Formula Systems (1985) (NASDAQ:FORTY) Trading 11.9% Higher – Here’s Why
by Renee Jackson · The Cerbat GemFormula Systems (1985) Ltd. (NASDAQ:FORTY – Get Free Report) shares traded up 11.9% during mid-day trading on Wednesday . The company traded as high as $148.20 and last traded at $148.20. 113 shares were traded during trading, a decline of 80% from the average session volume of 558 shares. The stock had previously closed at $132.48.
Analyst Ratings Changes
Separately, Weiss Ratings reissued a “hold (c)” rating on shares of Formula Systems (1985) in a research report on Friday, March 27th. One investment analyst has rated the stock with a Hold rating, According to MarketBeat, the stock presently has a consensus rating of “Hold”.
Read Our Latest Report on Formula Systems (1985)
Formula Systems (1985) Stock Performance
The stock’s 50-day moving average is $127.68 and its 200-day moving average is $146.63. The stock has a market cap of $2.26 billion, a price-to-earnings ratio of 3.85 and a beta of 1.17. The company has a current ratio of 1.63, a quick ratio of 1.61 and a debt-to-equity ratio of 0.07.
Formula Systems (1985) (NASDAQ:FORTY – Get Free Report) last posted its earnings results on Thursday, March 26th. The technology company reported $35.03 earnings per share (EPS) for the quarter. The firm had revenue of $708.38 million during the quarter. Formula Systems (1985) had a net margin of 20.89% and a return on equity of 3.24%.
Hedge Funds Weigh In On Formula Systems (1985)
A number of institutional investors and hedge funds have recently bought and sold shares of FORTY. CX Institutional purchased a new position in Formula Systems (1985) in the 3rd quarter worth approximately $398,000. Elevation Point Wealth Partners LLC purchased a new position in Formula Systems (1985) in the 1st quarter worth approximately $206,000. Altshuler Shaham Ltd boosted 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 worth $1,182,000 after acquiring an additional 1,650 shares during the period. GHP Investment Advisors Inc. boosted its holdings in Formula Systems (1985) by 10.8% in the 3rd quarter. GHP Investment Advisors Inc. now owns 7,716 shares of the technology company’s stock worth $1,082,000 after acquiring an additional 755 shares during the period. Finally, Raymond James Financial Inc. purchased a new position in Formula Systems (1985) in the 2nd quarter worth approximately $73,000. 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.