Formula Systems (1985) (NASDAQ:FORTY) Reaches New 1-Year High – Here’s What Happened

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 trading hands. The stock had previously closed at $168.90.

Wall Street Analyst Weigh In

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

Formula Systems (1985) Trading Up 4.5%

The business has a 50 day moving average of $154.63 and a 200-day moving average of $135.51. The stock has a market cap of $2.70 billion, a PE ratio of 38.86 and a beta of 1.07. The company has a current ratio of 1.60, a quick ratio of 1.58 and a debt-to-equity ratio of 0.15.

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

Formula Systems (1985) Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 23rd. Shareholders of record on Tuesday, December 30th will be paid a dividend of $0.5021 per share. This represents a $2.01 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend is Tuesday, December 30th. Formula Systems (1985)’s dividend payout ratio (DPR) is currently 32.60%.

Hedge Funds Weigh In On Formula Systems (1985)

Several institutional investors and hedge funds have recently modified their holdings of FORTY. Raymond James Financial Inc. purchased a new stake in Formula Systems (1985) in the 2nd quarter worth approximately $73,000. Elevation Point Wealth Partners LLC acquired a new stake in shares of Formula Systems (1985) during the second quarter worth $222,000. CX Institutional acquired a new stake in shares of Formula Systems (1985) during the third quarter worth $398,000. Finally, GHP Investment Advisors Inc. increased its stake in 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 last quarter. 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.