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

Magic Software Enterprises Ltd. (NASDAQ:MGIC) was the target of a large decrease in short interest during the month of October. As of October 31st, there was short interest totalling 17,000 shares, a decrease of 21.3% from the October 15th total of 21,600 shares. Based on an average daily trading volume, of 49,800 shares, the days-to-cover ratio is currently 0.3 days. Approximately 0.1% of the shares of the stock are short sold.

Analyst Upgrades and Downgrades

Separately, StockNews.com lowered Magic Software Enterprises from a “strong-buy” rating to a “buy” rating in a research report on Tuesday.

Magic Software Enterprises Trading Down 1.4 %

Shares of NASDAQ:MGIC traded down $0.16 during trading on Friday, reaching $11.42. The stock had a trading volume of 36,928 shares, compared to its average volume of 54,034. The stock has a market cap of $560.72 million, a price-to-earnings ratio of 16.79 and a beta of 1.08. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.66 and a current ratio of 1.66. Magic Software Enterprises has a 52 week low of $8.40 and a 52 week high of $12.99. The firm’s fifty day moving average is $11.26 and its 200 day moving average is $10.99.

Magic Software Enterprises (NASDAQ:MGIC) last announced its quarterly earnings data on Wednesday, August 14th. The software maker reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.02. Magic Software Enterprises had a return on equity of 15.63% and a net margin of 6.41%. The company had revenue of $136.25 million for the quarter, compared to the consensus estimate of $132.10 million. During the same period in the previous year, the business earned $0.28 EPS. As a group, equities analysts forecast that Magic Software Enterprises will post 0.95 EPS for the current fiscal year.

Hedge Funds Weigh In On Magic Software Enterprises

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Barclays PLC increased its holdings in Magic Software Enterprises by 4,274.4% during the 3rd quarter. Barclays PLC now owns 5,818 shares of the software maker’s stock worth $69,000 after purchasing an additional 5,685 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new stake in Magic Software Enterprises in the 3rd quarter valued at about $115,000. Assenagon Asset Management S.A. purchased a new position in shares of Magic Software Enterprises in the 3rd quarter worth approximately $1,675,000. Copeland Capital Management LLC bought a new position in shares of Magic Software Enterprises in the third quarter valued at approximately $47,000. Finally, Inspire Investing LLC bought a new position in Magic Software Enterprises in the 3rd quarter valued at $880,000. Institutional investors own 24.70% of the company’s stock.

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.