Magic Software Enterprises Ltd. (MGIC) Hits New 1-Year High at $7.84
Shares of Magic Software Enterprises Ltd. (NASDAQ:MGIC) reached a new 52-week high during mid-day trading on Monday . The company traded as high as $7.84 and last traded at $7.62, with a volume of 121,324 shares changing hands. The stock had previously closed at $7.80.
A number of research firms have recently issued reports on MGIC. Zacks Investment Research upgraded Magic Software Enterprises from a “hold” rating to a “buy” rating and set a $8.50 target price for the company in a report on Friday, August 12th. Barclays PLC set a $9.00 target price on Magic Software Enterprises and gave the company a “buy” rating in a report on Thursday, August 11th.
The stock’s 50 day moving average price is $7.30 and its 200-day moving average price is $6.84. The firm has a market capitalization of $344.67 million and a P/E ratio of 22.97.
Magic Software Enterprises (NASDAQ:MGIC) last released its quarterly earnings data on Wednesday, August 10th. The company reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.13 by $0.01. The firm had revenue of $47.40 million for the quarter, compared to the consensus estimate of $45.07 million. During the same quarter in the previous year, the company earned $0.12 EPS. Magic Software Enterprises’s revenue was up 11.5% compared to the same quarter last year. Equities research analysts expect that Magic Software Enterprises Ltd. will post $0.51 EPS for the current fiscal year.
The company also recently disclosed a dividend, which will be paid on Thursday, September 22nd. Stockholders of record on Thursday, September 8th will be paid a dividend of $0.085 per share. The ex-dividend date of this dividend is Tuesday, September 6th.
Magic Software Enterprises Ltd. is a provider of application development, business process integration, and selected vertical software solutions and related professional services. The Company is also a vendor of information technology (IT) outsourcing services. The Company operates through two business segments: software services and IT professional services.