Formula Systems (1985) (NASDAQ:FORTY) Shares Gap Up - Should You Buy?

Key Points

• Formula Systems (NASDAQ:FORTY) gapped up before trading, opening at $113.99 after closing at $109.75 and later trading as high as $119.68, up about 7.3%.
• Analyst sentiment remains muted: Weiss Ratings reaffirmed a “hold (c)” and MarketBeat shows an overall average rating of “Hold.”
• The company reported Q1 earnings of $2.25 per share on revenue of $738.29 million and also paid a special dividend of $13.045 per share on June 15.

Formula Systems (1985) Ltd. (NASDAQ:FORTY - Get Free Report) gapped up prior to trading on Friday . The stock had previously closed at $109.75, but opened at $113.99. Formula Systems (1985) shares last traded at $119.68, with a volume of 293 shares trading hands.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Formula Systems (1985) in a report on Friday, March 27th. One research analyst has rated the stock with a Hold rating, According to MarketBeat, the company currently has an average rating of "Hold".

Formula Systems (1985) Stock Up 7.3%

The company has a current ratio of 1.68, a quick ratio of 1.66 and a debt-to-equity ratio of 0.12. The company's 50 day moving average is $119.45 and its 200 day moving average is $131.50. The company has a market cap of $1.75 billion, a PE ratio of 2.90 and a beta of 1.21.

Formula Systems (1985) (NASDAQ:FORTY - Get Free Report) last announced its earnings results on Thursday, May 28th. The technology company reported $2.25 earnings per share for the quarter. Formula Systems (1985) had a return on equity of 4.01% and a net margin of 21.58%.The firm had revenue of $738.29 million for the quarter.

Formula Systems (1985) Announces Dividend

The company also recently announced a special dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, May 22nd were issued a dividend of $13.045 per share. The ex-dividend date of this dividend was Friday, May 22nd. Formula Systems (1985)'s payout ratio is 1.88%.

Hedge Funds Weigh In On Formula Systems (1985)

Hedge funds have recently bought and sold shares of the business. Raymond James Financial Inc. purchased a new stake in shares of Formula Systems (1985) during the second quarter worth about $73,000. Altshuler Shaham Ltd lifted its holdings in Formula Systems (1985) by 30.8% in the 4th quarter. Altshuler Shaham Ltd now owns 7,015 shares of the technology company's stock valued at $1,182,000 after purchasing an additional 1,650 shares in the last quarter. Elevation Point Wealth Partners LLC purchased a new position in Formula Systems (1985) in the 1st quarter valued at $206,000. Finally, Dimensional Fund Advisors LP raised its position in shares of 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 valued at $391,000 after buying an additional 86 shares during the last quarter. Hedge funds and other institutional investors own 34.76% of the company's stock.

About Formula Systems (1985)

Formula Systems (1985) Ltd is an Israeli publicly traded holding company specializing in the software and information technology sectors. Founded in 1985 and listed on NASDAQ under the ticker FORTY, the company focuses on acquiring, investing in and developing independent software firms. Its core mission is to foster innovation in enterprise software, cybersecurity and digital transformation solutions.

The company's principal activities center on holding controlling and significant equity stakes in several market-leading software enterprises.

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