Magic Software Enterprises Ltd. (NASDAQ:MGIC) Short Interest Update

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

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on MGIC. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Magic Software Enterprises in a research note on Monday, December 29th. Wall Street Zen cut shares of Magic Software Enterprises from a “buy” rating to a “hold” rating in a research report on Saturday. One investment analyst has rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $18.00.

Institutional Investors Weigh In On Magic Software Enterprises

Hedge funds have recently bought and sold shares of the business. Truist Financial Corp lifted its holdings in shares of Magic Software Enterprises by 1.4% during the fourth quarter. Truist Financial Corp now owns 30,112 shares of the software maker’s stock valued at $775,000 after purchasing an additional 426 shares during the last quarter. Ameriprise Financial Inc. increased its position in Magic Software Enterprises by 5.6% during the 3rd quarter. Ameriprise Financial Inc. now owns 14,361 shares of the software maker’s stock valued at $293,000 after buying an additional 768 shares in the last quarter. IFP Advisors Inc raised its stake in Magic Software Enterprises by 38.8% during the third 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. Lazard Asset Management LLC raised its stake in Magic Software Enterprises by 4.0% during the fourth quarter. Lazard Asset Management LLC now owns 24,734 shares of the software maker’s stock valued at $637,000 after buying an additional 955 shares during the last quarter. Finally, Swiss National Bank boosted its holdings in Magic Software Enterprises by 3.0% in the fourth quarter. Swiss National Bank now owns 53,457 shares of the software maker’s stock worth $1,393,000 after acquiring an additional 1,539 shares in the last quarter. Institutional investors own 24.70% of the company’s stock.

Magic Software Enterprises Price Performance

MGIC opened at $17.38 on Wednesday. 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 price-to-earnings ratio of 21.46 and a beta of 0.73. The stock has a fifty day simple moving average of $23.72 and a two-hundred day simple moving average of $22.45. Magic Software Enterprises has a 12-month low of $11.65 and a 12-month high of $28.00.

Magic Software Enterprises Company Profile

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.