Formula Systems (1985) (NASDAQ:FORTY) Shares Gap Down - Here's Why

Key Points

• Formula Systems (1985) Ltd. shares gapped down significantly, opening at $136.71 after a previous close of $149.09, reflecting an 8.1% decrease in value.
• Wall Street Zen downgraded the company's rating from "strong-buy" to "buy", contributing to the stock's decline.
• The company announced a quarterly dividend of $0.505 per share, set to be paid on November 7th, with an annualized dividend yield of 1.5%.

Formula Systems (1985) Ltd. (NASDAQ:FORTY - Get Free Report) shares gapped down before the market opened on Tuesday . The stock had previously closed at $149.09, but opened at $136.71. Formula Systems (1985) shares last traded at $136.94, with a volume of 514 shares.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen downgraded Formula Systems (1985) from a "strong-buy" rating to a "buy" rating in a report on Saturday, June 21st.

Formula Systems (1985) Stock Down 8.1%

The firm has a fifty day moving average price of $126.29 and a 200-day moving average price of $108.56. The company has a quick ratio of 1.17, a current ratio of 1.21 and a debt-to-equity ratio of 0.17. The firm has a market cap of $2.10 billion, a price-to-earnings ratio of 27.55 and a beta of 0.94.

Formula Systems (1985) (NASDAQ:FORTY - Get Free Report) last issued its earnings results on Tuesday, August 19th. The technology company reported $0.95 earnings per share for the quarter. Formula Systems (1985) had a return on equity of 5.58% and a net margin of 2.70%.The business had revenue of $743.37 million for the quarter.

Formula Systems (1985) Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 7th. Shareholders of record on Tuesday, October 14th will be paid a $0.505 dividend. This represents a $2.02 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date is Tuesday, October 14th. Formula Systems (1985)'s payout ratio is presently 28.77%.

Institutional Investors Weigh In On Formula Systems (1985)

An institutional investor recently bought a new position in Formula Systems (1985) stock. Elevation Point Wealth Partners LLC acquired a new position in shares of Formula Systems (1985) Ltd. (NASDAQ:FORTY - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 1,740 shares of the technology company's stock, valued at approximately $222,000. 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.

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