Fortive (NYSE:FTV) Price Target Cut to $77.00 by Analysts at Wells Fargo & Company

Fortive (NYSE:FTV) had its price target dropped by equities research analysts at Wells Fargo & Company from $82.00 to $77.00 in a research report issued on Thursday, Benzinga reports. The firm presently has an “equal weight” rating on the technology company’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 7.93% from the stock’s current price.

Several other research analysts have also recently weighed in on the company. JPMorgan Chase & Co. raised Fortive from a “neutral” rating to an “overweight” rating and raised their target price for the company from $90.00 to $92.00 in a research note on Thursday, October 10th. StockNews.com raised shares of Fortive from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Mizuho upgraded shares of Fortive from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $80.00 to $90.00 in a research note on Friday, September 6th. Royal Bank of Canada reduced their price target on shares of Fortive from $85.00 to $77.00 and set a “sector perform” rating for the company in a report on Thursday. Finally, Morgan Stanley started coverage on shares of Fortive in a research note on Friday, September 6th. They issued an “overweight” rating and a $89.00 price objective for the company. Four investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $88.20.

Fortive Price Performance

Fortive stock opened at $71.34 on Thursday. The firm has a fifty day moving average of $75.27 and a 200-day moving average of $74.48. The company has a quick ratio of 0.95, a current ratio of 1.25 and a debt-to-equity ratio of 0.33. Fortive has a 52-week low of $64.69 and a 52-week high of $87.10. The firm has a market capitalization of $24.99 billion, a P/E ratio of 28.42, a PEG ratio of 2.09 and a beta of 1.12.

Fortive (NYSE:FTV) last released its earnings results on Wednesday, October 30th. The technology company reported $0.97 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts’ expectations of $1.55 billion. During the same period in the prior year, the business posted $0.85 EPS. The business’s revenue was up 2.7% on a year-over-year basis. As a group, analysts predict that Fortive will post 3.85 EPS for the current year.

Insider Activity

In other news, CFO Charles E. Mclaughlin sold 6,864 shares of Fortive stock in a transaction on Friday, September 13th. The stock was sold at an average price of $74.03, for a total transaction of $508,141.92. Following the completion of the sale, the chief financial officer now owns 73,391 shares of the company’s stock, valued at approximately $5,433,135.73. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CFO Charles E. Mclaughlin sold 6,864 shares of the company’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $74.03, for a total transaction of $508,141.92. Following the completion of the sale, the chief financial officer now owns 73,391 shares of the company’s stock, valued at $5,433,135.73. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Jonathan L. Schwarz sold 14,223 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $73.80, for a total transaction of $1,049,657.40. Following the sale, the senior vice president now directly owns 68,161 shares of the company’s stock, valued at approximately $5,030,281.80. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.01% of the stock is owned by company insiders.

Hedge Funds Weigh In On Fortive

Several institutional investors and hedge funds have recently added to or reduced their stakes in FTV. Nordea Investment Management AB lifted its stake in shares of Fortive by 70.1% in the 1st quarter. Nordea Investment Management AB now owns 896,550 shares of the technology company’s stock valued at $77,058,000 after acquiring an additional 369,351 shares during the last quarter. BNP Paribas Financial Markets raised its position in Fortive by 104.3% in the first quarter. BNP Paribas Financial Markets now owns 369,076 shares of the technology company’s stock valued at $31,748,000 after purchasing an additional 188,415 shares during the last quarter. Raymond James & Associates boosted its stake in shares of Fortive by 15.0% during the third quarter. Raymond James & Associates now owns 395,488 shares of the technology company’s stock valued at $31,216,000 after purchasing an additional 51,690 shares in the last quarter. Atomi Financial Group Inc. grew its holdings in shares of Fortive by 4.8% during the third quarter. Atomi Financial Group Inc. now owns 4,932 shares of the technology company’s stock worth $389,000 after purchasing an additional 226 shares during the last quarter. Finally, Cetera Investment Advisers grew its holdings in shares of Fortive by 599.3% during the first quarter. Cetera Investment Advisers now owns 52,546 shares of the technology company’s stock worth $4,520,000 after purchasing an additional 45,032 shares during the last quarter. Institutional investors own 94.94% of the company’s stock.

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.