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

Formula Systems (1985) Ltd. (NASDAQ:FORTY)’s stock price gapped down prior to trading on Friday. The stock had previously closed at $119.22, but opened at $112.04. Formula Systems (1985) shares last traded at $117.01, with a volume of 444 shares changing hands.

Analysts Set New Price Targets

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

Formula Systems (1985) Trading Down 1.9%

The company has a market capitalization of $1.79 billion, a PE ratio of 2.94 and a beta of 1.25. The company has a current ratio of 1.48, a quick ratio of 1.44 and a debt-to-equity ratio of 0.13. The stock has a fifty day moving average of $118.84 and a two-hundred day moving average of $120.86.

Formula Systems (1985) (NASDAQ:FORTY) last issued 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 firm also recently disclosed a special dividend, which was paid on Friday, October 16th. Stockholders of record on Tuesday, September 22nd were issued a $1.63 dividend. The ex-dividend date was Tuesday, September 22nd. Formula Systems (1985)’s payout ratio is presently 6.03%.

Institutional Investors Weigh In On Formula Systems (1985)

Institutional investors have recently made changes to their positions in the business. Elevation Point Wealth Partners LLC bought a new position in shares of Formula Systems (1985) during the 1st quarter valued at $206,000. Dimensional Fund Advisors LP lifted its stake in Formula Systems (1985) by 2.7% in the first quarter. Dimensional Fund Advisors LP now owns 3,315 shares of the technology company’s stock worth $391,000 after purchasing an additional 86 shares during the last quarter. Finally, Altshuler Shaham Ltd lifted its stake in Formula Systems (1985) by 10.4% in the first quarter. Altshuler Shaham Ltd now owns 7,742 shares of the technology company’s stock worth $926,000 after purchasing an additional 727 shares during the last quarter. Hedge funds and other institutional investors own 34.76% of the company’s stock.

Formula Systems (1985) Company Profile

Formula Systems (1985) Ltd. is an Israel-based holding company that invests in and manages technology businesses. Established in 1985, the company focuses primarily on software, information technology services and technology-enabled business solutions through its principal operating subsidiaries.

Formula Systems’ portfolio includes Matrix IT, an Israeli provider of systems integration, consulting, outsourcing, cloud, cybersecurity and other information technology services; Magic Software Enterprises, which provides software development, digital transformation, cloud, data and application integration services; and Sapiens International, a provider of software platforms and solutions for the insurance, financial services and retirement markets.

Through these businesses, Formula Systems serves customers in Israel and international markets, including North America, Europe and the Asia-Pacific region.