Formula Systems (1985) (NASDAQ:FORTY) Shares Gap Up – Should You Buy?

Formula Systems (1985) Ltd. (NASDAQ:FORTY) gapped up before the market opened on Monday. The stock had previously closed at $117.00, but opened at $126.00. Formula Systems (1985) shares last traded at $127.12, with a volume of 605 shares changing hands.

Analyst Ratings Changes

Separately, Weiss Ratings reiterated a “hold (c)” rating on shares of Formula Systems (1985) in a research report on Thursday, August 27th. One investment analyst has rated the stock with a Hold rating. According to MarketBeat, the stock has a consensus rating of “Hold”.

Formula Systems (1985) Trading Down 1.5%

The business has a fifty day moving average of $119.37 and a 200 day moving average of $126.02.

Formula Systems (1985) (NASDAQ:FORTY) last announced its quarterly earnings results on Wednesday, August 26th. The technology company reported $1.47 earnings per share (EPS) for the quarter.

Formula Systems (1985) Dividend Announcement

The company also recently disclosed a special dividend, which was paid on Friday, October 16th. Shareholders of record on Tuesday, September 22nd were given a dividend of $1.63 per share. The ex-dividend date was Tuesday, September 22nd.

Institutional Investors Weigh In On Formula Systems (1985)

Hedge funds and other institutional investors have recently made changes to their positions in the business. Altshuler Shaham Ltd lifted its position in Formula Systems (1985) by 10.4% during the first quarter. Altshuler Shaham Ltd now owns 7,742 shares of the technology company’s stock worth $926,000 after purchasing an additional 727 shares during the period. Dimensional Fund Advisors LP increased its holdings in Formula Systems (1985) by 2.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,315 shares of the technology company’s stock worth $391,000 after purchasing an additional 86 shares in the last quarter. Finally, Elevation Point Wealth Partners LLC acquired a new position in Formula Systems (1985) in the 1st quarter worth about $206,000. 34.76% of the stock is currently owned by institutional investors and hedge funds.

Formula Systems (1985) Company Profile

Formula Systems (1985) Ltd. is an Israel-based holding company that invests in and manages technology businesses. Established in 1985, the company focuses primarily on software, information technology services and technology-enabled business solutions through its principal operating subsidiaries.

Formula Systems’ portfolio includes Matrix IT, an Israeli provider of systems integration, consulting, outsourcing, cloud, cybersecurity and other information technology services; Magic Software Enterprises, which provides software development, digital transformation, cloud, data and application integration services; and Sapiens International, a provider of software platforms and solutions for the insurance, financial services and retirement markets.

Through these businesses, Formula Systems serves customers in Israel and international markets, including North America, Europe and the Asia-Pacific region.