Fortive (NYSE:FTV) Price Target Raised to $90.00

Fortive (NYSE:FTV) had its target price boosted by stock analysts at Truist Financial from $89.00 to $90.00 in a report issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the technology company’s stock. Truist Financial’s target price suggests a potential upside of 20.89% from the stock’s current price.

A number of other research analysts have also recently weighed in on the stock. Barclays dropped their target price on shares of Fortive from $98.00 to $95.00 and set an “overweight” rating on the stock in a research note on Thursday, October 31st. Argus reissued a “hold” rating on shares of Fortive in a report on Monday, November 18th. JPMorgan Chase & Co. raised Fortive from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $90.00 to $92.00 in a research report on Thursday, October 10th. Morgan Stanley started coverage on Fortive in a research report on Friday, September 6th. They set an “overweight” rating and a $89.00 price target on the stock. Finally, Wells Fargo & Company decreased their price objective on Fortive from $82.00 to $77.00 and set an “equal weight” rating for the company in a report on Thursday, October 31st. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $86.82.

Fortive Price Performance

FTV opened at $74.45 on Thursday. The firm’s fifty day moving average price is $76.17 and its two-hundred day moving average price is $74.40. The company has a market capitalization of $25.83 billion, a price-to-earnings ratio of 29.66, a P/E/G ratio of 2.15 and a beta of 1.14. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.25 and a quick ratio of 0.99. Fortive has a 1 year low of $66.15 and a 1 year high of $87.10.

Fortive (NYSE:FTV) last issued its quarterly earnings data on Wednesday, October 30th. The technology company reported $0.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.04. The business had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.55 billion. Fortive had a net margin of 14.35% and a return on equity of 12.56%. The firm’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.85 EPS. As a group, analysts anticipate that Fortive will post 3.85 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, SVP Stacey A. Walker sold 171,808 shares of the business’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $71.71, for a total value of $12,320,351.68. Following the completion of the sale, the senior vice president now owns 42,651 shares of the company’s stock, valued at approximately $3,058,503.21. The trade was a 80.11 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Peter C. Underwood sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $76.58, for a total value of $382,900.00. Following the completion of the sale, the senior vice president now owns 48,346 shares of the company’s stock, valued at $3,702,336.68. The trade was a 9.37 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.01% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Principal Financial Group Inc. grew its holdings in Fortive by 2.7% in the 3rd quarter. Principal Financial Group Inc. now owns 406,085 shares of the technology company’s stock worth $32,052,000 after acquiring an additional 10,795 shares during the last quarter. Oddo BHF Asset Management Sas purchased a new stake in shares of Fortive during the third quarter worth about $854,000. Tidal Investments LLC grew its stake in shares of Fortive by 5.3% in the third quarter. Tidal Investments LLC now owns 16,513 shares of the technology company’s stock worth $1,303,000 after purchasing an additional 829 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new position in Fortive during the 3rd quarter valued at about $456,000. Finally, World Investment Advisors LLC bought a new position in Fortive during the 3rd quarter valued at approximately $12,031,000. 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.