Magic Software Enterprises Ltd. (NASDAQ:MGIC) Short Interest Down 26.5% in February

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

Magic Software Enterprises Price Performance

NASDAQ:MGIC remained flat at $17.38 during mid-day trading on Monday. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.48 and a quick ratio of 1.48. The company has a 50 day simple moving average of $23.90 and a 200-day simple moving average of $22.48. Magic Software Enterprises has a 1 year low of $11.65 and a 1 year high of $28.00. The company has a market capitalization of $853.36 million, a PE ratio of 21.46 and a beta of 0.73.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in MGIC. Altshuler Shaham Ltd lifted its position in shares of Magic Software Enterprises by 187,232.6% during the 4th quarter. Altshuler Shaham Ltd now owns 252,899 shares of the software maker’s stock valued at $6,580,000 after acquiring an additional 252,764 shares during the last quarter. Alliancebernstein L.P. acquired a new stake in shares of Magic Software Enterprises during the third quarter worth $2,358,000. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Magic Software Enterprises by 133.2% during the second quarter. Arrowstreet Capital Limited Partnership now owns 126,278 shares of the software maker’s stock valued at $2,415,000 after purchasing an additional 72,117 shares during the last quarter. First Trust Advisors LP purchased a new stake in shares of Magic Software Enterprises during the third quarter valued at $1,434,000. Finally, Susquehanna International Group LLP boosted its position in shares of Magic Software Enterprises by 145.3% in the 3rd quarter. Susquehanna International Group LLP now owns 14,589 shares of the software maker’s stock valued at $298,000 after purchasing an additional 46,789 shares during the period. Institutional investors and hedge funds own 24.70% of the company’s stock.

Analysts Set New Price Targets

MGIC has been the subject of a number of analyst reports. Wall Street Zen lowered Magic Software Enterprises from a “buy” rating to a “hold” rating in a research report on Saturday. Weiss Ratings reissued a “hold (c)” rating on shares of Magic Software Enterprises in a report on Monday, December 29th. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Magic Software Enterprises presently has a consensus rating of “Hold” and an average target price of $18.00.

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.