Fortrea (NASDAQ:FTRE) Price Target Cut to $11.00 by Analysts at The Goldman Sachs Group

Fortrea (NASDAQ:FTRE) had its price objective cut by The Goldman Sachs Group from $22.00 to $11.00 in a research note issued to investors on Tuesday morning,Benzinga reports. They currently have a neutral rating on the stock.

A number of other brokerages have also issued reports on FTRE. Baird R W lowered Fortrea from a “strong-buy” rating to a “hold” rating in a report on Friday, December 6th. William Blair restated a “market perform” rating on shares of Fortrea in a report on Tuesday. Barclays lowered their target price on Fortrea from $25.00 to $12.00 and set an “equal weight” rating for the company in a report on Tuesday. Robert W. Baird lowered Fortrea from an “outperform” rating to a “neutral” rating and lowered their target price for the stock from $28.00 to $25.00 in a report on Friday, December 6th. Finally, Citigroup lowered Fortrea from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $30.00 to $23.00 in a report on Wednesday, December 11th. One investment analyst has rated the stock with a sell rating and eleven have issued a hold rating to the company’s stock. According to MarketBeat.com, Fortrea presently has an average rating of “Hold” and an average target price of $20.30.

Fortrea Stock Down 1.8 %

Shares of NASDAQ:FTRE opened at $10.69 on Tuesday. Fortrea has a 1 year low of $9.55 and a 1 year high of $41.02. The business has a 50 day simple moving average of $16.50 and a two-hundred day simple moving average of $18.95. The firm has a market capitalization of $958.89 million, a PE ratio of -3.13, a price-to-earnings-growth ratio of 1.78 and a beta of 1.34. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.18 and a quick ratio of 1.18.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings results on Monday, March 3rd. The company reported $0.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.18). The firm had revenue of $697.00 million during the quarter, compared to analysts’ expectations of $703.22 million. Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. During the same quarter in the previous year, the firm posted $0.19 EPS. On average, equities analysts predict that Fortrea will post 0.51 EPS for the current year.

Insider Transactions at Fortrea

In related news, CEO Thomas Pike sold 11,268 shares of the company’s stock in a transaction on Monday, January 13th. The stock was sold at an average price of $18.04, for a total value of $203,274.72. Following the transaction, the chief executive officer now directly owns 159,868 shares of the company’s stock, valued at $2,884,018.72. This represents a 6.58 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last three months, insiders have sold 12,386 shares of company stock valued at $219,751. Corporate insiders own 0.12% of the company’s stock.

Hedge Funds Weigh In On Fortrea

Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Fortrea by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 9,884,256 shares of the company’s stock valued at $184,341,000 after acquiring an additional 120,599 shares during the period. Starboard Value LP increased its position in shares of Fortrea by 5.0% in the 3rd quarter. Starboard Value LP now owns 8,400,000 shares of the company’s stock valued at $168,000,000 after acquiring an additional 400,000 shares during the period. FMR LLC increased its position in shares of Fortrea by 67.7% in the 4th quarter. FMR LLC now owns 8,086,806 shares of the company’s stock valued at $150,819,000 after acquiring an additional 3,265,402 shares during the period. Sessa Capital IM L.P. increased its position in shares of Fortrea by 2.3% in the 3rd quarter. Sessa Capital IM L.P. now owns 6,908,044 shares of the company’s stock valued at $138,161,000 after acquiring an additional 158,044 shares during the period. Finally, Pacer Advisors Inc. increased its position in shares of Fortrea by 5,021,169.7% in the 3rd quarter. Pacer Advisors Inc. now owns 6,125,949 shares of the company’s stock valued at $122,519,000 after acquiring an additional 6,125,827 shares during the period.

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.