Short Interest in Magic Software Enterprises Ltd. (NASDAQ:MGIC) Decreases By 16.4%

Magic Software Enterprises Ltd. (NASDAQ:MGIC) saw a significant decrease in short interest during the month of July. As of July 15th, there was short interest totalling 29,000 shares, a decrease of 16.4% from the June 30th total of 34,700 shares. Based on an average daily volume of 48,200 shares, the short-interest ratio is currently 0.6 days. Approximately 0.1% of the company’s stock are sold short.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of MGIC. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Magic Software Enterprises by 61.5% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,942 shares of the software maker’s stock valued at $58,000 after purchasing an additional 2,263 shares during the last quarter. Colonial River Wealth Management LLC bought a new position in shares of Magic Software Enterprises during the 4th quarter worth $127,000. CANADA LIFE ASSURANCE Co increased its holdings in Magic Software Enterprises by 722.2% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 15,334 shares of the software maker’s stock worth $177,000 after acquiring an additional 13,469 shares during the last quarter. Quadrature Capital Ltd bought a new stake in Magic Software Enterprises in the 1st quarter valued at about $593,000. Finally, Wellington Management Group LLP lifted its holdings in Magic Software Enterprises by 1.6% during the fourth quarter. Wellington Management Group LLP now owns 683,357 shares of the software maker’s stock valued at $6,622,000 after purchasing an additional 11,010 shares during the last quarter. 24.70% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Separately, StockNews.com upgraded shares of Magic Software Enterprises from a “buy” rating to a “strong-buy” rating in a report on Saturday.

Magic Software Enterprises Stock Performance

Magic Software Enterprises stock traded down $0.04 during mid-day trading on Friday, reaching $11.68. 28,019 shares of the company’s stock were exchanged, compared to its average volume of 43,742. The business’s fifty day simple moving average is $10.63 and its 200 day simple moving average is $11.04. The company has a quick ratio of 1.69, a current ratio of 1.69 and a debt-to-equity ratio of 0.14. Magic Software Enterprises has a one year low of $8.15 and a one year high of $13.20. The firm has a market capitalization of $573.49 million, a PE ratio of 16.00 and a beta of 1.06.

Magic Software Enterprises (NASDAQ:MGIC) last announced its earnings results on Thursday, May 16th. The software maker reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.02. The firm had revenue of $130.72 million during the quarter, compared to analyst estimates of $126.80 million. Magic Software Enterprises had a return on equity of 16.36% and a net margin of 6.83%. On average, sell-side analysts expect that Magic Software Enterprises will post 0.95 earnings per share for the current year.

Magic Software Enterprises Cuts Dividend

The business also recently disclosed a Semi-Annual dividend, which was paid on Thursday, July 11th. Shareholders of record on Thursday, June 27th were given a $0.204 dividend. This represents a yield of 3.5%. The ex-dividend date was Thursday, June 27th. Magic Software Enterprises’s dividend payout ratio is 56.16%.

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.