Short Interest in Magic Software Enterprises Ltd. (NASDAQ:MGIC) Declines By 21.3%

Magic Software Enterprises Ltd. (NASDAQ:MGIC) saw a significant decline in short interest in the month of October. As of October 31st, there was short interest totalling 17,000 shares, a decline of 21.3% from the October 15th total of 21,600 shares. Based on an average daily trading volume, of 49,800 shares, the days-to-cover ratio is currently 0.3 days. Currently, 0.1% of the company’s shares are sold short.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in MGIC. Copeland Capital Management LLC acquired a new stake in Magic Software Enterprises in the 3rd quarter valued at approximately $47,000. Barclays PLC boosted its stake 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 buying an additional 5,685 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new stake in shares of Magic Software Enterprises in the third quarter valued at about $115,000. CANADA LIFE ASSURANCE Co boosted its position in Magic Software Enterprises by 722.2% during the first quarter. CANADA LIFE ASSURANCE Co now owns 15,334 shares of the software maker’s stock valued at $177,000 after purchasing an additional 13,469 shares during the last quarter. Finally, Quadrature Capital Ltd bought a new position in Magic Software Enterprises in the first quarter valued at approximately $593,000. Institutional investors and hedge funds own 24.70% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, StockNews.com downgraded Magic Software Enterprises from a “strong-buy” rating to a “buy” rating in a research note on Tuesday.

Magic Software Enterprises Stock Down 1.4 %

Magic Software Enterprises stock traded down $0.16 during mid-day trading on Friday, hitting $11.42. 36,928 shares of the company’s stock were exchanged, compared to its average volume of 54,034. The stock has a market cap of $560.72 million, a P/E ratio of 16.79 and a beta of 1.08. The stock has a 50 day moving average of $11.26 and a two-hundred day moving average of $10.99. Magic Software Enterprises has a 1-year low of $8.40 and a 1-year high of $12.99. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 0.13.

Magic Software Enterprises (NASDAQ:MGIC) last released its earnings results on Wednesday, August 14th. The software maker reported $0.24 EPS for the quarter, beating the consensus estimate of $0.22 by $0.02. Magic Software Enterprises had a net margin of 6.41% and a return on equity of 15.63%. The firm had revenue of $136.25 million during the quarter, compared to analysts’ expectations of $132.10 million. During the same period in the prior year, the company earned $0.28 EPS. As a group, analysts anticipate that Magic Software Enterprises will post 0.95 EPS for the current fiscal year.

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.