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

Fortive (NYSE:FTV) had its price objective dropped by research analysts at Royal Bank of Canada from $85.00 to $77.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage presently has a “sector perform” rating on the technology company’s stock. Royal Bank of Canada’s target price indicates a potential upside of 7.93% from the stock’s current price.

Several other equities research analysts have also recently issued reports on the company. Mizuho upgraded Fortive from a “neutral” rating to an “outperform” rating and boosted their price target for the company from $80.00 to $90.00 in a research note on Friday, September 6th. Wells Fargo & Company upped their target price on Fortive from $75.00 to $82.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. TD Cowen upgraded Fortive from a “hold” rating to a “buy” rating and raised their price target for the stock from $75.00 to $90.00 in a research report on Monday, July 8th. Morgan Stanley began coverage on shares of Fortive in a research report on Friday, September 6th. They set an “overweight” rating and a $89.00 price objective for the company. Finally, Truist Financial raised their target price on shares of Fortive from $82.00 to $90.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Four analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $88.20.

Fortive Stock Performance

Shares of NYSE FTV opened at $71.34 on Thursday. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.25 and a quick ratio of 0.95. The firm has a market cap of $24.99 billion, a price-to-earnings ratio of 28.42, a P/E/G ratio of 2.09 and a beta of 1.12. The stock’s fifty day moving average price is $75.27 and its two-hundred day moving average price is $74.48. Fortive has a one year low of $64.69 and a one year high of $87.10.

Fortive (NYSE:FTV) last released its quarterly 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 net margin of 14.35% and a return on equity of 12.56%. The business had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.55 billion. During the same period in the prior year, the company posted $0.85 earnings per share. Fortive’s revenue was up 2.7% compared to the same quarter last year. On average, equities analysts forecast that Fortive will post 3.85 EPS for the current year.

Insider Buying and Selling at Fortive

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

Institutional Investors Weigh In On Fortive

A number of institutional investors have recently added to or reduced their stakes in FTV. Lipe & Dalton raised its stake in shares of Fortive by 1.9% during the first quarter. Lipe & Dalton now owns 7,096 shares of the technology company’s stock valued at $610,000 after acquiring an additional 130 shares during the last quarter. Private Advisor Group LLC increased its holdings in Fortive by 3.6% in the third quarter. Private Advisor Group LLC now owns 3,899 shares of the technology company’s stock valued at $308,000 after purchasing an additional 135 shares during the period. RDA Financial Network raised its position in Fortive by 3.4% during the 2nd quarter. RDA Financial Network now owns 4,191 shares of the technology company’s stock worth $311,000 after purchasing an additional 138 shares during the last quarter. Pitcairn Co. lifted its holdings in Fortive by 1.3% during the 1st quarter. Pitcairn Co. now owns 11,170 shares of the technology company’s stock worth $961,000 after buying an additional 139 shares during the period. Finally, QRG Capital Management Inc. lifted its holdings in Fortive by 0.8% during the 2nd quarter. QRG Capital Management Inc. now owns 18,507 shares of the technology company’s stock worth $1,371,000 after buying an additional 146 shares during the period. 94.94% of the stock is owned by institutional investors.

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.