Formula Systems (1985) (NASDAQ:FORTY) Trading 6.6% Higher – Here’s Why

Formula Systems (1985) Ltd. (NASDAQ:FORTY) shot up 6.6% on Tuesday . The stock traded as high as $170.00 and last traded at $176.8650. 545 shares changed hands during trading, an increase of 92% from the average session volume of 284 shares. The stock had previously closed at $165.93.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Formula Systems (1985) in a report on Monday, December 29th. One investment analyst has rated the stock with a Hold rating, According to MarketBeat, the stock has an average rating of “Hold”.

Formula Systems (1985) Stock Performance

The firm has a market capitalization of $2.61 billion, a PE ratio of 38.01 and a beta of 1.06. The business has a 50-day simple moving average of $165.29 and a 200-day simple moving average of $144.06. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.60 and a quick ratio of 1.58.

Formula Systems (1985) (NASDAQ:FORTY) last announced its earnings results on Thursday, November 20th. The technology company reported $0.73 EPS for the quarter. Formula Systems (1985) had a return on equity of 4.55% and a net margin of 2.49%.The firm had revenue of $696.64 million during the quarter.

Formula Systems (1985) Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 23rd. Stockholders of record on Tuesday, December 30th will be paid a $0.5021 dividend. The ex-dividend date of this dividend is Tuesday, December 30th. This represents a $2.01 annualized dividend and a dividend yield of 1.2%. Formula Systems (1985)’s dividend payout ratio is currently 31.50%.

Institutional Trading of Formula Systems (1985)

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Raymond James Financial Inc. bought a new stake in shares of Formula Systems (1985) during the 2nd quarter worth approximately $73,000. Elevation Point Wealth Partners LLC bought a new position in Formula Systems (1985) in the 2nd quarter valued at $222,000. CX Institutional purchased a new stake in Formula Systems (1985) in the third quarter worth $398,000. Finally, GHP Investment Advisors Inc. lifted its position in shares of Formula Systems (1985) by 10.8% during the third quarter. GHP Investment Advisors Inc. now owns 7,716 shares of the technology company’s stock worth $1,082,000 after purchasing an additional 755 shares during 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.