Short Interest in Magic Software Enterprises Ltd. (NASDAQ:MGIC) Decreases By 26.5%

Magic Software Enterprises Ltd. (NASDAQ:MGIC) saw a large decline in short interest in the month of February. As of February 13th, there was short interest totaling 64,912 shares, a decline of 26.5% from the January 29th total of 88,340 shares. Based on an average daily volume of 37,216 shares, the short-interest ratio is currently 1.7 days. Based on an average daily volume of 37,216 shares, the short-interest ratio is currently 1.7 days.

Hedge Funds Weigh In On Magic Software Enterprises

Hedge funds have recently bought and sold shares of the company. Raymond James Financial Inc. bought a new position in Magic Software Enterprises during the 2nd quarter worth approximately $33,000. Quent Capital LLC bought a new stake in Magic Software Enterprises during the third quarter valued at $41,000. State of Tennessee Department of Treasury acquired a new stake in shares of Magic Software Enterprises during the second quarter worth $46,000. CWM LLC boosted its holdings in shares of Magic Software Enterprises by 1,045.5% in the 3rd quarter. CWM LLC now owns 2,291 shares of the software maker’s stock valued at $47,000 after buying an additional 2,091 shares during the period. Finally, IFP Advisors Inc grew its position in shares of Magic Software Enterprises by 38.8% during the 3rd quarter. IFP Advisors Inc now owns 2,775 shares of the software maker’s stock valued at $57,000 after buying an additional 775 shares during the last quarter. 24.70% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on MGIC shares. Weiss Ratings reiterated a “hold (c)” rating on shares of Magic Software Enterprises in a research note on Monday, December 29th. Wall Street Zen lowered Magic Software Enterprises from a “buy” rating to a “hold” rating in a research note on Saturday. One equities research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $18.00.

Magic Software Enterprises Price Performance

MGIC remained flat at $17.38 on Monday. Magic Software Enterprises has a 52-week low of $11.65 and a 52-week high of $28.00. The stock has a 50 day moving average price of $23.90 and a two-hundred day moving average price of $22.48. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.11. The company has a market cap of $853.36 million, a P/E ratio of 21.46 and a beta of 0.73.

About Magic Software Enterprises

Magic Software Enterprises Ltd. is a global provider of enterprise software solutions that enable organizations to develop, integrate and manage business applications across cloud and on-premises environments. Serving clients in industries such as financial services, healthcare, manufacturing and distribution, the company’s platforms are designed to accelerate digital transformation by streamlining the creation of web, desktop and mobile applications while ensuring seamless data flow between disparate systems.

The company’s flagship offering, the Magic xpa Application Platform, provides a low-code development environment that simplifies the design, deployment and maintenance of enterprise applications.