Magic Software Enterprises Ltd. (NASDAQ:MGIC) reached 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 traded. The stock had previously closed at $7.74.

Several equities research analysts recently issued reports on the stock. Zacks Investment Research upgraded shares of Magic Software Enterprises from a “sell” rating to a “hold” rating in a research report on Friday, June 17th. Barclays PLC set a $9.00 price objective on shares of Magic Software Enterprises and gave the stock a “buy” rating in a research report on Thursday, August 11th.

The company has a market capitalization of $340.26 million and a price-to-earnings ratio of 22.68. The firm’s 50 day moving average price is $7.19 and its 200 day moving average price is $6.76.

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

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