Fortive (NYSE:FTV) Price Target Cut to $83.00

Fortive (NYSE:FTV) had its target price reduced by equities researchers at Royal Bank of Canada from $93.00 to $83.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm presently has a “sector perform” rating on the technology company’s stock. Royal Bank of Canada’s price target suggests a potential upside of 9.25% from the company’s current price.

FTV has been the subject of several other reports. JPMorgan Chase & Co. cut shares of Fortive from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $95.00 to $90.00 in a research note on Wednesday, April 17th. Citigroup increased their target price on Fortive from $90.00 to $101.00 and gave the stock a “buy” rating in a research report on Monday, April 8th. Barclays lifted their price target on Fortive from $89.00 to $97.00 and gave the company an “overweight” rating in a report on Tuesday, April 2nd. Vertical Research lowered shares of Fortive from a “buy” rating to a “hold” rating in a report on Tuesday, January 2nd. Finally, StockNews.com upgraded shares of Fortive from a “hold” rating to a “buy” rating in a report on Friday, January 26th. Seven analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, Fortive currently has an average rating of “Moderate Buy” and a consensus price target of $86.46.

Fortive Stock Performance

Shares of FTV stock opened at $75.97 on Thursday. The stock’s 50-day moving average price is $83.83 and its 200 day moving average price is $76.13. The company has a quick ratio of 1.75, a current ratio of 1.50 and a debt-to-equity ratio of 0.38. The stock has a market capitalization of $26.74 billion, a PE ratio of 30.03, a price-to-earnings-growth ratio of 2.31 and a beta of 1.13. Fortive has a 52-week low of $62.77 and a 52-week high of $87.10.

Fortive (NYSE:FTV) last announced its earnings results on Wednesday, April 24th. The technology company reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.04. Fortive had a return on equity of 12.22% and a net margin of 14.68%. The company had revenue of $1.52 billion for the quarter, compared to the consensus estimate of $1.53 billion. As a group, equities research analysts forecast that Fortive will post 3.8 EPS for the current year.

Insider Activity

In related news, CFO Charles E. Mclaughlin sold 40,837 shares of the business’s 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 transaction, the chief financial officer now directly owns 61,855 shares of the company’s stock, valued at approximately $5,336,849.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Tamara S. Newcombe sold 5,000 shares of Fortive stock in a transaction on Friday, February 16th. The shares were sold at an average price of $85.00, for a total transaction of $425,000.00. Following the sale, the chief executive officer now owns 55,017 shares of the company’s stock, valued at approximately $4,676,445. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Charles E. Mclaughlin sold 40,837 shares of the firm’s stock in a transaction dated 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 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. Over the last quarter, insiders sold 63,937 shares of company stock worth $5,475,122. 0.95% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. abrdn plc raised its position in shares of Fortive by 2.9% in the 3rd quarter. abrdn plc now owns 165,769 shares of the technology company’s stock valued at $12,293,000 after purchasing an additional 4,660 shares in the last quarter. Nordea Investment Management AB increased its stake in shares of Fortive by 34.2% in the fourth quarter. Nordea Investment Management AB now owns 527,199 shares of the technology company’s stock worth $38,828,000 after buying an additional 134,259 shares during the last quarter. Ferguson Wellman Capital Management Inc. raised its holdings in Fortive by 4.5% in the fourth quarter. Ferguson Wellman Capital Management Inc. now owns 832,888 shares of the technology company’s stock valued at $61,326,000 after acquiring an additional 35,688 shares in the last quarter. Jennison Associates LLC boosted its stake in Fortive by 111.7% during the 4th quarter. Jennison Associates LLC now owns 1,176,655 shares of the technology company’s stock valued at $86,637,000 after acquiring an additional 620,866 shares during the last quarter. Finally, NewEdge Wealth LLC grew its holdings in Fortive by 12.4% during the 4th quarter. NewEdge Wealth LLC now owns 4,816 shares of the technology company’s stock worth $355,000 after acquiring an additional 531 shares in the last quarter. Institutional investors and hedge funds own 94.94% of the company’s stock.

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.