Formula Systems (1985) (NASDAQ:FORTY) Shares Up 6.8% – Here’s What Happened

Formula Systems (1985) Ltd. (NASDAQ:FORTY) shares were up 6.8% on Wednesday . The stock traded as high as $168.90 and last traded at $170.9460. Approximately 187 shares were traded during trading, a decline of 36% from the average daily volume of 292 shares. The stock had previously closed at $160.00.

Analyst Ratings Changes

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

Formula Systems (1985) Stock Up 6.5%

The business’s fifty day simple moving average is $150.68 and its two-hundred day simple moving average is $132.95. The company has a market cap of $2.61 billion, a PE ratio of 37.53 and a beta of 1.07. 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 posted its earnings results on Thursday, November 20th. The technology company reported $0.73 earnings per share (EPS) for the quarter. The business had revenue of $696.64 million for the quarter. Formula Systems (1985) had a net margin of 2.49% and a return on equity of 4.55%.

Formula Systems (1985) Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 23rd. Investors of record on Tuesday, December 30th will be issued a $0.5021 dividend. This represents a $2.01 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend is Tuesday, December 30th. Formula Systems (1985)’s payout ratio is presently 31.28%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Raymond James Financial Inc. acquired a new stake in Formula Systems (1985) in the 2nd quarter worth about $73,000. GHP Investment Advisors Inc. grew its holdings 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 buying an additional 755 shares in the last quarter. Elevation Point Wealth Partners LLC acquired a new stake in shares of Formula Systems (1985) in the second quarter valued at about $222,000. Finally, CX Institutional purchased a new position in shares of Formula Systems (1985) in the third quarter worth about $398,000. Institutional investors and hedge funds own 34.76% of the company’s stock.

Formula Systems (1985) Company Profile

Formula Systems (1985) Ltd., through its subsidiaries, provides proprietary and non-proprietary software solutions, IT professional services, software product marketing and support, computer infrastructure and integration solutions, and learning and integration worldwide. The company offers computer and telecommunication infrastructure solutions; and sells and markets computers and peripheral equipment, and cloud based solutions and services relating to databases and big data.