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

Key Points

• Formula Systems (1985) shares dropped significantly, opening at $142.23 after closing at $149.21, indicating a volatile trading period.
• Analysts have downgraded the stock's rating, with Wall Street Zen reducing it from "strong-buy" to "buy" and a consensus rating of "hold" currently in place.
• The company announced a quarterly dividend of $0.505 per share, with an annualized yield of 1.4%, to be paid on November 7th.

Formula Systems (1985) Ltd. (NASDAQ:FORTY - Get Free Report) shares gapped down before the market opened on Wednesday . The stock had previously closed at $149.21, but opened at $142.23. Formula Systems (1985) shares last traded at $150.67, with a volume of 594 shares traded.

Analysts Set New Price Targets

Several research firms have commented on FORTY. Wall Street Zen cut shares of Formula Systems (1985) from a "strong-buy" rating to a "buy" rating in a report on Saturday, June 21st. Weiss Ratings reiterated a "hold (c-)" rating on shares of Formula Systems (1985) in a report on Wednesday, October 8th. One research analyst has rated the stock with a Hold rating, According to MarketBeat, Formula Systems (1985) currently has a consensus rating of "Hold".

Formula Systems (1985) Price Performance

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 business's 50 day moving average price is $132.58 and its 200-day moving average price is $115.37. The company has a market cap of $2.19 billion, a PE ratio of 28.75 and a beta of 0.90.

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

Formula Systems (1985) Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 7th. Shareholders of record on Tuesday, October 14th will be issued a dividend of $0.505 per share. This represents a $2.02 annualized dividend and a yield of 1.4%. The ex-dividend date is Tuesday, October 14th. Formula Systems (1985)'s payout ratio is presently 26.76%.

Hedge Funds Weigh In On Formula Systems (1985)

A hedge fund recently bought a new stake in Formula Systems (1985) stock. Raymond James Financial Inc. acquired a new stake in Formula Systems (1985) Ltd. (NASDAQ:FORTY - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 568 shares of the technology company's stock, valued at approximately $73,000. 34.76% of the stock is owned by institutional investors and hedge funds.

About Formula Systems (1985)

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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