Magic Software Enterprises Ltd. (NASDAQ:MGIC) Short Interest Up 28.7% in May

Magic Software Enterprises Ltd. (NASDAQ:MGIC - Get Free Report) was the target of a large growth in short interest during the month of May. As of May 31st, there was short interest totalling 279,000 shares, a growth of 28.7% from the May 15th total of 216,800 shares. Based on an average daily trading volume, of 79,800 shares, the short-interest ratio is currently 3.5 days. Currently, 1.1% of the shares of the company are sold short.

Magic Software Enterprises Price Performance

Shares of Magic Software Enterprises stock traded up $0.20 during trading hours on Friday, reaching $16.98. The stock had a trading volume of 58,297 shares, compared to its average volume of 56,977. The firm has a market capitalization of $833.72 million, a PE ratio of 22.34 and a beta of 1.00. Magic Software Enterprises has a twelve month low of $9.51 and a twelve month high of $17.07. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 0.11. The stock's 50 day moving average is $15.01 and its 200 day moving average is $13.46.

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 company had revenue of $147.34 million for the quarter, compared to analyst estimates of $143.80 million. Magic Software Enterprises had a return on equity of 15.62% and a net margin of 6.60%. Equities analysts expect that Magic Software Enterprises will post 0.95 earnings per share for the current fiscal year.

Institutional Trading of Magic Software Enterprises

Institutional investors have recently modified their holdings of the stock. IFP Advisors Inc raised 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 worth $48,000 after purchasing an additional 2,000 shares during the last quarter. Geode Capital Management LLC increased its stake in Magic Software Enterprises by 4.7% during the 4th quarter. Geode Capital Management LLC now owns 58,105 shares of the software maker's stock worth $699,000 after buying an additional 2,587 shares in the last quarter. Lazard Asset Management LLC raised its holdings in shares of Magic Software Enterprises by 45.5% during the fourth quarter. Lazard Asset Management LLC now owns 18,795 shares of the software maker's stock valued at $226,000 after acquiring an additional 5,878 shares during the last quarter. GHP Investment Advisors Inc. raised its holdings in shares of Magic Software Enterprises by 16.9% during the first quarter. GHP Investment Advisors Inc. now owns 56,751 shares of the software maker's stock valued at $737,000 after acquiring an additional 8,200 shares during the last quarter. Finally, Phoenix Financial Ltd. lifted its position in shares of Magic Software Enterprises by 1.3% in the first quarter. Phoenix Financial Ltd. now owns 689,236 shares of the software maker's stock valued at $8,953,000 after acquiring an additional 9,000 shares in the last quarter. Institutional investors and hedge funds own 24.70% of the company's stock.

Analyst Ratings Changes

MGIC has been the topic of a number of recent research reports. Barclays upped their target price on Magic Software Enterprises from $15.00 to $16.00 and gave the stock an "overweight" rating in a research note on Thursday, March 13th. William Blair lowered Magic Software Enterprises from an "outperform" rating to a "market perform" rating in a research report on Wednesday, March 12th. Finally, Wall Street Zen cut shares of Magic Software Enterprises from a "strong-buy" rating to a "buy" rating in a research note on Saturday, May 24th.

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.