The Goldman Sachs Group Cuts Fortrea (NASDAQ:FTRE) Price Target to $11.00

Fortrea (NASDAQ:FTRE) had its target price decreased by The Goldman Sachs Group from $22.00 to $11.00 in a report issued on Tuesday morning,Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the stock.

Other equities analysts also recently issued reports about the company. Robert W. Baird downgraded Fortrea from an “outperform” rating to a “neutral” rating and lowered their target price for the company from $28.00 to $25.00 in a research report on Friday, December 6th. Barclays lowered their target price on Fortrea from $25.00 to $12.00 and set an “equal weight” rating on the stock in a research report on Tuesday. Citigroup downgraded Fortrea from a “buy” rating to a “neutral” rating and lowered their target price for the company from $30.00 to $23.00 in a research report on Wednesday, December 11th. William Blair reiterated a “market perform” rating on shares of Fortrea in a research report on Tuesday. Finally, Baird R W downgraded Fortrea from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 6th. One research analyst has rated the stock with a sell rating and eleven have given a hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $20.30.

Fortrea Stock Performance

FTRE stock opened at $10.69 on Tuesday. The company has a market cap of $958.89 million, a P/E ratio of -3.13, a price-to-earnings-growth ratio of 1.78 and a beta of 1.34. Fortrea has a 1 year low of $9.55 and a 1 year high of $41.02. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.18 and a quick ratio of 1.18. The stock’s fifty day moving average price is $16.50 and its 200-day moving average price is $18.95.

Fortrea (NASDAQ:FTRE) last released 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 positive return on equity of 2.00% and a negative net margin of 10.99%. During the same quarter last year, the business earned $0.19 earnings per share. On average, equities analysts forecast that Fortrea will post 0.51 earnings per share for the current year.

Insider Transactions at Fortrea

In other news, CEO Thomas Pike sold 11,268 shares of Fortrea stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $18.04, for a total value of $203,274.72. Following the sale, the chief executive officer now directly owns 159,868 shares of the company’s stock, valued at approximately $2,884,018.72. The trade was a 6.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last three months, insiders have sold 12,386 shares of company stock valued at $219,751. 0.12% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Fortrea

Several large investors have recently made changes to their positions in FTRE. JPMorgan Chase & Co. increased its stake in Fortrea by 21.2% during the third quarter. JPMorgan Chase & Co. now owns 364,413 shares of the company’s stock worth $7,288,000 after acquiring an additional 63,766 shares during the last quarter. Starboard Value LP increased its stake in Fortrea by 5.0% during the third quarter. Starboard Value LP now owns 8,400,000 shares of the company’s stock worth $168,000,000 after acquiring an additional 400,000 shares during the last quarter. State Street Corp increased its stake in Fortrea by 7.7% during the third quarter. State Street Corp now owns 3,250,693 shares of the company’s stock worth $65,014,000 after acquiring an additional 233,577 shares during the last quarter. Mutual of America Capital Management LLC increased its stake in Fortrea by 9.0% during the third quarter. Mutual of America Capital Management LLC now owns 495,444 shares of the company’s stock worth $9,909,000 after acquiring an additional 40,748 shares during the last quarter. Finally, Diamond Hill Capital Management Inc. increased its stake in Fortrea by 20.5% during the third quarter. Diamond Hill Capital Management Inc. now owns 1,197,696 shares of the company’s stock worth $23,954,000 after acquiring an additional 204,021 shares during the last quarter.

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.