Magic Software Enterprises Ltd. (NASDAQ:MGIC - Get Free Report) saw a large growth in short interest in the month of May. As of May 15th, there was short interest totalling 216,800 shares, a growth of 28.3% from the April 30th total of 169,000 shares. Based on an average trading volume of 76,000 shares, the short-interest ratio is presently 2.9 days. Currently, 0.8% of the shares of the stock are sold short.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. IFP Advisors Inc increased its holdings in Magic Software Enterprises by 100.0% during the 4th quarter. IFP Advisors Inc now owns 4,000 shares of the software maker's stock worth $48,000 after acquiring an additional 2,000 shares during the period. Altshuler Shaham Ltd purchased a new stake in shares of Magic Software Enterprises in the 4th quarter worth about $138,000. Man Group plc purchased a new stake in shares of Magic Software Enterprises in the 4th quarter worth about $145,000. Walleye Capital LLC bought a new position in shares of Magic Software Enterprises in the 1st quarter worth about $161,000. Finally, Truist Financial Corp bought a new stake in Magic Software Enterprises during the 4th quarter valued at about $189,000. 24.70% of the stock is currently owned by hedge funds and other institutional investors.
Magic Software Enterprises Stock Performance
Shares of NASDAQ:MGIC traded up $0.19 on Friday, reaching $16.35. 26,909 shares of the company's stock were exchanged, compared to its average volume of 56,394. The company has a fifty day moving average of $14.34 and a 200-day moving average of $13.14. Magic Software Enterprises has a twelve month low of $9.51 and a twelve month high of $16.50. The company has a market capitalization of $802.77 million, a price-to-earnings ratio of 23.36 and a beta of 1.00. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 0.13.
Magic Software Enterprises (NASDAQ:MGIC - Get Free Report) last issued its quarterly earnings data on Wednesday, May 21st. The software maker reported $0.25 EPS for the quarter, meeting the consensus estimate of $0.25. The business had revenue of $147.34 million during the quarter, compared to the consensus estimate of $143.80 million. Magic Software Enterprises had a net margin of 6.49% and a return on equity of 15.42%. On average, research analysts predict that Magic Software Enterprises will post 0.95 EPS for the current fiscal year.
Magic Software Enterprises Increases Dividend
The firm also recently announced a semi-annual dividend, which was paid on Wednesday, May 7th. Stockholders of record on Tuesday, April 22nd were given a dividend of $0.327 per share. The ex-dividend date of this dividend was Tuesday, April 22nd. This is an increase from Magic Software Enterprises's previous semi-annual dividend of $0.24. This represents a dividend yield of 4.6%. Magic Software Enterprises's payout ratio is presently 85.53%.
Wall Street Analysts Forecast Growth
A number of brokerages have weighed in on MGIC. Barclays boosted their target price on shares of Magic Software Enterprises from $15.00 to $16.00 and gave the stock an "overweight" rating in a research note on Thursday, March 13th. Wall Street Zen cut shares of Magic Software Enterprises from a "strong-buy" rating to a "buy" rating in a report on Saturday, May 24th. Finally, William Blair cut shares of Magic Software Enterprises from an "outperform" rating to a "market perform" rating in a report on Wednesday, March 12th.
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About Magic Software Enterprises
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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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