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

Separately, Zacks Investment Research raised Magic Software Enterprises from a “sell” rating to a “hold” rating in a research report on Friday, June 17th.

The stock has a 50-day moving average of $6.83 and a 200 day moving average of $6.55. The stock has a market capitalization of $325.25 million and a PE ratio of 21.68.

Magic Software Enterprises (NASDAQ:MGIC) last issued its quarterly earnings data on Monday, May 9th. The company reported $0.11 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.14 by $0.03. The business earned $44.70 million during the quarter, compared to the consensus estimate of $43.97 million. During the same quarter in the prior year, the firm earned $0.12 earnings per share. Magic Software Enterprises’s revenue was up 10.9% compared to the same quarter last year. On average, equities research analysts expect that Magic Software Enterprises Ltd. will post $0.59 earnings per share 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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