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

Magic Software Enterprises Ltd. (NASDAQ:MGIC - Get Free Report) was the recipient of a significant growth in short interest in 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 trading volume of 79,800 shares, the days-to-cover ratio is currently 3.5 days. Currently, 1.1% of the shares of the company are short sold.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. IFP Advisors Inc raised its stake 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 buying an additional 2,000 shares during the period. Altshuler Shaham Ltd bought a new position in Magic Software Enterprises during the fourth quarter worth about $138,000. Man Group plc acquired a new stake in Magic Software Enterprises during the fourth quarter worth about $145,000. Walleye Capital LLC bought a new position in Magic Software Enterprises in the first quarter valued at about $161,000. Finally, Heron Bay Capital Management bought a new position in Magic Software Enterprises in the fourth quarter valued at about $183,000. 24.70% of the stock is owned by institutional investors and hedge funds.

Magic Software Enterprises Trading Up 0.4%

NASDAQ MGIC traded up $0.06 during mid-day trading on Tuesday, hitting $16.45. The company's stock had a trading volume of 39,041 shares, compared to its average volume of 56,904. Magic Software Enterprises has a 52-week low of $9.51 and a 52-week high of $16.59. The firm has a market capitalization of $807.68 million, a P/E ratio of 23.50 and a beta of 1.00. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.76 and a quick ratio of 1.76. The stock's fifty day simple moving average is $14.72 and its two-hundred day simple moving average is $13.35.

Magic Software Enterprises (NASDAQ:MGIC - Get Free Report) last issued its quarterly earnings data on Wednesday, May 21st. The software maker reported $0.25 earnings per share 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 analysts' expectations of $143.80 million. Research analysts expect that Magic Software Enterprises will post 0.95 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Barclays upped 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 report on Thursday, March 13th. William Blair cut shares of Magic Software Enterprises from an "outperform" rating to a "market perform" rating in a research note on Wednesday, March 12th. Finally, Wall Street Zen lowered shares of Magic Software Enterprises from a "strong-buy" rating to a "buy" rating in a report on Saturday, May 24th.

About Magic Software Enterprises

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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