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

Formula Systems (1985) Ltd. (NASDAQ:FORTY)’s share price gapped down before the market opened on Monday . The stock had previously closed at $124.45, but opened at $117.46. Formula Systems (1985) shares last traded at $117.46, with a volume of 314 shares.

Wall Street Analysts Forecast Growth

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

Formula Systems (1985) Trading Down 1.7%

The company has a current ratio of 1.63, a quick ratio of 1.61 and a debt-to-equity ratio of 0.07. The business’s 50-day simple moving average is $126.63 and its two-hundred day simple moving average is $147.56. The company has a market capitalization of $1.83 billion, a PE ratio of 3.11 and a beta of 1.10.

Formula Systems (1985) (NASDAQ:FORTY) last posted its quarterly earnings data on Thursday, March 26th. The technology company reported $35.03 earnings per share for the quarter. The company had revenue of $708.38 million during the quarter. Formula Systems (1985) had a net margin of 20.89% and a return on equity of 3.24%.

Hedge Funds Weigh In On Formula Systems (1985)

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Raymond James Financial Inc. purchased a new position in Formula Systems (1985) in the 2nd quarter valued at about $73,000. CX Institutional acquired a new stake in shares of Formula Systems (1985) in the 3rd quarter valued at about $398,000. GHP Investment Advisors Inc. raised its stake in shares of Formula Systems (1985) by 10.8% in 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 in the last quarter. Finally, Altshuler Shaham Ltd raised its stake in shares of 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 purchasing an additional 1,650 shares in the last quarter. 34.76% of the stock is owned by hedge funds and other institutional investors.

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.