Formula Systems (1985) (NASDAQ:FORTY) Shares Gap Up – Here’s Why

Formula Systems (1985) Ltd. (NASDAQ:FORTY)’s stock price gapped up prior to trading on Friday . The stock had previously closed at $178.10, but opened at $190.56. Formula Systems (1985) shares last traded at $171.15, with a volume of 135 shares.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a “hold (c)” rating on shares of Formula Systems (1985) in a report on Monday, December 22nd. One analyst has rated the stock with a Hold rating, According to data from MarketBeat, Formula Systems (1985) has a consensus rating of “Hold”.

Formula Systems (1985) Stock Performance

The company’s fifty day moving average price is $159.37 and its 200 day moving average price is $139.19. The company has a market cap of $2.62 billion, a PE ratio of 37.67 and a beta of 1.07. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.60 and a quick ratio of 1.58.

Formula Systems (1985) (NASDAQ:FORTY) last posted its earnings results on Thursday, November 20th. The technology company reported $0.73 earnings per share for the quarter. Formula Systems (1985) had a net margin of 2.49% and a return on equity of 4.55%. The company had revenue of $696.64 million during the quarter.

Formula Systems (1985) Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 23rd. Investors of record on Tuesday, December 30th will be paid a $0.5021 dividend. The ex-dividend date is Tuesday, December 30th. This represents a $2.01 annualized dividend and a dividend yield of 1.2%. Formula Systems (1985)’s dividend payout ratio is presently 32.60%.

Institutional Investors Weigh In On Formula Systems (1985)

A number of large investors have recently added to or reduced their stakes in FORTY. Elevation Point Wealth Partners LLC bought a new stake in shares of Formula Systems (1985) in the second quarter worth $222,000. Raymond James Financial Inc. bought a new stake in Formula Systems (1985) in the second quarter worth $73,000. GHP Investment Advisors Inc. grew its holdings in Formula Systems (1985) by 10.8% during the 3rd quarter. GHP Investment Advisors Inc. now owns 7,716 shares of the technology company’s stock valued at $1,082,000 after purchasing an additional 755 shares during the last quarter. Finally, CX Institutional bought a new stake in Formula Systems (1985) during the 3rd quarter valued at $398,000. Institutional investors own 34.76% of the company’s stock.

Formula Systems (1985) Company Profile

Formula Systems (1985) Ltd is an Israeli publicly traded holding company specializing in the software and information technology sectors. Founded in 1985 and listed on NASDAQ under the ticker FORTY, the company focuses on acquiring, investing in and developing independent software firms. Its core mission is to foster innovation in enterprise software, cybersecurity and digital transformation solutions.

The company’s principal activities center on holding controlling and significant equity stakes in several market-leading software enterprises.