Magic Software Enterprises Ltd. (NASDAQ:MGIC) Sees Significant Drop in Short Interest

Magic Software Enterprises Ltd. (NASDAQ:MGIC - Get Free Report) was the target of a significant decline in short interest during the month of March. As of March 31st, there was short interest totalling 13,800 shares, a decline of 21.6% from the March 15th total of 17,600 shares. Based on an average daily trading volume, of 64,800 shares, the short-interest ratio is presently 0.2 days. Approximately 0.1% of the company's stock are sold short.

Magic Software Enterprises Stock Performance

Shares of MGIC stock traded up $0.01 during trading hours on Friday, reaching $11.74. The company had a trading volume of 59,450 shares, compared to its average volume of 65,605. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.76 and a current ratio of 1.81. The business has a fifty day moving average price of $11.27 and a 200-day moving average price of $10.38. Magic Software Enterprises has a one year low of $8.15 and a one year high of $14.82. The firm has a market cap of $576.32 million, a PE ratio of 15.65 and a beta of 1.17.

Magic Software Enterprises (NASDAQ:MGIC - Get Free Report) last issued its earnings results on Wednesday, March 13th. The software maker reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.04. The company had revenue of $125.55 million for the quarter, compared to analysts' expectations of $115.00 million. Magic Software Enterprises had a net margin of 6.92% and a return on equity of 17.33%. Sell-side analysts predict that Magic Software Enterprises will post 0.93 earnings per share for the current fiscal year.

Institutional Trading of Magic Software Enterprises

Large investors have recently modified their holdings of the company. Yelin Lapidot Holdings Management Ltd. bought a new stake in shares of Magic Software Enterprises during the 3rd quarter valued at about $1,193,000. Colonial River Wealth Management LLC purchased a new stake in Magic Software Enterprises during the fourth quarter valued at approximately $127,000. Barclays PLC bought a new position in Magic Software Enterprises in the second quarter worth approximately $65,000. Wellington Management Group LLP boosted its stake in shares of Magic Software Enterprises by 12.7% during the 3rd quarter. Wellington Management Group LLP now owns 672,347 shares of the software maker's stock worth $7,591,000 after acquiring an additional 76,000 shares during the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. bought a new stake in shares of Magic Software Enterprises during the 3rd quarter valued at $29,543,000. Institutional investors own 24.70% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on MGIC shares. StockNews.com downgraded shares of Magic Software Enterprises from a "strong-buy" rating to a "buy" rating in a research report on Monday, March 18th. Barclays boosted their price target on Magic Software Enterprises from $13.00 to $14.00 and gave the stock an "overweight" rating in a research note on Thursday, March 14th.

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. The company's Software Services segment develops, markets, sells, and supports application platform, software applications, and business and process integration solutions and related services.