Magic Software Enterprises Ltd. (NASDAQ:MGIC) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $7.79 and last traded at $7.74, with a volume of 14,052 shares. The stock had previously closed at $7.74.

Several brokerages recently issued reports on MGIC. Barclays PLC set a $9.00 price objective on Magic Software Enterprises and gave the stock a “buy” rating in a research note on Thursday, August 11th. Zacks Investment Research raised Magic Software Enterprises from a “hold” rating to a “buy” rating and set a $8.50 target price on the stock in a research report on Friday.

The stock has a market cap of $340.48 million and a P/E ratio of 22.691. The firm has a 50-day moving average of $7.16 and a 200 day moving average of $6.76.

Magic Software Enterprises (NASDAQ:MGIC) last released its earnings results on Wednesday, August 10th. The company reported $0.12 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.13 by $0.01. The firm earned $47.40 million during the quarter, compared to the consensus estimate of $45.07 million. During the same period in the prior year, the business earned $0.12 earnings per share. The business’s revenue for the quarter was up 11.5% on a year-over-year basis. On average, equities research analysts anticipate that Magic Software Enterprises Ltd. will post $0.59 earnings per share for the current year.

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.

Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with's FREE daily email newsletter.