Magic Software Enterprises Ltd. (NASDAQ: MGIC – Get a rating) benefited from a significant increase in short-term interest during the month of April. As of April 30, there was short interest totaling 15,700 shares, an increase of 23.6% from the April 15 total of 12,700 shares. Based on an average trading volume of 21,400 shares, the short-term interest rate ratio is currently 0.7 days. Currently, 0.1% of the stock’s shares are sold short.
Shares of NASDAQ: MGIC traded down $0.29 in Thursday’s midday session, hitting $17.00. 316 shares were traded, against an average volume of 21,158. The stock has a market capitalization of $834.19 million, a price-to-earnings ratio of 30.88 and a beta of 1.28. The company has a debt ratio of 0.08, a quick ratio of 2.32 and a current ratio of 2.32. The company’s 50-day moving average price is $17.33 and its 200-day moving average price is $19.42. Magic Software Enterprises has a 12-month minimum of $14.87 and a 12-month maximum of $25.49.
Magic Software Companies (NASDAQ: MGIC – Get a rating) last released its quarterly results on Thursday, May 12. The software maker reported earnings per share of $0.26 for the quarter, beating the consensus estimate of $0.24 by $0.02. The company posted revenue of $138.71 million for the quarter, compared to $128.80 million expected by analysts. Magic Software Enterprises had a return on equity of 17.84% and a net margin of 5.35%. As a group, sell-side analysts expect Magic Software Enterprises to post EPS of 1.08 for the current year.
The company also recently declared a semi-annual dividend, which was paid on Thursday, April 7. Shareholders of record on Thursday, March 24 received a dividend of $0.216 per share. This represents a dividend yield of 2.3%. The ex-dividend date was Wednesday, March 23. Magic Software Enterprises’ dividend payout ratio (DPR) is currently 76.79%.
Several large investors have recently increased or reduced their stake in MGIC. The Tennessee State Treasury Department purchased a new stake in Magic Software Enterprises stock during the fourth quarter for a value of approximately $27,000. Wells Fargo & Company MN increased its stake in shares of Magic Software Enterprises by 203.5% in the second quarter. Wells Fargo & Company MN now owns 2,091 shares of the software maker worth $33,000 after acquiring 1,402 additional shares during the period. Royal Bank of Canada increased its stake in shares of Magic Software Enterprises by 666.7% in the first quarter. Royal Bank of Canada now owns 2,300 shares of the software maker worth $39,000 after acquiring an additional 2,000 shares during the period. Covestor Ltd acquired a new position in shares of Magic Software Enterprises in the fourth quarter worth approximately $41,000. Finally, Morgan Stanley increased its stake in shares of Magic Software Enterprises by 33.0% in the first quarter. Morgan Stanley now owns 5,855 shares of the software maker worth $89,000 after acquiring an additional 1,452 shares during the period. Institutional investors hold 29.56% of the company’s shares.
A number of research analysts have published reports on the company. StockNews.com moved Magic Software Enterprises from a “strong buy” rating to a “buy” rating in a Thursday, May 12 research report. Zacks Investment Research upgraded Magic Software Enterprises from a “hold” rating to a “buy” rating and set a target price of $19.00 on the stock in a research report Thursday.
Magic Software Enterprises Company Profile (Get a rating)
Magic Software Enterprises Ltd. provides proprietary application development, business process integration, vertical software solutions and information technology (IT) outsourcing software services in Israel and internationally. The Company’s Software Services segment develops, markets, sells and supports application platform, software applications, business and process integration solutions and related services.
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