Magic Software Enterprises Ltd (NASDAQ:MGIC) was the recipient of a significant increase in short interest in August. As of August 31st, there was short interest totalling 51,600 shares, an increase of 356.6% from the July 31st total of 11,300 shares. Currently, 0.2% of the company’s stock are short sold. Based on an average daily volume of 20,100 shares, the short-interest ratio is presently 2.6 days.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Optimum Investment Advisors purchased a new position in shares of Magic Software Enterprises during the second quarter worth about $27,000. BlackRock Inc. lifted its holdings in shares of Magic Software Enterprises by 286.9% in the 2nd quarter. BlackRock Inc. now owns 6,310 shares of the software maker’s stock valued at $57,000 after purchasing an additional 4,679 shares during the last quarter. Morgan Stanley boosted its position in shares of Magic Software Enterprises by 21.1% in the 2nd quarter. Morgan Stanley now owns 8,425 shares of the software maker’s stock valued at $76,000 after purchasing an additional 1,466 shares during the period. Opus Capital Group LLC acquired a new stake in shares of Magic Software Enterprises in the 2nd quarter valued at about $193,000. Finally, Connor Clark & Lunn Investment Management Ltd. grew its stake in Magic Software Enterprises by 11.6% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 23,574 shares of the software maker’s stock worth $211,000 after buying an additional 2,450 shares during the last quarter. Institutional investors own 16.07% of the company’s stock.

Several equities analysts recently commented on MGIC shares. ValuEngine lowered Magic Software Enterprises from a “buy” rating to a “hold” rating in a report on Thursday, July 11th. BidaskClub raised Magic Software Enterprises from a “sell” rating to a “hold” rating in a research report on Wednesday, June 26th. HC Wainwright reiterated a “buy” rating and issued a $10.00 price objective on shares of Magic Software Enterprises in a report on Thursday, May 23rd. Finally, Zacks Investment Research upgraded Magic Software Enterprises from a “hold” rating to a “buy” rating and set a $10.00 price objective on the stock in a report on Saturday, August 17th.

Magic Software Enterprises stock traded up $0.12 during mid-day trading on Wednesday, hitting $9.42. The company had a trading volume of 23,959 shares, compared to its average volume of 29,474. The company has a quick ratio of 3.41, a current ratio of 3.41 and a debt-to-equity ratio of 0.08. Magic Software Enterprises has a 1 year low of $7.29 and a 1 year high of $10.20. The business has a fifty day moving average of $9.09 and a 200 day moving average of $8.92. The stock has a market cap of $460.55 million, a price-to-earnings ratio of 17.13 and a beta of 0.93.

Magic Software Enterprises (NASDAQ:MGIC) last issued its quarterly earnings data on Tuesday, August 13th. The software maker reported $0.14 earnings per share for the quarter, hitting the consensus estimate of $0.14. The business had revenue of $77.06 million during the quarter, compared to the consensus estimate of $76.55 million. Magic Software Enterprises had a net margin of 6.74% and a return on equity of 10.43%. Equities analysts anticipate that Magic Software Enterprises will post 0.59 earnings per share for the current year.

The business also recently declared a Semi-Annual dividend, which will be paid on Thursday, September 12th. Investors of record on Tuesday, August 27th will be given a $0.156 dividend. The ex-dividend date is Monday, August 26th. This is a boost from Magic Software Enterprises’s previous Semi-Annual dividend of $0.09. Magic Software Enterprises’s payout ratio is 56.36%.

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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