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

Key Points

• Formula Systems (1985) Ltd. shares gapped down significantly from $119.00 to $112.81 at market open, with the last traded price at $122.71.
• Analysts have downgraded the rating from "strong-buy" to "buy" as of June 21st, indicating potential caution for investors.
• The company increased its semi-annual dividend to $0.9728, providing a yield of 100.0%, reflecting a strong return to shareholders.

Formula Systems (1985) Ltd. (NASDAQ:FORTY - Get Free Report)'s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $119.00, but opened at $112.81. Formula Systems (1985) shares last traded at $122.71, with a volume of 413 shares.

Wall Street Analyst Weigh In

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

Formula Systems (1985) Trading Up 0.1%

The company has a market capitalization of $1.89 billion, a P/E ratio of 23.59 and a beta of 0.93. The business has a fifty day moving average price of $120.26 and a 200 day moving average price of $103.31. The company has a quick ratio of 1.23, a current ratio of 1.26 and a debt-to-equity ratio of 0.16.

Formula Systems (1985) (NASDAQ:FORTY - Get Free Report) last announced its quarterly earnings data on Thursday, May 22nd. The technology company reported $1.23 earnings per share (EPS) for the quarter. The company had revenue of $754.68 million for the quarter. Formula Systems (1985) had a return on equity of 6.00% and a net margin of 2.91%.

Formula Systems (1985) Increases Dividend

The company also recently declared a semi-annual dividend, which was paid on Friday, August 1st. Stockholders of record on Monday, July 7th were paid a $0.9728 dividend. This represents a dividend yield of 100.0%. The ex-dividend date was Monday, July 7th. This is a positive change from Formula Systems (1985)'s previous semi-annual dividend of $0.69. Formula Systems (1985)'s dividend payout ratio is currently 12.64%.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Formula Systems (1985) stock. Elevation Point Wealth Partners LLC acquired a new stake in shares of Formula Systems (1985) Ltd. (NASDAQ:FORTY - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor 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.