Fortive (NYSE:FTV) Price Target Cut to $84.00

Fortive (NYSE:FTV) had its target price reduced by analysts at Wells Fargo & Company from $92.00 to $84.00 in a report issued on Thursday, Benzinga reports. The brokerage currently has an “equal weight” rating on the technology company’s stock. Wells Fargo & Company‘s target price indicates a potential upside of 10.57% from the stock’s current price.

A number of other brokerages have also recently issued reports on FTV. Citigroup lifted their price objective on shares of Fortive from $90.00 to $101.00 and gave the company a “buy” rating in a report on Monday, April 8th. Vertical Research downgraded Fortive from a “buy” rating to a “hold” rating in a research note on Tuesday, January 2nd. Mizuho increased their price objective on Fortive from $70.00 to $80.00 and gave the stock a “neutral” rating in a research note on Thursday, February 1st. Barclays lifted their target price on Fortive from $89.00 to $97.00 and gave the company an “overweight” rating in a research report on Tuesday, April 2nd. Finally, StockNews.com raised Fortive from a “hold” rating to a “buy” rating in a research report on Friday, January 26th. Seven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $86.46.

Fortive Price Performance

FTV stock opened at $75.97 on Thursday. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.50 and a quick ratio of 1.75. The company’s 50-day moving average is $83.83 and its 200-day moving average is $76.13. 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 1 year low of $62.77 and a 1 year high of $87.10.

Fortive (NYSE:FTV) last announced 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. Fortive had a return on equity of 12.22% and a net margin of 14.68%. The firm had revenue of $1.52 billion during the quarter, compared to analysts’ expectations of $1.53 billion. Equities research analysts expect that Fortive will post 3.8 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CAO Christopher M. Mulhall sold 8,994 shares of the firm’s stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $82.17, for a total transaction of $739,036.98. Following the completion of the sale, the chief accounting officer now owns 20,564 shares in the company, valued at $1,689,743.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CAO Christopher M. Mulhall sold 8,994 shares of the company’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 transaction, the chief accounting officer now owns 20,564 shares in the company, valued at $1,689,743.88. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Charles E. Mclaughlin sold 40,837 shares of the stock in a transaction 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 transaction, the chief financial officer now directly owns 61,855 shares of the company’s stock, valued at $5,336,849.40. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 63,937 shares of company stock valued at $5,475,122. 0.95% of the stock is owned by insiders.

Institutional Investors Weigh In On Fortive

Several institutional investors have recently added to or reduced their stakes in FTV. OFI Invest Asset Management bought a new stake in shares of Fortive in the third quarter valued at approximately $25,000. Indiana Trust & Investment Management CO purchased a new position in Fortive in the 1st quarter valued at approximately $26,000. Cornerstone Planning Group LLC bought a new stake in Fortive during the 3rd quarter valued at $28,000. Cetera Trust Company N.A purchased a new stake in shares of Fortive during the fourth quarter worth $28,000. Finally, First Command Advisory Services Inc. bought a new position in shares of Fortive in the third quarter worth $30,000. 94.94% of the stock is owned by hedge funds and other 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.