Magic Software Enterprises Ltd. (NASDAQ:MGIC) shares hit a new 52-week high during trading on Monday . The company traded as high as $7.20 and last traded at $7.15, with a volume of 73,733 shares trading hands. The stock had previously closed at $6.97.

Separately, Zacks Investment Research raised shares of Magic Software Enterprises from a “sell” rating to a “hold” rating in a research report on Friday, May 27th.

The company has a market cap of $315.54 million and a PE ratio of 21.03. The company’s 50-day moving average price is $6.81 and its 200 day moving average price is $6.51.

Magic Software Enterprises (NASDAQ:MGIC) last announced its quarterly earnings results on Monday, May 9th. The company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by $0.03. The business earned $44.70 million during the quarter, compared to analyst estimates of $43.97 million. Magic Software Enterprises’s revenue was up 10.9% on a year-over-year basis. During the same period last year, the company earned $0.12 earnings per share. On average, analysts anticipate that Magic Software Enterprises Ltd. will post $0.59 EPS for the current fiscal 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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