Shares of Magic Software Enterprises Ltd. (NASDAQ:MGIC) hit a new 52-week high during trading on Monday . The stock traded as high as $7.50 and last traded at $7.47, with a volume of 15,199 shares. The stock had previously closed at $7.41.

Separately, Zacks Investment Research cut shares of Magic Software Enterprises from a “hold” rating to a “sell” rating in a research note on Thursday, May 12th.

The firm has a 50 day moving average price of $6.88 and a 200-day moving average price of $6.58. The firm has a market cap of $330.99 million and a PE ratio of 22.0585.

Magic Software Enterprises (NASDAQ:MGIC) last released its quarterly earnings data on Monday, May 9th. The company reported $0.11 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.14 by $0.03. The firm had revenue of $44.70 million for the quarter, compared to analysts’ expectations of $43.97 million. Magic Software Enterprises’s revenue for the quarter was up 10.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.12 EPS. 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.

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