Fortive (NYSE:FTV) Price Target Lowered to $77.00 at Royal Bank of Canada

Fortive (NYSE:FTV) had its price target dropped by equities researchers at Royal Bank of Canada from $83.00 to $77.00 in a note issued to 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 objective would indicate a potential upside of 8.71% from the stock’s previous close.

Several other research firms have also recently weighed in on FTV. JPMorgan Chase & Co. cut shares of Fortive from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $95.00 to $90.00 in a research report on Wednesday, April 17th. TD Cowen upgraded shares of Fortive from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $75.00 to $90.00 in a research report on Monday, July 8th. Truist Financial lowered their price objective on shares of Fortive from $89.00 to $82.00 and set a “buy” rating on the stock in a research report on Thursday. Citigroup lowered their price objective on shares of Fortive from $101.00 to $98.00 and set a “buy” rating on the stock in a research report on Thursday, April 25th. Finally, Wells Fargo & Company lowered their price objective on shares of Fortive from $84.00 to $75.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 10th. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $84.92.

Fortive Price Performance

Shares of NYSE FTV traded up $0.43 during trading on Thursday, hitting $70.83. The company had a trading volume of 995,809 shares, compared to its average volume of 1,657,955. The company has a market cap of $24.93 billion, a P/E ratio of 28.00, a PEG ratio of 2.24 and a beta of 1.12. Fortive has a 52 week low of $63.05 and a 52 week high of $87.10. The business’s 50-day moving average is $74.31 and its 200 day moving average is $78.41. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.17 and a current ratio of 1.50.

Fortive (NYSE:FTV) last posted its quarterly earnings results on Wednesday, July 24th. The technology company reported $0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.01. The company had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.57 billion. Fortive had a return on equity of 12.22% and a net margin of 14.68%. The firm’s revenue was up 1.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.85 earnings per share. Equities research analysts predict that Fortive will post 3.81 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Indiana Trust & Investment Management CO bought a new stake in Fortive in the first quarter valued at about $26,000. Cetera Trust Company N.A bought a new stake in Fortive during the fourth quarter worth about $28,000. Advisors Asset Management Inc. bought a new stake in Fortive during the first quarter worth about $32,000. J.Safra Asset Management Corp bought a new stake in Fortive during the second quarter worth about $34,000. Finally, Spire Wealth Management grew its stake in Fortive by 69.3% during the fourth quarter. Spire Wealth Management now owns 508 shares of the technology company’s stock worth $37,000 after buying an additional 208 shares during the last quarter. Institutional investors and hedge funds 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.