Allspring Global Investments Holdings LLC Makes New $292,000 Investment in Fortrea Holdings Inc. (NASDAQ:FTRE)

Allspring Global Investments Holdings LLC acquired a new position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 8,354 shares of the company’s stock, valued at approximately $292,000.

Other hedge funds also recently added to or reduced their stakes in the company. New York State Teachers Retirement System acquired a new position in Fortrea during the 4th quarter worth $3,913,000. Willis Investment Counsel bought a new stake in shares of Fortrea during the 4th quarter valued at about $6,286,000. Nisa Investment Advisors LLC bought a new stake in shares of Fortrea during the 4th quarter valued at about $1,023,000. Cohen Klingenstein LLC bought a new stake in shares of Fortrea during the 4th quarter valued at about $948,000. Finally, Nordea Investment Management AB bought a new stake in shares of Fortrea during the 4th quarter valued at about $747,000.

Analyst Upgrades and Downgrades

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

Fortrea Price Performance

Shares of NASDAQ:FTRE opened at $36.35 on Friday. The company has a 50 day moving average of $37.91 and a 200-day moving average of $33.57. Fortrea Holdings Inc. has a twelve month low of $24.92 and a twelve month high of $41.02. The company has a quick ratio of 1.62, a current ratio of 1.62 and a debt-to-equity ratio of 0.90.

Fortrea (NASDAQ:FTRE) last issued its quarterly earnings results 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 firm had revenue of $775.40 million for the quarter, compared to the consensus estimate of $779.09 million. The firm’s revenue for the quarter was up 1.8% compared to the same quarter last year. On average, research analysts expect that Fortrea Holdings Inc. will post 1.06 earnings per share for the current 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.