S Squared Technology LLC Purchases 32,654 Shares of Flotek Industries, Inc. $FTK

S Squared Technology LLC grew its position in shares of Flotek Industries, Inc. (NYSE:FTK) by 14.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 263,726 shares of the oil and gas company’s stock after acquiring an additional 32,654 shares during the period. Flotek Industries comprises 1.8% of S Squared Technology LLC’s portfolio, making the stock its 21st largest position. S Squared Technology LLC owned 0.88% of Flotek Industries worth $4,544,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of FTK. Quarry LP raised its stake in shares of Flotek Industries by 97.2% during the third quarter. Quarry LP now owns 3,855 shares of the oil and gas company’s stock valued at $56,000 after acquiring an additional 1,900 shares during the last quarter. New York State Common Retirement Fund bought a new position in Flotek Industries in the second quarter worth about $102,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in Flotek Industries in the second quarter worth about $115,000. Deutsche Bank AG bought a new position in Flotek Industries in the fourth quarter worth about $150,000. Finally, Ameriprise Financial Inc. bought a new position in Flotek Industries in the second quarter worth about $257,000. 10.90% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Separately, Weiss Ratings raised shares of Flotek Industries from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, May 13th. Three research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, Flotek Industries presently has a consensus rating of “Moderate Buy” and an average target price of $22.50.

Insider Activity at Flotek Industries

In related news, CFO James Bond Clement sold 12,554 shares of the stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $20.08, for a total transaction of $252,084.32. Following the transaction, the chief financial officer owned 115,324 shares in the company, valued at $2,315,705.92. This represents a 9.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.40% of the stock is currently owned by insiders.

Flotek Industries Trading Down 0.1%

NYSE:FTK opened at $24.63 on Monday. The company’s 50 day moving average price is $18.69 and its 200-day moving average price is $17.50. Flotek Industries, Inc. has a 52 week low of $10.95 and a 52 week high of $25.54. The company has a quick ratio of 1.62, a current ratio of 1.83 and a debt-to-equity ratio of 0.34. The stock has a market cap of $891.00 million, a price-to-earnings ratio of 31.57 and a beta of 1.43.

Flotek Industries (NYSE:FTK) last posted its quarterly earnings results on Tuesday, May 5th. The oil and gas company reported $0.12 EPS for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.01). Flotek Industries had a net margin of 11.83% and a return on equity of 20.70%. The firm had revenue of $70.05 million for the quarter, compared to analysts’ expectations of $63.08 million. On average, equities research analysts forecast that Flotek Industries, Inc. will post 0.6 earnings per share for the current fiscal year.

Flotek Industries Profile

Flotek Industries, Inc (NYSE: FTK) is a Houston-based oilfield services provider specializing in innovative chemical technologies for the upstream energy sector. The company develops, manufactures and markets specialty drilling fluids, completion fluids and production chemicals that enhance drilling efficiency, optimize well performance and mitigate operational risks. Flotek’s solutions are designed to improve drilling rates of penetration, reduce nonproductive time and address challenging downhole environments, including high-pressure/high-temperature wells and sour service conditions.

Flotek’s operations are organized into three core business segments: Drilling & Completion Fluids, Production Chemicals & Process Management, and Water Solutions.