Fortive (NYSE:FTV) Price Target Raised to $80.00 at Wells Fargo & Company

Fortive (NYSE:FTV) had its price target boosted by Wells Fargo & Company from $77.00 to $80.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has an “equal weight” rating on the technology company’s stock. Wells Fargo & Company‘s target price indicates a potential upside of 4.17% from the stock’s previous close.

A number of other analysts also recently issued reports on FTV. Citigroup downgraded shares of Fortive from a “buy” rating to a “neutral” rating and reduced their price target for the company from $92.00 to $86.00 in a report on Monday, December 9th. Royal Bank of Canada reduced their target price on Fortive from $85.00 to $77.00 and set a “sector perform” rating on the stock in a report on Thursday, October 31st. StockNews.com lowered Fortive from a “buy” rating to a “hold” rating in a research note on Wednesday, January 1st. UBS Group began coverage on Fortive in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $84.00 price objective on the stock. Finally, Truist Financial increased their target price on Fortive from $89.00 to $90.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Six analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $86.64.

Fortive Price Performance

NYSE:FTV opened at $76.80 on Tuesday. The business’s 50-day simple moving average is $76.04 and its two-hundred day simple moving average is $74.62. Fortive has a 52 week low of $66.15 and a 52 week high of $87.10. The stock has a market cap of $26.65 billion, a PE ratio of 30.60, a P/E/G ratio of 2.11 and a beta of 1.14. The company has a quick ratio of 0.99, a current ratio of 1.25 and a debt-to-equity ratio of 0.33.

Fortive (NYSE:FTV) last posted its quarterly earnings results on Wednesday, October 30th. The technology company reported $0.97 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.04. Fortive had a return on equity of 12.56% and a net margin of 14.35%. The company had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.55 billion. During the same period in the previous year, the firm earned $0.85 EPS. The firm’s revenue was up 2.7% compared to the same quarter last year. As a group, analysts forecast that Fortive will post 3.85 EPS for the current fiscal year.

Insider Activity

In other news, SVP Stacey A. Walker sold 171,808 shares of the company’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $71.71, for a total value of $12,320,351.68. Following the transaction, the senior vice president now directly owns 42,651 shares in the company, valued at approximately $3,058,503.21. This represents a 80.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Peter C. Underwood sold 5,000 shares of Fortive stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $76.58, for a total transaction of $382,900.00. Following the sale, the senior vice president now owns 48,346 shares of the company’s stock, valued at $3,702,336.68. The trade was a 9.37 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.01% of the company’s stock.

Hedge Funds Weigh In On Fortive

A number of institutional investors have recently modified their holdings of the stock. Private Advisor Group LLC grew its stake in Fortive by 3.6% in the third quarter. Private Advisor Group LLC now owns 3,899 shares of the technology company’s stock worth $308,000 after purchasing an additional 135 shares in the last quarter. Patton Albertson Miller Group LLC grew its position in shares of Fortive by 1.7% during the 3rd quarter. Patton Albertson Miller Group LLC now owns 8,854 shares of the technology company’s stock worth $699,000 after buying an additional 150 shares in the last quarter. Andina Capital Management LLC increased its stake in shares of Fortive by 3.4% during the third quarter. Andina Capital Management LLC now owns 4,585 shares of the technology company’s stock valued at $362,000 after buying an additional 152 shares during the period. Axiom Advisory LLC raised its holdings in shares of Fortive by 1.6% in the third quarter. Axiom Advisory LLC now owns 10,048 shares of the technology company’s stock valued at $734,000 after acquiring an additional 157 shares in the last quarter. Finally, Mill Creek Capital Advisors LLC raised its holdings in shares of Fortive by 4.7% in the second quarter. Mill Creek Capital Advisors LLC now owns 3,641 shares of the technology company’s stock valued at $270,000 after acquiring an additional 162 shares in the last quarter. 94.94% of the stock is owned by hedge funds and other institutional investors.

About Fortive

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.