Magic Software Enterprises Ltd. (NASDAQ:MGIC) Short Interest Update

Magic Software Enterprises Ltd. (NASDAQ:MGIC) was the recipient of a large drop in short interest in the month of December. As of December 31st, there was short interest totaling 101,914 shares, a drop of 16.9% from the December 15th total of 122,570 shares. Based on an average trading volume of 45,074 shares, the short-interest ratio is currently 2.3 days. Based on an average trading volume of 45,074 shares, the short-interest ratio is currently 2.3 days.

Magic Software Enterprises Stock Down 5.3%

Shares of NASDAQ:MGIC opened at $25.91 on Wednesday. Magic Software Enterprises has a 52-week low of $11.65 and a 52-week high of $28.00. The stock has a market cap of $1.34 billion, a P/E ratio of 31.99 and a beta of 0.72. The business has a fifty day moving average of $25.53 and a two-hundred day moving average of $22.27. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.11.

Magic Software Enterprises (NASDAQ:MGIC) last announced its quarterly earnings results on Tuesday, November 18th. The software maker reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.29 by ($0.04). Magic Software Enterprises had a net margin of 6.61% and a return on equity of 16.28%. The firm had revenue of $161.70 million for the quarter, compared to analyst estimates of $154.80 million. On average, research analysts expect that Magic Software Enterprises will post 0.95 earnings per share for the current year.

Magic Software Enterprises Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 30th. Investors of record on Monday, December 15th were issued a $0.151 dividend. The ex-dividend date was Monday, December 15th. This represents a $0.60 dividend on an annualized basis and a yield of 2.3%. Magic Software Enterprises’s dividend payout ratio is currently 74.07%.

Analyst Ratings Changes

MGIC has been the topic of a number of recent analyst reports. Wall Street Zen upgraded Magic Software Enterprises from a “hold” rating to a “buy” rating in a research report on Saturday, December 20th. Weiss Ratings restated a “hold (c)” rating on shares of Magic Software Enterprises in a research report on Monday, December 29th. Finally, Zacks Research lowered Magic Software Enterprises from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 13th. One analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $18.00.

Institutional Investors Weigh In On Magic Software Enterprises

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Raymond James Financial Inc. purchased a new stake in shares of Magic Software Enterprises in the 2nd quarter valued at $33,000. Quent Capital LLC acquired a new position in Magic Software Enterprises in the 3rd quarter valued at about $41,000. State of Tennessee Department of Treasury purchased a new stake in Magic Software Enterprises during the second quarter worth about $46,000. CWM LLC increased its stake in Magic Software Enterprises by 1,045.5% during the third quarter. CWM LLC now owns 2,291 shares of the software maker’s stock worth $47,000 after purchasing an additional 2,091 shares during the period. Finally, IFP Advisors Inc lifted its position in shares of Magic Software Enterprises by 38.8% during the third quarter. IFP Advisors Inc now owns 2,775 shares of the software maker’s stock worth $57,000 after purchasing an additional 775 shares in the last quarter. Hedge funds and other institutional investors own 24.70% of the company’s stock.

About Magic Software Enterprises

Magic Software Enterprises Ltd. is a global provider of enterprise software solutions that enable organizations to develop, integrate and manage business applications across cloud and on-premises environments. Serving clients in industries such as financial services, healthcare, manufacturing and distribution, the company’s platforms are designed to accelerate digital transformation by streamlining the creation of web, desktop and mobile applications while ensuring seamless data flow between disparate systems.

The company’s flagship offering, the Magic xpa Application Platform, provides a low-code development environment that simplifies the design, deployment and maintenance of enterprise applications.