Magic Software Enterprises Ltd. (NASDAQ:MGIC) Sees Significant Increase in Short Interest

Magic Software Enterprises Ltd. (NASDAQ:MGIC) saw a significant increase in short interest during the month of February. As of February 15th, there was short interest totalling 79,200 shares, an increase of 164.0% from the January 31st total of 30,000 shares. Based on an average daily volume of 49,300 shares, the days-to-cover ratio is currently 1.6 days. Approximately 0.4% of the company’s shares are short sold.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. IFP Advisors Inc increased its position in shares of Magic Software Enterprises by 100.0% during the 4th quarter. IFP Advisors Inc now owns 4,000 shares of the software maker’s stock valued at $48,000 after purchasing an additional 2,000 shares during the last quarter. Barclays PLC lifted its holdings in shares of Magic Software Enterprises by 4,274.4% during the third quarter. Barclays PLC now owns 5,818 shares of the software maker’s stock valued at $69,000 after purchasing an additional 5,685 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new stake in Magic Software Enterprises during the 3rd quarter valued at about $115,000. Altshuler Shaham Ltd bought a new position in shares of Magic Software Enterprises during the fourth quarter valued at $138,000. Finally, Man Group plc purchased a new stake in Magic Software Enterprises in the fourth quarter worth approximately $145,000. 24.70% of the stock is owned by institutional investors.

Magic Software Enterprises Stock Performance

Shares of MGIC traded up $0.05 during mid-day trading on Friday, hitting $12.30. The stock had a trading volume of 14,998 shares, compared to its average volume of 40,344. The firm has a market cap of $603.92 million, a P/E ratio of 17.57 and a beta of 1.11. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.76 and a quick ratio of 1.76. The business has a fifty day moving average price of $12.47 and a 200-day moving average price of $11.72. Magic Software Enterprises has a 52 week low of $9.51 and a 52 week high of $13.46.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. StockNews.com cut shares of Magic Software Enterprises from a “strong-buy” rating to a “buy” rating in a research report on Wednesday. Barclays raised their price objective on shares of Magic Software Enterprises from $14.00 to $15.00 and gave the company an “overweight” rating in a research note 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.