Raymond James Financial Services Advisors Inc. Acquires Shares of 15,485 Fortrea Holdings Inc. (NASDAQ:FTRE)

Raymond James Financial Services Advisors Inc. acquired a new stake in Fortrea Holdings Inc. (NASDAQ:FTRE) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 15,485 shares of the company’s stock, valued at approximately $540,000.

A number of other hedge funds have also recently modified their holdings of the company. Willis Investment Counsel purchased a new position in shares of Fortrea during the fourth quarter valued at about $6,286,000. Cohen Klingenstein LLC purchased a new position in shares of Fortrea during the fourth quarter valued at about $948,000. Nordea Investment Management AB purchased a new position in shares of Fortrea during the fourth quarter valued at about $747,000. Raymond James Trust N.A. purchased a new stake in Fortrea in the fourth quarter worth about $363,000. Finally, FORVIS Wealth Advisors LLC purchased a new stake in Fortrea in the fourth quarter worth about $244,000.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Barclays cut their price objective on shares of Fortrea from $38.00 to $35.00 and set an “overweight” rating on the stock in a report on Thursday, January 25th. Jefferies Financial Group started coverage on shares of Fortrea in a research note on Thursday, January 4th. They issued a “buy” rating and a $44.00 target price on the stock. Deutsche Bank Aktiengesellschaft started coverage on shares of Fortrea in a research note on Wednesday, March 6th. They issued a “hold” rating and a $36.00 target price on the stock. Robert W. Baird started coverage on shares of Fortrea in a research note on Friday, March 22nd. They issued a “neutral” rating and a $43.00 target price on the stock. Finally, William Blair started coverage on shares of Fortrea in a research note on Friday, January 5th. They issued a “market perform” rating on the stock. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, Fortrea presently has a consensus rating of “Hold” and a consensus target price of $37.29.

Fortrea Trading Down 1.4 %

Shares of Fortrea stock opened at $36.00 on Friday. The company’s 50 day moving average is $37.60 and its 200 day moving average is $33.26. Fortrea Holdings Inc. has a twelve month low of $24.92 and a twelve month high of $41.02. The company has a debt-to-equity ratio of 0.90, a quick ratio of 1.62 and a current ratio of 1.62.

Fortrea (NASDAQ:FTRE) last issued its quarterly earnings data on Monday, March 11th. The company reported $0.19 earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.04). The company had revenue of $775.40 million for the quarter, compared to the consensus estimate of $779.09 million. The business’s quarterly revenue was up 1.8% on a year-over-year basis. Research analysts predict that Fortrea Holdings Inc. will post 1.06 EPS for the current fiscal year.

Fortrea 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.