Fortrea Holdings Inc. (NASDAQ:FTRE) Shares Purchased by Starboard Value LP

Starboard Value LP raised its stake in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 5.0% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 8,400,000 shares of the company’s stock after buying an additional 400,000 shares during the quarter. Fortrea comprises about 3.6% of Starboard Value LP’s investment portfolio, making the stock its 13th biggest position. Starboard Value LP owned about 9.36% of Fortrea worth $168,000,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of FTRE. nVerses Capital LLC acquired a new position in shares of Fortrea in the second quarter valued at approximately $26,000. Gladius Capital Management LP purchased a new stake in Fortrea in the 2nd quarter worth approximately $30,000. Hara Capital LLC acquired a new position in Fortrea in the 3rd quarter valued at $29,000. Blue Trust Inc. lifted its stake in shares of Fortrea by 2,515.8% during the 2nd quarter. Blue Trust Inc. now owns 1,491 shares of the company’s stock worth $35,000 after purchasing an additional 1,434 shares during the period. Finally, University of Texas Texas AM Investment Management Co. boosted its holdings in shares of Fortrea by 125.0% during the second quarter. University of Texas Texas AM Investment Management Co. now owns 2,250 shares of the company’s stock worth $53,000 after purchasing an additional 1,250 shares during the last quarter.

Wall Street Analyst Weigh In

FTRE has been the topic of several recent analyst reports. TD Cowen increased their target price on Fortrea from $23.00 to $25.00 and gave the stock a “hold” rating in a research report on Monday, November 11th. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Fortrea from $28.00 to $23.00 and set a “hold” rating on the stock in a report on Tuesday, August 20th. Bank of America lowered their target price on shares of Fortrea from $26.00 to $21.00 and set an “underperform” rating for the company in a report on Tuesday, August 13th. Robert W. Baird increased their price target on shares of Fortrea from $28.00 to $30.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th. Finally, Jefferies Financial Group cut shares of Fortrea from a “buy” rating to a “hold” rating and lowered their price objective for the company from $25.00 to $21.00 in a research note on Wednesday, September 25th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $24.50.

Fortrea Price Performance

Shares of FTRE stock opened at $21.05 on Monday. Fortrea Holdings Inc. has a twelve month low of $16.53 and a twelve month high of $41.02. The company has a market capitalization of $1.89 billion, a PE ratio of -6.15, a price-to-earnings-growth ratio of 3.18 and a beta of 0.70. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.74. The firm has a fifty day simple moving average of $19.35 and a 200-day simple moving average of $22.53.

Fortrea (NASDAQ:FTRE) last announced its earnings results on Friday, November 8th. The company reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.25 by ($0.02). The business had revenue of $674.90 million for the quarter, compared to analyst estimates of $674.86 million. Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. The firm’s revenue was down 5.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.24 earnings per share. Equities research analysts anticipate that Fortrea Holdings Inc. will post 0.57 earnings per share for the current fiscal year.

Fortrea Company Profile

Fortrea Holdings Inc, a contract research organization, primarily engages in the provision of biopharmaceutical product and medical device development services worldwide. The company operates through two segments: Clinical Services and Enabling Services. The Clinical Services segment provides across the clinical pharmacology and clinical development spectrum.