Magic Software Enterprises Ltd. (NASDAQ:MGIC) Short Interest Up 27.1% in November

Magic Software Enterprises Ltd. (NASDAQ:MGIC) saw a significant increase in short interest in 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. Based on an average trading volume of 48,200 shares, the days-to-cover ratio is currently 0.4 days. Approximately 0.1% of the shares of the company are short sold.

Wall Street Analyst Weigh In

Several research firms have commented on MGIC. Barclays upped their price objective on Magic Software Enterprises from $14.00 to $15.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 19th. StockNews.com downgraded shares of Magic Software Enterprises from a “strong-buy” rating to a “buy” rating in a report on Thursday.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Tidal Investments LLC raised its position in Magic Software Enterprises by 4.6% during the third quarter. Tidal Investments LLC now owns 28,917 shares of the software maker’s stock worth $342,000 after acquiring an additional 1,278 shares during the period. Barclays PLC raised its position in shares of Magic Software Enterprises by 4,274.4% during the 3rd quarter. Barclays PLC now owns 5,818 shares of the software maker’s stock worth $69,000 after purchasing an additional 5,685 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new position in Magic Software Enterprises in the 3rd quarter valued at about $115,000. Assenagon Asset Management S.A. acquired a new stake in Magic Software Enterprises in the 3rd quarter worth about $1,675,000. Finally, Copeland Capital Management LLC purchased a new stake in Magic Software Enterprises during the 3rd quarter worth approximately $47,000. Hedge funds and other institutional investors own 24.70% of the company’s stock.

Magic Software Enterprises Price Performance

Shares of Magic Software Enterprises stock opened at $12.58 on Monday. The firm has a market cap of $617.68 million, a PE ratio of 17.97 and a beta of 1.08. Magic Software Enterprises has a twelve month low of $9.00 and a twelve month high of $13.40. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 0.13. The business has a 50-day moving average price of $11.32 and a 200 day moving average price of $10.91.

Magic Software Enterprises Increases Dividend

The firm also recently disclosed a semi-annual dividend, which will be paid on Wednesday, January 8th. Stockholders of record on Monday, December 23rd will be given a $0.236 dividend. The ex-dividend date of this dividend is Monday, December 23rd. This is a boost from Magic Software Enterprises’s previous semi-annual dividend of $0.20. This represents a dividend yield of 3.7%. Magic Software Enterprises’s payout ratio is 58.57%.

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.