Magic Software Enterprises Ltd. (NASDAQ:MGIC)’s share price reached a new 52-week high during trading on Monday . The company traded as high as $7.59 and last traded at $7.59, with a volume of 38,223 shares traded. The stock had previously closed at $7.40.

Separately, Zacks Investment Research cut shares of Magic Software Enterprises from a “hold” rating to a “sell” rating in a research report on Friday, June 24th.

The firm has a 50 day moving average price of $7.03 and a 200-day moving average price of $6.68. The stock has a market capitalization of $341.01 million and a P/E ratio of 22.726.

Magic Software Enterprises (NASDAQ:MGIC) last issued its earnings results on Wednesday, August 10th. The company reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates 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 quarter last year, the firm earned $0.12 earnings per share. The firm’s revenue for the quarter was up 11.5% compared to the same quarter last year. On average, analysts forecast 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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