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

Magic Software Enterprises Ltd. (NASDAQ:MGIC) saw a significant increase in short interest in February. As of February 15th, there was short interest totalling 79,200 shares, an increase of 164.0% from the January 31st total of 30,000 shares. Based on an average daily volume of 49,300 shares, the days-to-cover ratio is presently 1.6 days. Approximately 0.4% of the company’s shares are short sold.

Institutional Trading of Magic Software Enterprises

A number of hedge funds have recently bought and sold shares of MGIC. Assenagon Asset Management S.A. purchased a new position in shares of Magic Software Enterprises in the 3rd quarter valued at $1,675,000. JPMorgan Chase & Co. boosted its position in Magic Software Enterprises by 77.4% during the third quarter. JPMorgan Chase & Co. now owns 93,166 shares of the software maker’s stock valued at $1,101,000 after purchasing an additional 40,642 shares in the last quarter. Barclays PLC grew its stake 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 purchasing an additional 5,685 shares during the last quarter. Tidal Investments LLC raised its holdings 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 worth $342,000 after purchasing an additional 1,278 shares in the last quarter. Finally, Altshuler Shaham Ltd purchased a new stake in shares of Magic Software Enterprises during the fourth quarter valued at about $138,000. Hedge funds and other institutional investors own 24.70% of the company’s stock.

Wall Street Analysts Forecast Growth

MGIC has been the subject of a number of research analyst reports. StockNews.com lowered Magic Software Enterprises from a “strong-buy” rating to a “buy” rating in a research report on Wednesday. Barclays lifted their price objective on Magic Software Enterprises from $14.00 to $15.00 and gave the company an “overweight” rating in a report on Tuesday, November 19th.

Magic Software Enterprises Price Performance

Shares of MGIC opened at $12.25 on Friday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.76 and a current ratio of 1.76. The company has a 50 day moving average price of $12.45 and a 200-day moving average price of $11.70. Magic Software Enterprises has a fifty-two week low of $9.51 and a fifty-two week high of $13.46. The stock has a market capitalization of $601.46 million, a PE ratio of 17.50 and a beta of 1.11.

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.