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

Magic Software Enterprises Ltd. (NASDAQ:MGIC) was the recipient of a large decrease in short interest in 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. Approximately 0.1% of the company’s stock are sold short. Based on an average trading volume of 49,800 shares, the short-interest ratio is currently 0.3 days.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of MGIC. Copeland Capital Management LLC purchased a new stake in shares of Magic Software Enterprises during the 3rd quarter worth about $47,000. Barclays PLC raised 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 valued at $69,000 after acquiring an additional 5,685 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new stake in Magic Software Enterprises in the third quarter valued at approximately $115,000. CANADA LIFE ASSURANCE Co grew its position in Magic Software Enterprises by 722.2% in the first quarter. CANADA LIFE ASSURANCE Co now owns 15,334 shares of the software maker’s stock worth $177,000 after acquiring an additional 13,469 shares in the last quarter. Finally, Quadrature Capital Ltd acquired a new position in shares of Magic Software Enterprises during the 1st quarter worth $593,000. Hedge funds and other institutional investors own 24.70% of the company’s stock.

Magic Software Enterprises Stock Down 1.4 %

Magic Software Enterprises stock opened at $11.42 on Friday. Magic Software Enterprises has a twelve month low of $8.40 and a twelve month high of $12.99. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.66 and a current ratio of 1.66. The firm has a market cap of $560.71 million, a PE ratio of 16.79 and a beta of 1.08. The firm’s 50 day moving average price is $11.28 and its two-hundred day moving average price is $10.99.

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

Wall Street Analysts Forecast Growth

Separately, StockNews.com cut Magic Software Enterprises from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, November 12th.

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.