Magic Software Enterprises Ltd. (NASDAQ:MGIC) Short Interest Down 19.8% in December

Magic Software Enterprises Ltd. (NASDAQ:MGIC – Get Rating) saw a significant decline in short interest in December. As of December 30th, there was short interest totalling 16,600 shares, a decline of 19.8% from the December 15th total of 20,700 shares. Based on an average daily volume of 15,900 shares, the short-interest ratio is presently 1.0 days. Currently, 0.1% of the shares of the company are short sold.

Magic Software Enterprises Price Performance

NASDAQ MGIC opened at $15.62 on Friday. The company has a market capitalization of $766.52 million, a PE ratio of 24.41 and a beta of 1.18. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.97 and a current ratio of 1.97. The business’s fifty day moving average is $16.31 and its 200 day moving average is $16.81. Magic Software Enterprises has a fifty-two week low of $14.01 and a fifty-two week high of $20.24.

Magic Software Enterprises (NASDAQ:MGIC – Get Rating) last released its earnings results on Monday, November 14th. The software maker reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.01. The company had revenue of $143.96 million for the quarter, compared to the consensus estimate of $131.70 million. Magic Software Enterprises had a return on equity of 18.81% and a net margin of 5.99%. Sell-side analysts predict that Magic Software Enterprises will post 1.03 earnings per share for the current year.

Institutional Investors Weigh In On Magic Software Enterprises

A number of institutional investors and hedge funds have recently bought and sold shares of MGIC. Royal Bank of Canada raised its holdings in Magic Software Enterprises by 666.7% during the first quarter. Royal Bank of Canada now owns 2,300 shares of the software maker’s stock valued at $39,000 after acquiring an additional 2,000 shares during the period. Lazard Asset Management LLC raised its holdings in Magic Software Enterprises by 25.2% during the second quarter. Lazard Asset Management LLC now owns 6,176 shares of the software maker’s stock valued at $109,000 after acquiring an additional 1,245 shares during the period. Van ECK Associates Corp raised its holdings in Magic Software Enterprises by 9.9% during the second quarter. Van ECK Associates Corp now owns 6,161 shares of the software maker’s stock valued at $109,000 after acquiring an additional 555 shares during the period. Bank of America Corp DE raised its holdings in Magic Software Enterprises by 114.3% during the first quarter. Bank of America Corp DE now owns 10,941 shares of the software maker’s stock valued at $189,000 after acquiring an additional 5,836 shares during the period. Finally, Eqis Capital Management Inc. raised its holdings in Magic Software Enterprises by 30.7% during the third quarter. Eqis Capital Management Inc. now owns 14,903 shares of the software maker’s stock valued at $232,000 after acquiring an additional 3,501 shares during the period. 18.24% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Magic Software Enterprises Company Profile

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Magic Software Enterprises Ltd. provides proprietary application development, business process integration, vertical software solutions, and information technologies (IT) outsourcing software services in Israel and internationally. The company's Software Services segment develops, markets, sells, and supports application platform, software applications, and business and process integration solutions and related services.