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

Magic Software Enterprises Ltd. (NASDAQ:MGIC) was the recipient of a significant decline in short interest in the month of December. As of December 15th, there was short interest totalling 41,100 shares, a decline of 68.2% from the November 30th total of 129,200 shares. Approximately 0.2% of the shares of the company are short sold. Based on an average daily volume of 43,200 shares, the days-to-cover ratio is presently 1.0 days.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on MGIC shares. StockNews.com upgraded shares of Magic Software Enterprises from a “buy” rating to a “strong-buy” rating in a research report on Sunday. Barclays lifted their price target 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 Trading of Magic Software Enterprises

Institutional investors and hedge funds have recently bought and sold shares of the business. Tidal Investments LLC grew its stake in Magic Software Enterprises by 4.6% during the 3rd quarter. Tidal Investments LLC now owns 28,917 shares of the software maker’s stock worth $342,000 after purchasing an additional 1,278 shares in the last quarter. Copeland Capital Management LLC acquired a new stake in Magic Software Enterprises in the third quarter valued at approximately $47,000. Barclays PLC raised its holdings in Magic Software Enterprises by 4,274.4% in the third quarter. Barclays PLC now owns 5,818 shares of the software maker’s stock valued at $69,000 after acquiring an additional 5,685 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new position in Magic Software Enterprises in the third quarter worth approximately $115,000. Finally, Dimensional Fund Advisors LP increased its position in shares of Magic Software Enterprises by 14.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 228,551 shares of the software maker’s stock valued at $2,201,000 after purchasing an additional 29,635 shares during the last quarter. 24.70% of the stock is currently owned by hedge funds and other institutional investors.

Magic Software Enterprises Trading Up 0.2 %

NASDAQ:MGIC traded up $0.02 during trading hours on Thursday, reaching $11.91. 16,010 shares of the stock were exchanged, compared to its average volume of 54,792. Magic Software Enterprises has a twelve month low of $9.38 and a twelve month high of $13.40. The business has a 50-day moving average of $11.59 and a two-hundred day moving average of $11.09. The company has a market capitalization of $584.77 million, a price-to-earnings ratio of 17.01 and a beta of 1.09. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 0.13.

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 issued a dividend of $0.236 per share. This represents a yield of 3.7%. This is a boost from Magic Software Enterprises’s previous semi-annual dividend of $0.20. The ex-dividend date of this dividend is Monday, December 23rd. Magic Software Enterprises’s dividend payout ratio (DPR) is 67.14%.

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.