Magic Software Enterprises Ltd. (NASDAQ:MGIC) Short Interest Down 45.5% in March

Magic Software Enterprises Ltd. (NASDAQ:MGIC) was the recipient of a significant decrease in short interest in the month of March. As of March 15th, there was short interest totalling 17,600 shares, a decrease of 45.5% from the February 29th total of 32,300 shares. Currently, 0.1% of the company’s shares are sold short. Based on an average daily trading volume, of 66,500 shares, the days-to-cover ratio is currently 0.3 days.

Magic Software Enterprises Trading Down 3.5 %

Magic Software Enterprises stock traded down $0.42 during trading on Thursday, reaching $11.42. 30,133 shares of the company were exchanged, compared to its average volume of 61,527. Magic Software Enterprises has a 52-week low of $8.15 and a 52-week high of $14.82. The company has a market capitalization of $560.61 million, a P/E ratio of 15.79 and a beta of 1.16. The stock’s 50 day simple moving average is $10.97 and its two-hundred day simple moving average is $10.34. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.81 and a quick ratio of 1.76.

Institutional Trading of Magic Software Enterprises

Several hedge funds have recently made changes to their positions in MGIC. Wellington Management Group LLP boosted its holdings in Magic Software Enterprises by 1.6% in the fourth quarter. Wellington Management Group LLP now owns 683,357 shares of the software maker’s stock valued at $6,622,000 after purchasing an additional 11,010 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Magic Software Enterprises by 16.6% during the fourth quarter. Goldman Sachs Group Inc. now owns 138,724 shares of the software maker’s stock worth $1,344,000 after purchasing an additional 19,702 shares during the last quarter. Legal & General Group Plc grew its position in Magic Software Enterprises by 6.4% in the 4th quarter. Legal & General Group Plc now owns 18,913 shares of the software maker’s stock valued at $184,000 after buying an additional 1,140 shares during the last quarter. Nuveen Asset Management LLC acquired a new stake in shares of Magic Software Enterprises in the 4th quarter worth $707,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Magic Software Enterprises by 61.5% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,942 shares of the software maker’s stock valued at $58,000 after acquiring an additional 2,263 shares in the last quarter. Institutional investors and hedge funds own 24.70% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on MGIC shares. StockNews.com downgraded shares of Magic Software Enterprises from a “strong-buy” rating to a “buy” rating in a research note on Monday, March 18th. Barclays upped their price objective on shares of Magic Software Enterprises from $13.00 to $14.00 and gave the company an “overweight” rating in a report on Thursday, March 14th.

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. The company's Software Services segment develops, markets, sells, and supports application platform, software applications, and business and process integration solutions and related services.