Formula Systems (1985) (NASDAQ:FORTY) Sets New 1-Year High – Here’s Why

Formula Systems (1985) Ltd. (NASDAQ:FORTY) hit a new 52-week high during trading on Wednesday . The stock traded as high as $175.00 and last traded at $176.42, with a volume of 836 shares. The stock had previously closed at $168.90.

Analyst Ratings Changes

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

Formula Systems (1985) Price Performance

The business has a 50 day moving average of $155.67 and a 200 day moving average of $136.08. The company has a market cap of $2.71 billion, a PE ratio of 38.89 and a beta of 1.07. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.60 and a quick ratio of 1.58.

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

Formula Systems (1985) Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 23rd. Investors of record on Tuesday, December 30th will be paid a dividend of $0.5021 per share. The ex-dividend date is Tuesday, December 30th. This represents a $2.01 dividend on an annualized basis and a dividend yield of 1.1%. Formula Systems (1985)’s payout ratio is 31.28%.

Hedge Funds Weigh In On Formula Systems (1985)

Several hedge funds have recently modified their holdings of FORTY. Raymond James Financial Inc. purchased a new position in shares of Formula Systems (1985) in the 2nd quarter worth $73,000. Elevation Point Wealth Partners LLC purchased a new position in Formula Systems (1985) in the 2nd quarter worth about $222,000. CX Institutional bought a new stake in Formula Systems (1985) during the 3rd quarter valued at about $398,000. Finally, GHP Investment Advisors Inc. boosted its holdings in shares of Formula Systems (1985) by 10.8% in the third quarter. GHP Investment Advisors Inc. now owns 7,716 shares of the technology company’s stock valued at $1,082,000 after purchasing an additional 755 shares during the period. Hedge funds and other institutional investors 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.