Magic Software Enterprises Ltd. (NASDAQ:MGIC) Short Interest Down 68.2% in December

Magic Software Enterprises Ltd. (NASDAQ:MGIC) was the target of a large decrease in short interest in December. As of December 15th, there was short interest totalling 41,100 shares, a decrease of 68.2% from the November 30th total of 129,200 shares. Based on an average trading volume of 43,200 shares, the days-to-cover ratio is currently 1.0 days. Currently, 0.2% of the company’s shares are short sold.

Hedge Funds Weigh In On Magic Software Enterprises

Several institutional investors and hedge funds have recently modified their holdings of the stock. Acadian Asset Management LLC lifted its position in shares of Magic Software Enterprises by 2,254.6% in the second quarter. Acadian Asset Management LLC now owns 68,447 shares of the software maker’s stock worth $653,000 after buying an additional 65,540 shares during the last quarter. Y.D. More Investments Ltd acquired a new stake in Magic Software Enterprises in the 2nd quarter valued at $1,451,000. Dimensional Fund Advisors LP grew its holdings in shares of Magic Software Enterprises by 14.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 228,551 shares of the software maker’s stock worth $2,201,000 after purchasing an additional 29,635 shares during the last quarter. Inspire Investing LLC bought a new stake in Magic Software Enterprises during the third quarter worth about $880,000. Finally, Copeland Capital Management LLC acquired a new stake in Magic Software Enterprises during the 3rd quarter valued at $47,000. 24.70% of the stock is currently owned by hedge funds and other institutional investors.

Magic Software Enterprises Stock Down 1.3 %

Shares of NASDAQ MGIC traded down $0.15 during mid-day trading on Friday, reaching $11.68. The company had a trading volume of 17,962 shares, compared to its average volume of 54,670. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.76 and a current ratio of 1.76. The company has a market capitalization of $573.48 million, a price-to-earnings ratio of 16.69 and a beta of 1.09. The stock has a fifty day moving average of $11.61 and a two-hundred day moving average of $11.09. Magic Software Enterprises has a 12-month low of $9.38 and a 12-month high of $13.40.

Magic Software Enterprises Increases Dividend

The business also recently announced a semi-annual dividend, which will be paid on Wednesday, January 8th. Shareholders of record on Monday, December 23rd will be given a $0.236 dividend. This is an increase from Magic Software Enterprises’s previous semi-annual dividend of $0.20. The ex-dividend date of this dividend is Monday, December 23rd. This represents a yield of 3.7%. Magic Software Enterprises’s dividend payout ratio is presently 67.14%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on MGIC shares. Barclays lifted their price objective on shares of 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 upgraded Magic Software Enterprises from a “buy” rating to a “strong-buy” rating in a report on Sunday, December 22nd.

Magic Software Enterprises Company Profile

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.