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

Magic Software Enterprises Ltd. (NASDAQ:MGIC - Get Free Report) was the target of a large decrease in short interest in the month of October. As of October 15th, there was short interest totalling 21,600 shares, a decrease of 54.1% from the September 30th total of 47,100 shares. Approximately 0.1% of the company's shares are short sold. Based on an average daily trading volume, of 52,400 shares, the short-interest ratio is currently 0.4 days.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Copeland Capital Management LLC purchased a new stake in shares of Magic Software Enterprises during the 3rd quarter worth $47,000. Wellington Management Group LLP boosted its position in shares of Magic Software Enterprises by 1.6% during the 4th quarter. Wellington Management Group LLP now owns 683,357 shares of the software maker's stock worth $6,622,000 after acquiring an additional 11,010 shares in the last quarter. CANADA LIFE ASSURANCE Co raised its position in shares of Magic Software Enterprises by 722.2% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 15,334 shares of the software maker's stock worth $177,000 after acquiring an additional 13,469 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Magic Software Enterprises by 14.9% during the second quarter. Dimensional Fund Advisors LP now owns 228,551 shares of the software maker's stock worth $2,201,000 after purchasing an additional 29,635 shares during the last quarter. Finally, Quadrature Capital Ltd acquired a new position in Magic Software Enterprises in the first quarter valued at approximately $593,000. Institutional investors and hedge funds own 24.70% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised Magic Software Enterprises from a "buy" rating to a "strong-buy" rating in a research note on Wednesday, August 21st.

Magic Software Enterprises Stock Up 1.1 %

Shares of NASDAQ:MGIC traded up $0.12 during trading on Friday, hitting $11.18. The company's stock had a trading volume of 22,912 shares, compared to its average volume of 55,083. The company has a market capitalization of $548.94 million, a PE ratio of 16.44 and a beta of 1.08. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.66 and a current ratio of 1.66. Magic Software Enterprises has a fifty-two week low of $8.15 and a fifty-two week high of $12.99. The business has a 50 day moving average price of $11.13 and a two-hundred day moving average price of $11.04.

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

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.

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