Fortive (NYSE:FTV) Given New $67.00 Price Target at Truist Financial

Fortive (NYSE:FTV) had its target price upped by equities researchers at Truist Financial from $61.00 to $67.00 in a research note issued on Thursday,Benzinga reports. The firm currently has a “hold” rating on the technology company’s stock. Truist Financial’s price target points to a potential upside of 8.34% from the stock’s current price.

Several other research firms have also issued reports on FTV. Morgan Stanley increased their target price on Fortive from $58.00 to $59.00 and gave the stock an “equal weight” rating in a research note on Wednesday, June 3rd. Argus upgraded shares of Fortive from a “hold” rating to a “buy” rating and set a $68.00 price target on the stock in a research note on Monday, May 11th. Royal Bank Of Canada raised their price objective on shares of Fortive from $59.00 to $63.00 and gave the company a “sector perform” rating in a research note on Friday, May 1st. Wells Fargo & Company lifted their price objective on shares of Fortive from $58.00 to $65.00 and gave the company an “equal weight” rating in a report on Monday, May 4th. Finally, Citigroup upped their target price on shares of Fortive from $64.00 to $65.00 and gave the stock a “neutral” rating in a research note on Friday, May 1st. Two analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Fortive currently has an average rating of “Hold” and an average price target of $61.83.

Fortive Stock Up 1.2%

Shares of NYSE FTV opened at $61.84 on Thursday. The firm has a market cap of $18.85 billion, a price-to-earnings ratio of 37.03 and a beta of 1.06. The company has a quick ratio of 0.57, a current ratio of 0.71 and a debt-to-equity ratio of 0.43. Fortive has a 52-week low of $46.34 and a 52-week high of $63.40. The business’s 50 day moving average is $60.43 and its two-hundred day moving average is $57.76.

Fortive (NYSE:FTV) last released its quarterly earnings results on Thursday, April 30th. The technology company reported $0.70 EPS for the quarter, topping the consensus estimate of $0.64 by $0.06. Fortive had a return on equity of 12.66% and a net margin of 12.84%.The business had revenue of $2.14 billion during the quarter, compared to analyst estimates of $1.04 billion. During the same period last year, the business posted $0.85 earnings per share. The company’s quarterly revenue was up 7.7% on a year-over-year basis. Fortive has set its FY 2026 guidance at 2.900-3.000 EPS. Research analysts predict that Fortive will post 2.97 EPS for the current year.

Fortive announced that its Board of Directors has authorized a stock buyback program on Monday, May 4th that authorizes the company to buyback 20,000,000 outstanding shares. This buyback authorization authorizes the technology company to buy shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Transactions at Fortive

In other Fortive news, SVP Peter C. Underwood sold 47,557 shares of the stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $60.81, for a total value of $2,891,941.17. Following the sale, the senior vice president owned 87,780 shares of the company’s stock, valued at $5,337,901.80. This trade represents a 35.14% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.65% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Fortive

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Brighton Jones LLC lifted its stake in Fortive by 97.1% in the fourth quarter. Brighton Jones LLC now owns 5,706 shares of the technology company’s stock worth $428,000 after acquiring an additional 2,811 shares during the last quarter. Empowered Funds LLC increased its position in shares of Fortive by 6.9% in the 1st quarter. Empowered Funds LLC now owns 6,619 shares of the technology company’s stock valued at $484,000 after purchasing an additional 430 shares during the last quarter. Geneos Wealth Management Inc. raised its holdings in shares of Fortive by 246.2% in the 1st quarter. Geneos Wealth Management Inc. now owns 502 shares of the technology company’s stock valued at $37,000 after purchasing an additional 357 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of Fortive by 87.9% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,270 shares of the technology company’s stock valued at $118,000 after purchasing an additional 1,062 shares in the last quarter. Finally, Cerity Partners LLC lifted its position in shares of Fortive by 3.3% during the 2nd quarter. Cerity Partners LLC now owns 80,595 shares of the technology company’s stock worth $4,201,000 after purchasing an additional 2,548 shares during the last quarter. 94.94% of the stock is owned by institutional investors and hedge funds.

Fortive Company Profile

Fortive Corporation (NYSE: FTV) is a diversified industrial technology company headquartered in Everett, Washington. The company was created through a spin‑off from Danaher Corporation in 2016 and has since focused on building a portfolio of professional instrumentation and industrial technology businesses. In 2020 Fortive completed a further portfolio separation with the spin‑off of Vontier, concentrating Fortive’s activities on higher‑margin instrumentation, software and services.

Fortive’s operations center on professional test and measurement, sensing and monitoring, software‑enabled solutions, and lifecycle services that support industrial and commercial customers.