Wells Fargo & Company Lowers Fortive (NYSE:FTV) Price Target to $84.00

Fortive (NYSE:FTV) had its target price cut by investment analysts at Wells Fargo & Company from $92.00 to $84.00 in a research report issued on Thursday, Benzinga reports. The firm currently has an “equal weight” rating on the technology company’s stock. Wells Fargo & Company‘s price objective points to a potential upside of 11.38% from the company’s previous close.

A number of other analysts have also issued reports on FTV. JPMorgan Chase & Co. lowered Fortive from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $95.00 to $90.00 in a research note on Wednesday, April 17th. Vertical Research lowered Fortive from a “buy” rating to a “hold” rating in a research note on Tuesday, January 2nd. Citigroup raised their price target on Fortive from $90.00 to $101.00 and gave the stock a “buy” rating in a research note on Monday, April 8th. Truist Financial assumed coverage on Fortive in a research note on Thursday, March 14th. They issued a “buy” rating and a $99.00 price target on the stock. Finally, Barclays raised their price objective on Fortive from $89.00 to $97.00 and gave the stock an “overweight” rating in a report on Tuesday, April 2nd. Seven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $86.46.

Fortive Price Performance

Shares of FTV traded down $0.63 during trading hours on Thursday, reaching $75.42. 450,666 shares of the company traded hands, compared to its average volume of 1,662,070. The company has a quick ratio of 1.75, a current ratio of 2.05 and a debt-to-equity ratio of 0.35. The stock has a market capitalization of $26.55 billion, a PE ratio of 30.84, a price-to-earnings-growth ratio of 2.47 and a beta of 1.13. Fortive has a fifty-two week low of $62.70 and a fifty-two week high of $87.10. The stock has a fifty day simple moving average of $84.16 and a 200 day simple moving average of $76.13.

Fortive (NYSE:FTV) last posted its quarterly earnings data on Wednesday, April 24th. The technology company reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.79 by $0.04. The business had revenue of $1.52 billion for the quarter, compared to analyst estimates of $1.53 billion. Fortive had a return on equity of 12.12% and a net margin of 14.27%. As a group, research analysts predict that Fortive will post 3.78 EPS for the current fiscal year.

Insiders Place Their Bets

In other Fortive news, CFO Charles E. Mclaughlin sold 40,837 shares of Fortive stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $86.28, for a total transaction of $3,523,416.36. Following the sale, the chief financial officer now directly owns 61,855 shares in the company, valued at approximately $5,336,849.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CAO Christopher M. Mulhall sold 8,994 shares of the business’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $82.17, for a total value of $739,036.98. Following the completion of the sale, the chief accounting officer now directly owns 20,564 shares in the company, valued at approximately $1,689,743.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Charles E. Mclaughlin sold 40,837 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $86.28, for a total value of $3,523,416.36. Following the completion of the sale, the chief financial officer now owns 61,855 shares of the company’s stock, valued at $5,336,849.40. The disclosure for this sale can be found here. Insiders have sold 63,937 shares of company stock worth $5,475,122 in the last three months. 0.95% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. CWM LLC grew its stake in shares of Fortive by 7.7% in the third quarter. CWM LLC now owns 5,857 shares of the technology company’s stock worth $434,000 after purchasing an additional 417 shares in the last quarter. AE Wealth Management LLC lifted its holdings in shares of Fortive by 723.0% in the third quarter. AE Wealth Management LLC now owns 23,266 shares of the technology company’s stock valued at $1,725,000 after buying an additional 20,439 shares during the period. Caprock Group LLC lifted its holdings in shares of Fortive by 5.2% in the third quarter. Caprock Group LLC now owns 6,499 shares of the technology company’s stock valued at $482,000 after buying an additional 324 shares during the period. Coronation Fund Managers Ltd. lifted its holdings in shares of Fortive by 22.5% in the third quarter. Coronation Fund Managers Ltd. now owns 29,395 shares of the technology company’s stock valued at $2,180,000 after buying an additional 5,390 shares during the period. Finally, Advisory Alpha LLC acquired a new stake in shares of Fortive in the third quarter valued at $267,000. 94.94% of the stock is currently owned by institutional investors.

Fortive Company Profile

Fortive Corporation designs, develops, manufactures, and services professional and engineered products, software, and services in the United States, China, and internationally. It operates in three segments: Intelligent Operating Solutions, Precision Technologies, and Advanced Healthcare Solutions. The Intelligent Operating Solutions segment provides advanced instrumentation, software, and services, including electrical test and measurement, facility and asset lifecycle software applications, and connected worker safety and compliance solutions for manufacturing, process industries, healthcare, utilities and power, communications and electronics, and other industries.