Formula Systems (1985) (NASDAQ:FORTY) Shares Up 7% – Here’s What Happened

Shares of Formula Systems (1985) Ltd. (NASDAQ:FORTY) were up 7% on Thursday . The company traded as high as $168.90 and last traded at $171.1690. Approximately 187 shares changed hands during trading, a decline of 78% from the average daily volume of 845 shares. The stock had previously closed at $160.00.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Formula Systems (1985) in a report on Monday. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, the stock has an average rating of “Hold”.

Formula Systems (1985) Stock Up 5.2%

The company has a debt-to-equity ratio of 0.15, a current ratio of 1.60 and a quick ratio of 1.58. The firm’s 50 day moving average price is $149.20 and its two-hundred day moving average price is $131.51. The firm has a market cap of $2.58 billion, a price-to-earnings ratio of 37.06 and a beta of 1.07.

Formula Systems (1985) (NASDAQ:FORTY) last posted its quarterly earnings data on Thursday, November 20th. The technology company reported $0.73 EPS for the quarter. Formula Systems (1985) had a return on equity of 4.55% and a net margin of 2.49%.The firm had revenue of $696.64 million during the quarter.

Formula Systems (1985) Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 23rd. Investors of record on Tuesday, December 30th will be given a $0.5021 dividend. This represents a $2.01 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Tuesday, December 30th. Formula Systems (1985)’s dividend payout ratio (DPR) is 32.60%.

Hedge Funds Weigh In On Formula Systems (1985)

A number of large investors have recently bought and sold shares of the company. Raymond James Financial Inc. acquired a new stake in Formula Systems (1985) in the second quarter valued at about $73,000. GHP Investment Advisors Inc. raised its stake in shares of Formula Systems (1985) by 10.8% during the 3rd quarter. GHP Investment Advisors Inc. now owns 7,716 shares of the technology company’s stock worth $1,082,000 after buying an additional 755 shares in the last quarter. Elevation Point Wealth Partners LLC acquired a new stake in shares of Formula Systems (1985) in the 2nd quarter valued at approximately $222,000. Finally, CX Institutional acquired a new stake in shares of Formula Systems (1985) in the 3rd quarter valued at approximately $398,000. Hedge funds and other institutional investors own 34.76% of the company’s stock.

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.