Short Interest in Magic Software Enterprises Ltd. (NASDAQ:MGIC) Declines By 38.9%

Magic Software Enterprises Ltd. (NASDAQ:MGIC) was the target of a significant decline in short interest in the month of January. As of January 15th, there was short interest totalling 25,100 shares, a decline of 38.9% from the December 31st total of 41,100 shares. Based on an average trading volume of 43,400 shares, the days-to-cover ratio is presently 0.6 days. Approximately 0.1% of the shares of the company are short sold.

Hedge Funds Weigh In On Magic Software Enterprises

Hedge funds have recently modified their holdings of the stock. Tidal Investments LLC boosted 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 buying an additional 1,278 shares in the last quarter. Copeland Capital Management LLC bought a new position in Magic Software Enterprises in the 3rd quarter valued at $47,000. Barclays PLC boosted 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 worth $69,000 after purchasing an additional 5,685 shares in the last quarter. Public Employees Retirement System of Ohio bought a new stake in shares of Magic Software Enterprises during the third quarter worth $115,000. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Magic Software Enterprises by 14.9% in the second quarter. Dimensional Fund Advisors LP now owns 228,551 shares of the software maker’s stock valued at $2,201,000 after buying an additional 29,635 shares during the last quarter. 24.70% of the stock is owned by institutional investors and hedge funds.

Magic Software Enterprises Price Performance

Shares of MGIC stock traded up $0.35 during mid-day trading on Wednesday, reaching $12.82. The company’s stock had a trading volume of 48,318 shares, compared to its average volume of 43,619. 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 firm’s 50-day moving average is $12.09 and its two-hundred day moving average is $11.41. Magic Software Enterprises has a 1-year low of $9.51 and a 1-year high of $13.40. The company has a market cap of $629.46 million, a P/E ratio of 18.31 and a beta of 1.10.

Magic Software Enterprises Increases Dividend

The business also recently disclosed a semi-annual dividend, which was paid on Wednesday, January 8th. Shareholders of record on Monday, December 23rd were issued a dividend of $0.236 per share. This represents a yield of 3.7%. This is an increase from Magic Software Enterprises’s previous semi-annual dividend of $0.20. The ex-dividend date of this dividend was Monday, December 23rd. Magic Software Enterprises’s payout ratio is presently 67.14%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. StockNews.com upgraded shares of Magic Software Enterprises from a “buy” rating to a “strong-buy” rating in a research report on Sunday, December 22nd. Barclays upped their price target on Magic Software Enterprises from $14.00 to $15.00 and gave the company an “overweight” rating in a report on Tuesday, November 19th.

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.