Formula Systems (1985) (NASDAQ:FORTY) Stock Price Up 6.6% – Still a Buy?

Formula Systems (1985) Ltd. (NASDAQ:FORTY) shot up 6.6% during trading on Tuesday . The company traded as high as $170.00 and last traded at $176.8650. 545 shares traded hands during mid-day trading, an increase of 92% from the average session volume of 284 shares. The stock had previously closed at $165.93.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a “hold (c)” rating on shares of Formula Systems (1985) in a research report on Monday, December 29th. One analyst has rated the stock with a Hold rating, According to data from MarketBeat, Formula Systems (1985) has a consensus rating of “Hold”.

Formula Systems (1985) Trading Up 4.0%

The stock has a market capitalization of $2.61 billion, a P/E ratio of 38.01 and a beta of 1.06. The stock’s 50 day moving average price is $165.29 and its 200-day moving average price is $144.06. The company has a quick ratio of 1.58, a current ratio of 1.60 and a debt-to-equity ratio of 0.15.

Formula Systems (1985) (NASDAQ:FORTY) last posted its 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 business 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 dividend of $0.5021 per share. The ex-dividend date of this dividend is Tuesday, December 30th. This represents a $2.01 dividend on an annualized basis and a yield of 1.2%. Formula Systems (1985)’s dividend payout ratio (DPR) is presently 31.50%.

Institutional Trading of Formula Systems (1985)

Hedge funds have recently modified their holdings of the company. Raymond James Financial Inc. bought a new stake in shares of Formula Systems (1985) in the 2nd quarter valued at about $73,000. Elevation Point Wealth Partners LLC purchased a new stake in Formula Systems (1985) during the second quarter valued at approximately $222,000. CX Institutional purchased a new stake in Formula Systems (1985) during the third quarter valued at approximately $398,000. Finally, GHP Investment Advisors Inc. boosted 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 acquiring an additional 755 shares in the last quarter. 34.76% of the stock is owned by hedge funds and other institutional investors.

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.