Formula Systems (1985) (NASDAQ:FORTY) Sets New 52-Week High – Here’s What Happened

Formula Systems (1985) Ltd. (NASDAQ:FORTY)’s share price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $190.56 and last traded at $186.87, with a volume of 135 shares. The stock had previously closed at $178.10.

Analysts Set New Price Targets

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

Formula Systems (1985) Stock Down 4.0%

The company has a market capitalization of $2.62 billion, a price-to-earnings ratio of 37.67 and a beta of 1.07. The firm’s 50-day simple moving average is $159.37 and its two-hundred day simple moving average is $138.99. 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 for the quarter. The company had revenue of $696.64 million for the quarter. Formula Systems (1985) had a return on equity of 4.55% and a net margin of 2.49%.

Formula Systems (1985) Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 23rd. Shareholders of record on Tuesday, December 30th will be issued a dividend of $0.5021 per share. This represents a $2.01 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Tuesday, December 30th. Formula Systems (1985)’s dividend payout ratio is 32.60%.

Institutional Trading of Formula Systems (1985)

A number of hedge funds have recently bought and sold shares of the company. Raymond James Financial Inc. acquired a new stake in shares of Formula Systems (1985) during the second quarter worth $73,000. Elevation Point Wealth Partners LLC purchased a new stake in shares of Formula Systems (1985) in the second quarter worth about $222,000. CX Institutional acquired a new stake in Formula Systems (1985) in the third quarter valued at approximately $398,000. Finally, GHP Investment Advisors Inc. increased its stake in Formula Systems (1985) by 10.8% during the 3rd 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 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.