Short Interest in Magic Software Enterprises Ltd. (NASDAQ:MGIC) Expands By 27.1%

Magic Software Enterprises Ltd. (NASDAQ:MGIC) was the recipient of a significant growth in short interest in November. As of November 15th, there was short interest totalling 21,600 shares, a growth of 27.1% from the October 31st total of 17,000 shares. Based on an average trading volume of 48,200 shares, the short-interest ratio is currently 0.4 days. Currently, 0.1% of the company’s shares are sold short.

Wall Street Analysts Forecast Growth

MGIC has been the topic of several research analyst reports. Barclays increased their price objective on Magic Software Enterprises from $14.00 to $15.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 19th. StockNews.com cut shares of Magic Software Enterprises from a “strong-buy” rating to a “buy” rating in a research report on Thursday.

Institutional Trading of Magic Software Enterprises

Hedge funds and other institutional investors have recently made changes to their positions in the business. Inspire Investing LLC acquired a new stake in shares of Magic Software Enterprises during the third quarter worth $880,000. Y.D. More Investments Ltd purchased a new position in Magic Software Enterprises in the 2nd quarter worth $1,451,000. Assenagon Asset Management S.A. acquired a new stake in Magic Software Enterprises during the 3rd quarter worth about $1,675,000. Acadian Asset Management LLC grew its stake in Magic Software Enterprises by 2,254.6% during the 2nd quarter. Acadian Asset Management LLC now owns 68,447 shares of the software maker’s stock valued at $653,000 after purchasing an additional 65,540 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Magic Software Enterprises by 14.9% in the second quarter. Dimensional Fund Advisors LP now owns 228,551 shares of the software maker’s stock valued at $2,201,000 after purchasing an additional 29,635 shares during the period. Hedge funds and other institutional investors own 24.70% of the company’s stock.

Magic Software Enterprises Price Performance

MGIC opened at $12.58 on Monday. The firm has a market capitalization of $617.68 million, a PE ratio of 17.97 and a beta of 1.08. 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’s 50-day moving average is $11.32 and its two-hundred day moving average is $10.91. Magic Software Enterprises has a 1 year low of $9.00 and a 1 year high of $13.40.

Magic Software Enterprises Increases Dividend

The company also recently disclosed a semi-annual dividend, which will be paid on Wednesday, January 8th. Investors of record on Monday, December 23rd will be paid a dividend of $0.236 per share. This represents a dividend yield of 3.7%. The ex-dividend date is Monday, December 23rd. This is a positive change from Magic Software Enterprises’s previous semi-annual dividend of $0.20. 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.