Magic Software Enterprises Ltd. (NASDAQ:MGIC - Get Free Report) was the target of a significant increase in short interest in May. As of May 15th, there was short interest totalling 216,800 shares, an increase of 28.3% from the April 30th total of 169,000 shares. Based on an average daily 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
Several hedge funds have recently added to or reduced their stakes in the company. Harel Insurance Investments & Financial Services Ltd. bought a new position in Magic Software Enterprises during the 1st quarter worth approximately $35,911,000. Phoenix Financial Ltd. raised its holdings in Magic Software Enterprises by 1.3% during the 1st quarter. Phoenix Financial Ltd. now owns 689,236 shares of the software maker's stock worth $8,953,000 after purchasing an additional 9,000 shares during the last quarter. Truffle Hound Capital LLC bought a new position in Magic Software Enterprises during the 4th quarter worth approximately $5,173,000. Dimensional Fund Advisors LP increased its stake in shares of Magic Software Enterprises by 4.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 240,841 shares of the software maker's stock valued at $2,896,000 after acquiring an additional 9,752 shares in the last quarter. Finally, Y.D. More Investments Ltd increased its stake in shares of Magic Software Enterprises by 22.1% in the 1st quarter. Y.D. More Investments Ltd now owns 174,366 shares of the software maker's stock valued at $2,240,000 after acquiring an additional 31,527 shares in the last quarter. Institutional investors own 24.70% of the company's stock.
Magic Software Enterprises Stock Down 0.5%
Shares of MGIC traded down $0.08 during mid-day trading on Thursday, hitting $16.26. 13,115 shares of the company's stock were exchanged, compared to its average volume of 56,346. The company has a market cap of $798.10 million, a PE ratio of 23.22 and a beta of 0.99. Magic Software Enterprises has a 52 week low of $9.51 and a 52 week high of $16.50. The company has a 50-day simple moving average of $14.21 and a 200 day simple moving average of $13.07. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.76 and a quick ratio of 1.76.
Magic Software Enterprises (NASDAQ:MGIC - Get Free Report) last announced its quarterly earnings results on Wednesday, May 21st. The software maker reported $0.25 EPS for the quarter, meeting analysts' consensus estimates of $0.25. Magic Software Enterprises had a net margin of 6.49% and a return on equity of 15.42%. The business had revenue of $147.34 million for the quarter, compared to analyst estimates of $143.80 million. On average, research analysts forecast that Magic Software Enterprises will post 0.95 earnings per share for the current fiscal year.
Magic Software Enterprises Increases Dividend
The company also recently declared a semi-annual dividend, which was paid on Wednesday, May 7th. Shareholders of record on Tuesday, April 22nd were issued a dividend of $0.327 per share. This is a positive change from Magic Software Enterprises's previous semi-annual dividend of $0.24. The ex-dividend date was Tuesday, April 22nd. This represents a yield of 4.6%. Magic Software Enterprises's dividend payout ratio (DPR) is presently 85.53%.
Wall Street Analyst Weigh In
MGIC has been the subject of a number of recent analyst reports. Wall Street Zen cut Magic Software Enterprises from a "strong-buy" rating to a "buy" rating in a research note on Saturday, May 24th. 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. Finally, Barclays lifted their price target on shares of Magic Software Enterprises from $15.00 to $16.00 and gave the stock an "overweight" rating in a research report on Thursday, March 13th.
Check Out Our Latest Stock Analysis on MGIC
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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