Magic Software Enterprises Ltd. (NASDAQ:MGIC) 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 raised shares of Magic Software Enterprises from a “sell” rating to a “hold” rating in a research report on Friday, May 27th.

The firm has a 50-day moving average of $6.98 and a 200 day moving average of $6.63. The firm has a market cap of $334.08 million and a price-to-earnings ratio of 22.26.

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

Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with's FREE daily email newsletter.