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

Magic Software Enterprises Ltd. (NASDAQ:MGIC) saw a significant increase in short interest in the month of November. As of November 15th, there was short interest totalling 21,600 shares, an increase of 27.1% from the October 31st total of 17,000 shares. Approximately 0.1% of the shares of the company are short sold. Based on an average daily trading volume, of 48,200 shares, the days-to-cover ratio is currently 0.4 days.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on MGIC. StockNews.com cut Magic Software Enterprises from a “strong-buy” rating to a “buy” rating in a report on Thursday. Barclays lifted their price objective on Magic Software Enterprises from $14.00 to $15.00 and gave the company an “overweight” rating in a research note on Tuesday, November 19th.

Institutional Investors Weigh In On Magic Software Enterprises

Several hedge funds have recently made changes to their positions in the business. Tidal Investments LLC lifted its position in Magic Software Enterprises by 4.6% in the third quarter. Tidal Investments LLC now owns 28,917 shares of the software maker’s stock valued at $342,000 after purchasing an additional 1,278 shares during the period. Barclays PLC grew its position in Magic Software Enterprises by 4,274.4% during the third quarter. Barclays PLC now owns 5,818 shares of the software maker’s stock worth $69,000 after buying an additional 5,685 shares during the period. Public Employees Retirement System of Ohio purchased a new stake in shares of Magic Software Enterprises during the 3rd quarter worth approximately $115,000. Assenagon Asset Management S.A. acquired a new position in shares of Magic Software Enterprises during the 3rd quarter worth $1,675,000. Finally, Copeland Capital Management LLC purchased a new position in Magic Software Enterprises during the 3rd quarter valued at about $47,000. Institutional investors and hedge funds own 24.70% of the company’s stock.

Magic Software Enterprises Stock Down 2.1 %

Shares of Magic Software Enterprises stock traded down $0.26 during trading on Monday, hitting $12.32. 61,381 shares of the stock were exchanged, compared to its average volume of 55,152. 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 firm’s 50-day moving average price is $11.32 and its 200 day moving average price is $10.91. The stock has a market cap of $604.91 million, a price-to-earnings ratio of 17.97 and a beta of 1.08. Magic Software Enterprises has a 12-month low of $9.00 and a 12-month high of $13.40.

Magic Software Enterprises Increases Dividend

The company also recently announced a semi-annual dividend, which will be paid on Wednesday, January 8th. Investors of record on Monday, December 23rd will be given a $0.236 dividend. The ex-dividend date of this dividend is Monday, December 23rd. This is a boost from Magic Software Enterprises’s previous semi-annual dividend of $0.20. This represents a dividend yield of 3.7%. Magic Software Enterprises’s dividend payout ratio is 58.57%.

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.