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

Formula Systems (1985) Ltd. (NASDAQ:FORTY) shares gapped up prior to trading on Wednesday. The stock had previously closed at $111.50, but opened at $114.98. Formula Systems (1985) shares last traded at $114.59, with a volume of 581 shares trading hands.

Wall Street Analyst Weigh In

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

Formula Systems (1985) Stock Up 2.8%

The firm has a market capitalization of $1.76 billion, a P/E ratio of 2.88 and a beta of 1.25. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.44 and a current ratio of 1.48. The firm’s 50-day moving average is $117.61 and its 200 day moving average is $121.10.

Formula Systems (1985) (NASDAQ:FORTY) last released its earnings results on Wednesday, August 26th. The technology company reported $1.47 earnings per share (EPS) 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 disclosed a special dividend, which will be paid on Friday, October 16th. Stockholders 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. Formula Systems (1985)’s dividend payout ratio is currently 6.03%.

Institutional Investors Weigh In On Formula Systems (1985)

Hedge funds and other institutional investors have recently bought and sold shares of the company. Altshuler Shaham Ltd boosted its position in Formula Systems (1985) by 10.4% during the 1st quarter. Altshuler Shaham Ltd now owns 7,742 shares of the technology company’s stock worth $926,000 after acquiring an additional 727 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of 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 acquiring an additional 86 shares in the last quarter. Finally, Elevation Point Wealth Partners LLC bought a new position in shares of Formula Systems (1985) during the 1st quarter worth approximately $206,000. Institutional investors and hedge funds own 34.76% of the company’s stock.

About Formula Systems (1985)

Formula Systems (1985) Ltd. is an Israel-based holding company that operates through a group of technology and information-services businesses. Rather than developing a single product line, Formula Systems invests in and manages companies that provide software, consulting, systems integration, information technology services and other enterprise technology solutions.

Its principal subsidiaries include Matrix IT, a provider of information technology services, consulting, outsourcing, systems integration and training; Sapiens International, which develops software platforms and solutions for the insurance industry; and Magic Software Enterprises, which provides application development, digital transformation, integration, cloud and information technology services.