Magic Software Enterprises Ltd. (NASDAQ:MGIC - Get Free Report) was the recipient of a significant increase in short interest in January. As of January 31st, there was short interest totalling 30,000 shares, an increase of 62.2% from the January 15th total of 18,500 shares. Currently, 0.2% of the company's stock are short sold. Based on an average daily volume of 51,000 shares, the short-interest ratio is presently 0.6 days.
Hedge Funds Weigh In On Magic Software Enterprises
Hedge funds and other institutional investors have recently bought and sold shares of the company. Copeland Capital Management LLC acquired a new stake in shares of Magic Software Enterprises in the 3rd quarter worth $47,000. IFP Advisors Inc raised its holdings in Magic Software Enterprises by 100.0% during the fourth quarter. IFP Advisors Inc now owns 4,000 shares of the software maker's stock worth $48,000 after purchasing an additional 2,000 shares in the last quarter. Barclays PLC lifted its position in Magic Software Enterprises by 4,274.4% in the third 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 purchased a new stake in Magic Software Enterprises in the 3rd quarter valued at approximately $115,000. Finally, Altshuler Shaham Ltd acquired a new position in Magic Software Enterprises during the 4th quarter worth approximately $138,000. 24.70% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several equities research analysts have recently weighed in 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 objective on shares of Magic Software Enterprises from $14.00 to $15.00 and gave the stock an "overweight" rating in a report on Tuesday, November 19th.
Check Out Our Latest Stock Report on Magic Software Enterprises
Magic Software Enterprises Stock Performance
MGIC stock traded down $0.02 during trading on Monday, hitting $12.79. The company had a trading volume of 32,297 shares, compared to its average volume of 45,871. Magic Software Enterprises has a 1-year low of $9.51 and a 1-year high of $13.46. The firm has a 50-day moving average price of $12.40 and a 200-day moving average price of $11.56. 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 firm has a market cap of $627.99 million, a PE ratio of 18.27 and a beta of 1.11.
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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