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

Key Points

• Formula Systems shares opened higher, rising from a previous close of $111.50 to $114.98 before last trading at $114.59 on relatively light volume.
• Analyst sentiment remains cautious, with Weiss Ratings reiterating a “hold (C)” rating and the company carrying a consensus “Hold” rating.
• The company reported quarterly EPS of $1.47 and declared a $1.63 special dividend, payable October 16 to shareholders of record as of September 22.

Formula Systems (1985) Ltd. (NASDAQ:FORTY - Get Free Report) shares gapped up before the market opened on Wednesday. The stock had previously closed at $111.50, but opened at $114.98. Formula Systems (1985) shares last traded at $114.59, with a volume of 581 shares changing hands.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a "hold (c)" rating on shares of Formula Systems (1985) in a report on Thursday, August 27th. One equities research analyst has rated the stock with a Hold rating. According to data from MarketBeat, Formula Systems (1985) presently has a consensus rating of "Hold".

Formula Systems (1985) Price Performance

The firm has a market capitalization of $1.76 billion, a price-to-earnings ratio of 2.88 and a beta of 1.25. The company has a quick ratio of 1.44, a current ratio of 1.48 and a debt-to-equity ratio of 0.13. The company's fifty day moving average is $117.61 and its two-hundred day moving average is $121.10.

Formula Systems (1985) (NASDAQ:FORTY - Get Free Report) last released its earnings results on Wednesday, August 26th. The technology company reported $1.47 EPS for the quarter. Formula Systems (1985) had a net margin of 21.57% and a return on equity of 4.38%.

Formula Systems (1985) Dividend Announcement

The business also recently declared a special dividend, which will be paid on Friday, October 16th. Stockholders of record on Tuesday, September 22nd will be given a $1.63 dividend. The ex-dividend date is Tuesday, September 22nd. Formula Systems (1985)'s dividend payout ratio (DPR) is currently 6.03%.

Institutional Investors Weigh In On Formula Systems (1985)

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP increased its stake in shares of Formula Systems (1985) by 2.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,315 shares of the technology company's stock valued at $391,000 after acquiring an additional 86 shares during the last quarter. Altshuler Shaham Ltd boosted its stake in Formula Systems (1985) by 10.4% during the 1st quarter. Altshuler Shaham Ltd now owns 7,742 shares of the technology company's stock worth $926,000 after acquiring an additional 727 shares during the last quarter. Finally, Elevation Point Wealth Partners LLC acquired a new position in Formula Systems (1985) during the first quarter valued at approximately $206,000. Institutional investors own 34.76% of the company's stock.

Formula Systems (1985) Company Profile

Formula Systems (1985) Ltd. is an Israel-based holding company that operates through a group of technology and information-services businesses. Rather than developing a single product line, Formula Systems invests in and manages companies that provide software, consulting, systems integration, information technology services and other enterprise technology solutions.

Its principal subsidiaries include Matrix IT, a provider of information technology services, consulting, outsourcing, systems integration and training; Sapiens International, which develops software platforms and solutions for the insurance industry; and Magic Software Enterprises, which provides application development, digital transformation, integration, cloud and information technology services.

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