Truist Financial Cuts Fortive (NYSE:FTV) Price Target to $89.00

Fortive (NYSE:FTV) had its price objective reduced by Truist Financial from $96.00 to $89.00 in a research report sent to investors on Tuesday, Benzinga reports. They currently have a buy rating on the technology company’s stock.

Other analysts also recently issued research reports about the stock. JPMorgan Chase & Co. downgraded shares of Fortive from an overweight rating to a neutral rating and cut their price objective for the company from $95.00 to $90.00 in a report on Wednesday, April 17th. Wells Fargo & Company cut their price objective on shares of Fortive from $92.00 to $84.00 and set an equal weight rating for the company in a report on Thursday, April 25th. Barclays upped their price target on shares of Fortive from $89.00 to $97.00 and gave the stock an overweight rating in a report on Tuesday, April 2nd. StockNews.com upgraded shares of Fortive from a hold rating to a buy rating in a research report on Monday, May 13th. Finally, Citigroup reduced their price target 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. Seven analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus price target of $85.69.

Fortive Stock Performance

Shares of FTV stock opened at $72.28 on Tuesday. The company has a market capitalization of $25.44 billion, a price-to-earnings ratio of 28.57, a PEG ratio of 2.12 and a beta of 1.12. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.17 and a current ratio of 1.50. The company has a 50-day simple moving average of $74.80 and a 200 day simple moving average of $78.17. Fortive has a 52 week low of $63.05 and a 52 week high of $87.10.

Fortive (NYSE:FTV) last posted its quarterly earnings data on Wednesday, April 24th. The technology company reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.79 by $0.04. The firm had revenue of $1.52 billion during the quarter, compared to the consensus estimate of $1.53 billion. Fortive had a net margin of 14.68% and a return on equity of 12.22%. On average, sell-side analysts predict that Fortive will post 3.8 earnings per share for the current year.

Hedge Funds Weigh In On Fortive

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Nordea Investment Management AB lifted its stake in Fortive by 34.2% in the 4th quarter. Nordea Investment Management AB now owns 527,199 shares of the technology company’s stock valued at $38,828,000 after purchasing an additional 134,259 shares during the last quarter. Ferguson Wellman Capital Management Inc. raised its stake in shares of Fortive by 4.5% during the fourth quarter. Ferguson Wellman Capital Management Inc. now owns 832,888 shares of the technology company’s stock valued at $61,326,000 after acquiring an additional 35,688 shares during the last quarter. California State Teachers Retirement System raised its stake in shares of Fortive by 2.3% during the fourth quarter. California State Teachers Retirement System now owns 577,159 shares of the technology company’s stock valued at $42,496,000 after acquiring an additional 13,251 shares during the last quarter. Capital World Investors raised its stake in shares of Fortive by 0.6% during the fourth quarter. Capital World Investors now owns 5,847,724 shares of the technology company’s stock valued at $430,568,000 after acquiring an additional 33,990 shares during the last quarter. Finally, United Services Automobile Association bought a new position in shares of Fortive during the fourth quarter valued at $885,000. Institutional investors 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.