Magic Software Enterprises Ltd. (NASDAQ:MGIC - Get Free Report) was the target of a significant drop in short interest during 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. Approximately 0.8% of the shares of the stock are sold short. Based on an average trading volume of 73,800 shares, the short-interest ratio is presently 2.0 days.
Institutional Inflows and Outflows
A number of large investors have recently bought and sold shares of MGIC. IFP Advisors Inc raised its holdings in shares of Magic Software Enterprises by 100.0% during the fourth quarter. IFP Advisors Inc now owns 4,000 shares of the software maker's stock worth $48,000 after purchasing an additional 2,000 shares during the period. Barclays PLC lifted its stake in Magic Software Enterprises by 4,274.4% during the third quarter. Barclays PLC now owns 5,818 shares of the software maker's stock valued at $69,000 after purchasing an additional 5,685 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new position in shares of Magic Software Enterprises in the 3rd quarter valued at $115,000. Altshuler Shaham Ltd acquired a new position in Magic Software Enterprises during the fourth quarter valued at $138,000. Finally, Man Group plc acquired a new stake in shares of Magic Software Enterprises during the 4th quarter valued at $145,000. Institutional investors own 24.70% of the company's stock.
Analyst Upgrades and Downgrades
A number of research firms have issued reports on MGIC. StockNews.com upgraded shares of Magic Software Enterprises from a "buy" rating to a "strong-buy" rating in a report on Thursday, March 13th. Barclays increased their target price on Magic Software Enterprises from $15.00 to $16.00 and gave the stock an "overweight" rating in a research report on Thursday, March 13th. Finally, William Blair lowered Magic Software Enterprises from an "outperform" rating to a "market perform" rating in a research note on Wednesday, March 12th.
Check Out Our Latest Stock Report on Magic Software Enterprises
Magic Software Enterprises Stock Down 0.4 %
MGIC stock traded down $0.05 during trading on Thursday, reaching $13.67. The stock had a trading volume of 81,734 shares, compared to its average volume of 55,901. Magic Software Enterprises has a 1-year low of $9.51 and a 1-year high of $14.24. The company has a market capitalization of $671.18 million, a P/E ratio of 19.53 and a beta of 1.01. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 0.13. The firm has a fifty day moving average price of $13.04 and a 200 day moving average price of $12.29.
Magic Software Enterprises (NASDAQ:MGIC - Get Free Report) last posted its quarterly earnings data on Tuesday, March 11th. The software maker reported $0.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by ($0.01). The business had revenue of $142.58 million for the quarter, compared to analysts' expectations of $137.00 million. Magic Software Enterprises had a return on equity of 15.42% and a net margin of 6.49%. On average, equities analysts anticipate that Magic Software Enterprises will post 0.95 earnings per share for the current year.
Magic Software Enterprises Increases Dividend
The company also recently disclosed 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 is a positive change from Magic Software Enterprises's previous semi-annual dividend of $0.24. This represents a yield of 4.6%. The ex-dividend date of this dividend is Tuesday, April 22nd. Magic Software Enterprises's payout ratio is currently 86.67%.
About Magic Software Enterprises
(
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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