Allspring Global Investments Holdings LLC Grows Holdings in Fortrea Holdings Inc. (NASDAQ:FTRE)

Allspring Global Investments Holdings LLC boosted its stake in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 21.9% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,073 shares of the company’s stock after purchasing an additional 1,986 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Fortrea were worth $207,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Pacer Advisors Inc. grew its holdings in shares of Fortrea by 5,021,169.7% during the third quarter. Pacer Advisors Inc. now owns 6,125,949 shares of the company’s stock valued at $122,519,000 after buying an additional 6,125,827 shares in the last quarter. FMR LLC raised its stake in shares of Fortrea by 91.6% in the 3rd quarter. FMR LLC now owns 4,821,404 shares of the company’s stock valued at $96,428,000 after buying an additional 2,304,677 shares in the last quarter. Starboard Value LP grew its position in Fortrea by 5.0% in the third 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. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in Fortrea by 192.1% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 472,918 shares of the company’s stock worth $9,458,000 after purchasing an additional 311,018 shares in the last quarter. Finally, State Street Corp increased its stake in shares of Fortrea by 7.7% in the 3rd quarter. State Street Corp now owns 3,250,693 shares of the company’s stock valued at $65,014,000 after buying an additional 233,577 shares during the period.

Insider Transactions at Fortrea

In other Fortrea 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 transaction of $203,274.72. Following the completion of the sale, the chief executive officer now owns 159,868 shares in the company, valued at $2,884,018.72. This represents a 6.58 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last ninety days, insiders have sold 12,386 shares of company stock worth $219,751. Insiders own 0.12% of the company’s stock.

Fortrea Stock Performance

Shares of NASDAQ:FTRE opened at $14.71 on Wednesday. The firm has a fifty day simple moving average of $17.24 and a two-hundred day simple moving average of $19.33. The stock has a market capitalization of $1.32 billion, a P/E ratio of -4.30, a PEG ratio of 1.78 and a beta of 1.21. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.74. Fortrea Holdings Inc. has a 52 week low of $14.27 and a 52 week high of $41.02.

Analyst Ratings Changes

A number of brokerages have weighed in on FTRE. Robert W. Baird lowered shares of Fortrea from an “outperform” rating to a “neutral” rating and cut their price target for the company from $28.00 to $25.00 in a research note on Friday, December 6th. Barclays boosted their target price on Fortrea from $20.00 to $25.00 and gave the stock an “equal weight” rating in a research note on Monday, November 11th. Baird R W downgraded Fortrea from a “strong-buy” rating to a “hold” rating in a report on Friday, December 6th. Citigroup lowered shares of Fortrea from a “buy” rating to a “neutral” rating and cut their target price for the stock from $30.00 to $23.00 in a research note on Wednesday, December 11th. Finally, TD Cowen boosted their price target on shares of Fortrea from $23.00 to $25.00 and gave the stock a “hold” rating in a report on Monday, November 11th. One equities research analyst has rated the stock with a sell rating and eleven have assigned a hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $23.30.

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.