Formula Systems (1985) (NASDAQ:FORTY) Shares Gap Down – Here’s Why

Formula Systems (1985) Ltd. (NASDAQ:FORTY)’s share price gapped down before the market opened on Monday . The stock had previously closed at $124.95, but opened at $112.45. Formula Systems (1985) shares last traded at $112.32, with a volume of 1,080 shares traded.

Wall Street Analyst Weigh In

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

Formula Systems (1985) Trading Down 10.1%

The stock’s 50 day simple moving average is $135.63 and its two-hundred day simple moving average is $148.84. The stock has a market capitalization of $1.72 billion, a PE ratio of 2.93 and a beta of 1.12. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.63 and a quick ratio of 1.61.

Formula Systems (1985) (NASDAQ:FORTY) last issued its quarterly earnings results on Thursday, March 26th. The technology company reported $35.03 earnings per share (EPS) for the quarter. The company 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%.

Institutional Trading of Formula Systems (1985)

Several hedge funds have recently made changes to their positions in FORTY. Raymond James Financial Inc. purchased a new position in shares of Formula Systems (1985) during the 2nd quarter valued at $73,000. Elevation Point Wealth Partners LLC purchased a new stake in Formula Systems (1985) in the 2nd quarter worth about $222,000. CX Institutional bought a new stake in Formula Systems (1985) in the 3rd quarter valued at about $398,000. Altshuler Shaham Ltd raised its stake 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 valued at $1,182,000 after acquiring an additional 1,650 shares during the period. Finally, GHP Investment Advisors Inc. lifted its holdings in Formula Systems (1985) by 10.8% during 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. 34.76% of the stock is currently owned by institutional investors.

Formula Systems (1985) Company Profile

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.