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

Formula Systems (1985) Ltd. (NASDAQ:FORTY)’s share price gapped up prior to trading on Monday . The stock had previously closed at $122.61, but opened at $128.49. Formula Systems (1985) shares last traded at $119.88, with a volume of 550 shares changing hands.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Formula Systems (1985) in a research note on Thursday, August 27th. 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) Trading Down 2.2%

The stock has a market capitalization of $1.84 billion, a PE ratio of 3.01 and a beta of 1.21. The company has a current ratio of 1.48, a quick ratio of 1.44 and a debt-to-equity ratio of 0.13. The business’s 50-day moving average is $114.49 and its two-hundred day moving average is $122.49.

Formula Systems (1985) (NASDAQ:FORTY) last issued its earnings results on Wednesday, August 26th. The technology company reported $1.47 earnings per share for the quarter. Formula Systems (1985) had a return on equity of 4.38% and a net margin of 21.57%.

Formula Systems (1985) Announces Dividend

The company also recently announced a special dividend, which will be paid on Friday, October 16th. Stockholders of record on Tuesday, September 22nd will be paid a $1.63 dividend. The ex-dividend date is Tuesday, September 22nd. This represents a dividend yield of 259.0%. Formula Systems (1985)’s dividend payout ratio is 1.86%.

Hedge Funds Weigh In On Formula Systems (1985)

A number of institutional investors have recently added to or reduced their stakes in FORTY. Altshuler Shaham Ltd lifted its stake in shares of Formula Systems (1985) by 10.4% in the first quarter. Altshuler Shaham Ltd now owns 7,742 shares of the technology company’s stock worth $926,000 after acquiring an additional 727 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Formula Systems (1985) by 2.7% during 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 during the last quarter. Elevation Point Wealth Partners LLC purchased a new stake in Formula Systems (1985) during the 1st quarter worth approximately $206,000. Finally, Raymond James Financial Inc. acquired a new position in shares of Formula Systems (1985) in the 2nd quarter valued at approximately $73,000. Institutional investors and hedge funds own 34.76% of the company’s stock.

Formula Systems (1985) Company Profile

Formula Systems (1985) Ltd. is an Israeli information technology holding company that invests in and manages businesses providing software, technology consulting and information technology services. The company operates primarily through its subsidiaries and serves enterprises, government organizations and other institutions across a range of industries.

Its principal subsidiaries include Matrix IT, which provides information technology services, systems integration, consulting, outsourcing and cybersecurity solutions; Magic Software Enterprises, which develops application software and provides digital transformation, cloud, data and professional services; and Sapiens International, which supplies software platforms and related services for the insurance industry, including solutions for property and casualty, life and retirement insurance.

Founded in 1985, Formula Systems has expanded its activities beyond Israel through subsidiaries and operating units serving customers in North America, Europe, Israel and other international markets.