Magic Software Enterprises Ltd (NASDAQ:MGIC) saw a significant drop in short interest in the month of July. As of July 31st, there was short interest totalling 11,300 shares, a drop of 55.5% from the June 30th total of 25,400 shares. Approximately 0.1% of the shares of the company are sold short. Based on an average daily volume of 15,000 shares, the short-interest ratio is presently 0.8 days.

A number of research analysts have recently commented on MGIC shares. Zacks Investment Research raised Magic Software Enterprises from a “sell” rating to a “hold” rating in a report on Tuesday, July 16th. ValuEngine lowered Magic Software Enterprises from a “buy” rating to a “hold” rating in a report on Thursday, July 11th. HC Wainwright reissued a “buy” rating and set a $10.00 price target on shares of Magic Software Enterprises in a report on Thursday, May 23rd. Finally, BidaskClub raised Magic Software Enterprises from a “sell” rating to a “hold” rating in a report on Wednesday, June 26th.

Shares of MGIC opened at $8.56 on Wednesday. The firm has a market capitalization of $430.24 million, a price-to-earnings ratio of 15.56 and a beta of 0.95. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.50 and a quick ratio of 3.50. Magic Software Enterprises has a one year low of $7.29 and a one year high of $10.20. The company’s fifty day simple moving average is $8.95.

Magic Software Enterprises (NASDAQ:MGIC) last released its earnings results on Tuesday, August 13th. The software maker reported $0.14 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.14. The firm had revenue of $77.06 million for the quarter, compared to analyst estimates of $76.55 million. Magic Software Enterprises had a return on equity of 10.83% and a net margin of 7.21%. On average, research analysts expect that Magic Software Enterprises will post 0.59 earnings per share for the current fiscal year.

A number of large investors have recently added to or reduced their stakes in the stock. Optimum Investment Advisors acquired a new stake in shares of Magic Software Enterprises during the 2nd quarter valued at about $27,000. BlackRock Inc. lifted its holdings in Magic Software Enterprises by 286.9% in the 2nd quarter. BlackRock Inc. now owns 6,310 shares of the software maker’s stock worth $57,000 after purchasing an additional 4,679 shares during the last quarter. Opus Capital Group LLC acquired a new stake in Magic Software Enterprises in the 2nd quarter worth approximately $193,000. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Magic Software Enterprises by 11.6% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 23,574 shares of the software maker’s stock worth $211,000 after purchasing an additional 2,450 shares during the last quarter. Finally, Seizert Capital Partners LLC acquired a new stake in Magic Software Enterprises in the 1st quarter worth approximately $228,000. 15.63% of the stock is currently owned by hedge funds and other institutional investors.

About Magic Software Enterprises

Magic Software Enterprises Ltd. provides proprietary application development, business process integration, vertical software solutions, and IT outsourcing software services in Israel and internationally. The company's Software Services segment develops, markets, sells, and supports a proprietary and none proprietary application platform, software applications, and business and process integration solutions and related services.

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