800 shares, the short-interest ratio is presently 0.3 days.

Institutional Trading of Magic Software Enterprises

Several institutional investors and hedge funds have recently modified their holdings of the business. Copeland Capital Management LLC bought a new stake in shares of Magic Software Enterprises during the third quarter worth $47,000. Barclays PLC increased its holdings in Magic Software Enterprises by 4,274.4% in the 3rd quarter. Barclays PLC now owns 5,818 shares of the software maker’s stock worth $69,000 after purchasing an additional 5,685 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new position in Magic Software Enterprises in the 3rd quarter worth about $115,000. CANADA LIFE ASSURANCE Co raised its position in Magic Software Enterprises by 722.2% in the first 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, Quadrature Capital Ltd acquired a new stake in shares of Magic Software Enterprises during the first quarter valued at about $593,000. 24.70% of the stock is currently owned by institutional investors.

Magic Software Enterprises Price Performance

Shares of NASDAQ:MGIC traded down $0.16 during midday trading on Friday, hitting $11.42. The stock had a trading volume of 36,938 shares, compared to its average volume of 33,666. The company’s 50-day moving average price is $11.28 and its 200-day moving average price is $10.98. Magic Software Enterprises has a fifty-two week low of $8.40 and a fifty-two week high of $12.99. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $560.72 million, a P/E ratio of 16.79 and a beta of 1.08.

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

Wall Street Analysts Forecast Growth

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

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.