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

Magic Software Enterprises Ltd. (NASDAQ:MGIC - Get Free Report) saw a large drop in short interest in the month of March. As of March 31st, there was short interest totalling 146,900 shares, a drop of 23.5% from the March 15th total of 192,000 shares. Based on an average daily trading volume, of 73,800 shares, the short-interest ratio is presently 2.0 days. Approximately 0.8% of the company's stock are sold short.

Analyst Ratings Changes

Several brokerages recently weighed in on MGIC. William Blair cut shares of Magic Software Enterprises from an "outperform" rating to a "market perform" rating in a research report on Wednesday, March 12th. StockNews.com raised shares of Magic Software Enterprises from a "buy" rating to a "strong-buy" rating in a research report on Thursday, March 13th. Finally, Barclays raised their price target on shares of Magic Software Enterprises from $15.00 to $16.00 and gave the company an "overweight" rating in a research report on Thursday, March 13th.

Magic Software Enterprises Stock Performance

Shares of Magic Software Enterprises stock traded up $0.53 during mid-day trading on Wednesday, hitting $13.87. 7,104 shares of the stock were exchanged, compared to its average volume of 55,567. Magic Software Enterprises has a 12 month low of $9.51 and a 12 month high of $14.24. The company has a 50-day simple moving average of $13.02 and a 200 day simple moving average of $12.28. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.76 and a current ratio of 1.76. The company has a market capitalization of $681.00 million, a P/E ratio of 19.81 and a beta of 1.01.

Magic Software Enterprises (NASDAQ:MGIC - Get Free Report) last posted its earnings results on Tuesday, March 11th. The software maker reported $0.24 EPS for the quarter, missing the consensus estimate of $0.25 by ($0.01). Magic Software Enterprises had a return on equity of 15.42% and a net margin of 6.49%. The firm had revenue of $142.58 million for the quarter, compared to the consensus estimate of $137.00 million. Sell-side analysts anticipate that Magic Software Enterprises will post 0.95 earnings per share for the current fiscal year.

Magic Software Enterprises Increases Dividend

The business also recently declared a semi-annual dividend, which will be paid on Wednesday, May 7th. Investors of record on Tuesday, April 22nd will be issued a $0.327 dividend. This represents a dividend yield of 4.6%. The ex-dividend date of this dividend is Tuesday, April 22nd. This is a boost from Magic Software Enterprises's previous semi-annual dividend of $0.24. Magic Software Enterprises's payout ratio is 86.67%.

Hedge Funds Weigh In On Magic Software Enterprises

Several institutional investors and hedge funds have recently bought and sold shares of the company. IFP Advisors Inc lifted its position in shares of Magic Software Enterprises by 100.0% during the 4th quarter. IFP Advisors Inc now owns 4,000 shares of the software maker's stock valued at $48,000 after buying an additional 2,000 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of Magic Software Enterprises by 77.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 93,166 shares of the software maker's stock valued at $1,101,000 after buying an additional 40,642 shares during the last quarter. Barclays PLC lifted its position in shares of Magic Software Enterprises by 4,274.4% during the 3rd quarter. Barclays PLC now owns 5,818 shares of the software maker's stock valued at $69,000 after buying an additional 5,685 shares during the last quarter. Truffle Hound Capital LLC purchased a new position in shares of Magic Software Enterprises during the 4th quarter valued at $5,173,000. Finally, Truist Financial Corp purchased a new position in shares of Magic Software Enterprises during the 4th quarter valued at $189,000. 24.70% of the stock is owned by institutional investors.

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.