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

Formula Systems (1985) Ltd. (NASDAQ:FORTY) shares gapped up before the market opened on Thursday . The stock had previously closed at $121.36, but opened at $129.00. Formula Systems (1985) shares last traded at $129.00, with a volume of 157 shares traded.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a “hold (c)” rating on shares of Formula Systems (1985) in a research note on Thursday, August 27th. One equities research analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the stock has a consensus rating of “Hold”.

Formula Systems (1985) Trading Up 2.6%

The stock has a market capitalization of $1.98 billion, a PE ratio of 3.24 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 stock has a 50 day moving average price of $111.33 and a 200-day moving average price of $122.12.

Formula Systems (1985) (NASDAQ:FORTY) last released its earnings results on Tuesday, August 25th. The technology company reported $1.47 earnings per share for the quarter. The firm had revenue of $782.44 million 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 declared a special dividend, which will be paid on Friday, October 16th. Shareholders of record on Tuesday, September 22nd will be given a dividend of $1.63 per share. The ex-dividend date of this dividend is Tuesday, September 22nd. This represents a yield of 259.0%. Formula Systems (1985)’s payout ratio is 1.86%.

Institutional Investors Weigh In On Formula Systems (1985)

A number of institutional investors have recently bought and sold shares of the stock. Altshuler Shaham Ltd raised its stake in shares of Formula Systems (1985) by 10.4% in the 1st quarter. Altshuler Shaham Ltd now owns 7,742 shares of the technology company’s stock valued at $926,000 after purchasing an additional 727 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Formula Systems (1985) by 2.7% in the first quarter. Dimensional Fund Advisors LP now owns 3,315 shares of the technology company’s stock valued at $391,000 after buying an additional 86 shares in the last quarter. Elevation Point Wealth Partners LLC bought a new stake in shares of Formula Systems (1985) during the first quarter worth approximately $206,000. Finally, Raymond James Financial Inc. acquired a new position in Formula Systems (1985) in the second quarter valued at about $73,000. 34.76% of the stock is currently owned by hedge funds and other institutional investors.

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.