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

Shares of Formula Systems (1985) Ltd. (NASDAQ:FORTY) gapped up prior to trading 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 changing hands.

Analyst Ratings Changes

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

Formula Systems (1985) Stock Performance

The stock has a market capitalization of $1.98 billion, a price-to-earnings ratio of 3.24 and a beta of 1.21. The company has a 50 day simple moving average of $112.23 and a 200-day simple moving average of $122.22. The company has a quick ratio of 1.44, a current ratio of 1.48 and a debt-to-equity ratio of 0.13.

Formula Systems (1985) (NASDAQ:FORTY) last announced its quarterly earnings data on Tuesday, August 25th. The technology company reported $1.47 EPS for the quarter. Formula Systems (1985) had a net margin of 21.57% and a return on equity of 4.38%. The company had revenue of $782.44 million during the quarter.

Formula Systems (1985) Announces Dividend

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

Hedge Funds Weigh In On Formula Systems (1985)

Several institutional investors have recently made changes to their positions in FORTY. Elevation Point Wealth Partners LLC bought a new position in shares of Formula Systems (1985) during the 1st quarter worth about $206,000. Altshuler Shaham Ltd increased its position in Formula Systems (1985) by 30.8% in the 4th quarter. Altshuler Shaham Ltd now owns 7,015 shares of the technology company’s stock valued at $1,182,000 after buying an additional 1,650 shares in the last quarter. Raymond James Financial Inc. bought a new stake in Formula Systems (1985) in the 2nd quarter valued at about $73,000. Finally, Dimensional Fund Advisors LP raised its stake 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 buying an additional 86 shares during the period. Institutional investors and hedge funds own 34.76% of the company’s stock.

About Formula Systems (1985)

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.