Look at today's release. Look at the comp to '14. Look at the forward guidance. Yeah, both of them marginal at best, so what you would assign as a PE to a company with those results? Maybe 10 or 12? So, being incredibly generous and using non gaap earnings we should expect a share price in the low $5. That's where the cash pile helps us- thank you $8.50/sh. You dream about undoing the secondary.... Yes, it reduces number of shares outstanding, but it cuts down on the cash pile, and as long as the share price is below $8.50 simple mathematics says the secondary was a net plus for the market cap of mgic.
You still don't get it. The last smart thing they did was sell shares at $8.50. Then they fell asleep and the company has drifted along for the last 12 plus months. Look at the quarterly reports and you'll understand why the market has shown NO interest in them. If management starts to accomplish something and bring some growth the market will pay attention and the volume and price will rise.... But for now the price is where it deserves to be because of their lack of results.