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

Magic Software Enterprises Ltd. (NASDAQ:MGIC) was the target of a large increase in short interest during the month of November. As of November 15th, there was short interest totalling 21,600 shares, an increase of 27.1% from the October 31st total of 17,000 shares. Currently, 0.1% of the shares of the company are short sold. Based on an average daily volume of 48,200 shares, the short-interest ratio is presently 0.4 days.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Inspire Investing LLC bought a new position in Magic Software Enterprises in the 3rd quarter valued at about $880,000. Y.D. More Investments Ltd bought a new position in Magic Software Enterprises in the second quarter valued at approximately $1,451,000. Assenagon Asset Management S.A. bought a new position in Magic Software Enterprises in the third quarter valued at approximately $1,675,000. Acadian Asset Management LLC raised its position in Magic Software Enterprises by 2,254.6% during the second quarter. Acadian Asset Management LLC now owns 68,447 shares of the software maker’s stock valued at $653,000 after purchasing an additional 65,540 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Magic Software Enterprises by 14.9% during the second quarter. Dimensional Fund Advisors LP now owns 228,551 shares of the software maker’s stock worth $2,201,000 after purchasing an additional 29,635 shares during the last quarter. Institutional investors and hedge funds own 24.70% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have commented on the company. Barclays upped 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. StockNews.com lowered shares of Magic Software Enterprises from a “strong-buy” rating to a “buy” rating in a research report on Thursday.

Magic Software Enterprises Price Performance

Shares of MGIC stock traded up $0.63 during trading on Friday, hitting $12.58. The company had a trading volume of 185,578 shares, compared to its average volume of 55,129. The stock’s 50-day moving average price is $11.32 and its 200 day moving average price is $10.93. Magic Software Enterprises has a one year low of $9.00 and a one year high of $13.40. 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 has a market capitalization of $617.67 million, a P/E ratio of 17.97 and a beta of 1.08.

Magic Software Enterprises Increases Dividend

The business also recently declared a semi-annual dividend, which will be paid on Wednesday, January 8th. Investors of record on Monday, December 23rd will be given a $0.236 dividend. The ex-dividend date is Monday, December 23rd. This represents a dividend yield of 3.7%. This is a boost from Magic Software Enterprises’s previous semi-annual dividend of $0.20. Magic Software Enterprises’s dividend payout ratio (DPR) is presently 67.14%.

Magic Software Enterprises Company Profile

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.