Magic Software Enterprises Ltd. (NASDAQ:MGIC - Get Free Report) was the target of a significant growth in short interest during the month of February. As of February 15th, there was short interest totalling 79,200 shares, a growth of 164.0% from the January 31st total of 30,000 shares. Approximately 0.4% of the shares of the company are short sold. Based on an average daily trading volume, of 49,300 shares, the short-interest ratio is presently 1.6 days.
Magic Software Enterprises Stock Performance
NASDAQ:MGIC traded up $0.06 on Monday, reaching $12.36. 38,913 shares of the company's stock were exchanged, compared to its average volume of 50,769. 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 firm has a market cap of $606.86 million, a price-to-earnings ratio of 17.66 and a beta of 1.11. Magic Software Enterprises has a 52 week low of $9.51 and a 52 week high of $13.46. The stock has a fifty day simple moving average of $12.47 and a 200-day simple moving average of $11.73.
Wall Street Analyst Weigh In
A number of analysts recently issued reports on MGIC shares. StockNews.com downgraded shares of Magic Software Enterprises from a "strong-buy" rating to a "buy" rating in a report on Wednesday, February 26th. 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 Report on Magic Software Enterprises
Hedge Funds Weigh In On Magic Software Enterprises
A number of institutional investors and hedge funds have recently added to or reduced their stakes in MGIC. IFP Advisors Inc boosted its position in shares of 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 during the period. Barclays PLC boosted its position in shares of 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 acquiring an additional 5,685 shares during the period. Public Employees Retirement System of Ohio bought a new position in shares of Magic Software Enterprises in the third quarter valued at approximately $115,000. Altshuler Shaham Ltd bought a new position in shares of Magic Software Enterprises in the fourth quarter valued at approximately $138,000. Finally, Man Group plc bought a new position in shares of Magic Software Enterprises in the fourth quarter valued at approximately $145,000. Institutional investors own 24.70% of the company's stock.
Magic Software Enterprises Company Profile
(
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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