Magic Software Enterprises Ltd (NASDAQ:MGIC) was the target of a large decrease in short interest in the month of July. As of July 31st, there was short interest totalling 11,300 shares, a decrease of 55.5% from the June 30th total of 25,400 shares. Currently, 0.1% of the shares of the stock are sold short. Based on an average daily volume of 15,000 shares, the days-to-cover ratio is currently 0.8 days.

A number of large investors have recently added to or reduced their stakes in the business. Harel Insurance Investments & Financial Services Ltd. lifted its holdings in Magic Software Enterprises by 4.3% in the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,854,066 shares of the software maker’s stock valued at $16,631,000 after purchasing an additional 75,615 shares in the last quarter. Delek Group Ltd. lifted its holdings in shares of Magic Software Enterprises by 15.4% during the 1st quarter. Delek Group Ltd. now owns 555,755 shares of the software maker’s stock worth $4,623,000 after acquiring an additional 73,978 shares during the period. Renaissance Technologies LLC lifted its holdings in shares of Magic Software Enterprises by 2.1% during the 2nd quarter. Renaissance Technologies LLC now owns 419,134 shares of the software maker’s stock worth $3,760,000 after acquiring an additional 8,769 shares during the period. Naples Global Advisors LLC lifted its holdings in shares of Magic Software Enterprises by 4.0% during the 2nd quarter. Naples Global Advisors LLC now owns 139,999 shares of the software maker’s stock worth $1,256,000 after acquiring an additional 5,350 shares during the period. Finally, Menora Mivtachim Holdings LTD. lifted its holdings in shares of Magic Software Enterprises by 3.9% during the 1st quarter. Menora Mivtachim Holdings LTD. now owns 126,678 shares of the software maker’s stock worth $1,059,000 after acquiring an additional 4,727 shares during the period. Institutional investors own 15.63% of the company’s stock.

MGIC has been the topic of several recent research reports. Zacks Investment Research upgraded shares of Magic Software Enterprises from a “sell” rating to a “hold” rating in a research report on Tuesday, July 16th. HC Wainwright reiterated a “buy” rating and issued a $10.00 price objective on shares of Magic Software Enterprises in a research report on Thursday, May 23rd. ValuEngine lowered shares of Magic Software Enterprises from a “buy” rating to a “hold” rating in a research report on Thursday, July 11th. Finally, BidaskClub upgraded shares of Magic Software Enterprises from a “sell” rating to a “hold” rating in a research report on Wednesday, June 26th.

Magic Software Enterprises stock opened at $8.56 on Wednesday. Magic Software Enterprises has a 52 week low of $7.29 and a 52 week high of $10.20. The company has a quick ratio of 3.50, a current ratio of 3.50 and a debt-to-equity ratio of 0.08. The stock has a 50-day simple moving average of $8.95. The stock has a market cap of $430.24 million, a price-to-earnings ratio of 15.56 and a beta of 0.95.

Magic Software Enterprises (NASDAQ:MGIC) last released its quarterly earnings data on Tuesday, August 13th. The software maker reported $0.14 EPS for the quarter, hitting the consensus estimate of $0.14. The business had revenue of $77.06 million for the quarter, compared to analyst estimates of $76.55 million. Magic Software Enterprises had a net margin of 7.21% and a return on equity of 10.83%. As a group, research analysts forecast that Magic Software Enterprises will post 0.59 earnings per share for the current fiscal year.

Magic Software Enterprises Company Profile

Magic Software Enterprises Ltd. provides proprietary application development, business process integration, vertical software solutions, and IT outsourcing software services in Israel and internationally. The company's Software Services segment develops, markets, sells, and supports a proprietary and none proprietary application platform, software applications, and business and process integration solutions and related services.

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