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

Key Points

• Formula Systems (1985) shares gapped up from a previous close of $131.23 to $140.48 and last traded at $137.09 with a volume of 142 shares.
• Wall Street Zen downgraded the company's rating from "strong-buy" to "buy" while analysts set new price targets.
• The company announced a quarterly dividend of $0.505 per share, scheduled to be paid on November 7th, representing a 1.5% dividend yield.

Shares of Formula Systems (1985) Ltd. (NASDAQ:FORTY - Get Free Report) gapped up before the market opened on Tuesday . The stock had previously closed at $131.23, but opened at $140.48. Formula Systems (1985) shares last traded at $137.09, with a volume of 142 shares traded.

Analysts Set New Price Targets

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

Formula Systems (1985) Stock Up 4.5%

The business has a 50 day moving average of $127.97 and a 200-day moving average of $111.63. The stock has a market cap of $2.10 billion, a PE ratio of 27.58 and a beta of 0.94. The company has a current ratio of 1.21, a quick ratio of 1.17 and a debt-to-equity ratio of 0.17.

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

Formula Systems (1985) Announces Dividend

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 annualized dividend and a dividend yield of 1.5%. The ex-dividend date is Tuesday, October 14th. Formula Systems (1985)'s dividend payout ratio (DPR) is 26.76%.

Hedge Funds Weigh In On Formula Systems (1985)

An institutional investor recently bought a new position in Formula Systems (1985) stock. Raymond James Financial Inc. bought a new position 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 SEC. The fund bought 568 shares of the technology company's stock, valued at approximately $73,000. 34.76% of the stock is owned by hedge funds and other institutional investors.

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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