23,582 Shares in Fortrea Holdings Inc. (NASDAQ:FTRE) Purchased by Arizona State Retirement System

Arizona State Retirement System purchased a new position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 23,582 shares of the company’s stock, valued at approximately $823,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Whittier Trust Co. of Nevada Inc. bought a new position in Fortrea during the fourth quarter worth about $25,000. Whittier Trust Co. bought a new position in Fortrea during the fourth quarter worth about $25,000. ZRC Wealth Management LLC bought a new position in Fortrea during the fourth quarter worth about $27,000. GPS Wealth Strategies Group LLC bought a new stake in shares of Fortrea during the fourth quarter worth approximately $31,000. Finally, Atwood & Palmer Inc. bought a new stake in shares of Fortrea during the fourth quarter worth approximately $35,000.

Analyst Upgrades and Downgrades

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

Fortrea Stock Down 0.8 %

Shares of FTRE stock opened at $36.51 on Thursday. The company has a current ratio of 1.62, a quick ratio of 1.62 and a debt-to-equity ratio of 0.90. The stock has a 50 day simple moving average of $37.51 and a 200 day simple moving average of $33.24. Fortrea Holdings Inc. has a 1 year low of $24.92 and a 1 year high of $41.02.

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

About Fortrea

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.