Fortive (NYSE:FTV) Stock Price Expected to Rise, Royal Bank of Canada Analyst Says

Fortive (NYSE:FTV) had its price target raised by equities research analysts at Royal Bank of Canada from $77.00 to $85.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a “sector perform” rating on the technology company’s stock. Royal Bank of Canada’s price objective points to a potential upside of 5.56% from the company’s current price.

A number of other research analysts also recently issued reports on FTV. UBS Group started coverage on shares of Fortive in a research report on Wednesday, November 13th. They issued a “neutral” rating and a $84.00 price target on the stock. StockNews.com upgraded Fortive from a “hold” rating to a “buy” rating in a research note on Saturday, January 25th. Wells Fargo & Company lifted their price objective on shares of Fortive from $80.00 to $85.00 and gave the company an “equal weight” rating in a report on Monday. Truist Financial boosted their target price on Fortive from $89.00 to $90.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Finally, Citigroup downgraded shares of Fortive from a “buy” rating to a “neutral” rating and cut their price target for the stock from $92.00 to $86.00 in a report on Monday, December 9th. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $87.64.

Fortive Price Performance

Fortive stock traded up $1.44 during trading hours on Monday, reaching $80.53. 893,094 shares of the stock were exchanged, compared to its average volume of 2,294,971. The stock has a 50 day moving average of $77.65 and a two-hundred day moving average of $75.40. Fortive has a twelve month low of $66.15 and a twelve month high of $87.10. The company has a current ratio of 1.25, a quick ratio of 0.99 and a debt-to-equity ratio of 0.33. The company has a market cap of $27.94 billion, a P/E ratio of 32.03, a price-to-earnings-growth ratio of 2.14 and a beta of 1.15.

Fortive (NYSE:FTV) last issued its quarterly earnings data on Friday, February 7th. The technology company reported $1.17 earnings per share for the quarter, topping analysts’ consensus estimates of $1.12 by $0.05. Fortive had a return on equity of 12.56% and a net margin of 14.35%. During the same quarter last year, the company posted $0.98 EPS. Equities analysts expect that Fortive will post 3.84 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Mather Group LLC. raised its position in Fortive by 50.3% during the 3rd quarter. Mather Group LLC. now owns 926 shares of the technology company’s stock valued at $73,000 after purchasing an additional 310 shares during the last quarter. CWM LLC raised its holdings in Fortive by 5.3% in the 3rd quarter. CWM LLC now owns 10,031 shares of the technology company’s stock worth $792,000 after acquiring an additional 508 shares during the last quarter. Wedmont Private Capital boosted its position in shares of Fortive by 5.5% during the third quarter. Wedmont Private Capital now owns 3,209 shares of the technology company’s stock valued at $245,000 after buying an additional 168 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt grew its stake in shares of Fortive by 276.2% in the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 2,043 shares of the technology company’s stock worth $161,000 after acquiring an additional 1,500 shares during the period. Finally, Exchange Traded Concepts LLC bought a new stake in Fortive in the 3rd quarter worth approximately $41,000. Hedge funds and other institutional investors own 94.94% of the company’s stock.

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.