Fortive (NYSE:FTV) Price Target Cut to $75.00

Fortive (NYSE:FTV) had its price objective trimmed by Wells Fargo & Company from $84.00 to $75.00 in a research report report published on Wednesday, Benzinga reports. The brokerage currently has an equal weight rating on the technology company’s stock.

Other analysts have also recently issued research reports about the company. TD Cowen upgraded Fortive from a hold rating to a buy rating and lifted their price target for the company from $75.00 to $90.00 in a report on Monday, July 8th. Royal Bank of Canada dropped their target price on Fortive from $93.00 to $83.00 and set a sector perform rating on the stock in a report on Thursday, April 25th. StockNews.com upgraded shares of Fortive from a hold rating to a buy rating in a report on Monday, May 13th. Barclays upped their price objective on shares of Fortive from $89.00 to $97.00 and gave the company an overweight rating in a research note on Tuesday, April 2nd. Finally, JPMorgan Chase & Co. lowered shares of Fortive from an overweight rating to a neutral rating and decreased their target price for the company from $95.00 to $90.00 in a research note on Wednesday, April 17th. Six equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $86.08.

Fortive Price Performance

NYSE FTV opened at $75.59 on Wednesday. The company has a current ratio of 1.50, a quick ratio of 1.17 and a debt-to-equity ratio of 0.38. Fortive has a 1 year low of $63.05 and a 1 year high of $87.10. The company has a market cap of $26.61 billion, a PE ratio of 29.88, a PEG ratio of 2.19 and a beta of 1.12. The stock’s 50-day moving average price is $74.46 and its two-hundred day moving average price is $78.21.

Fortive (NYSE:FTV) last released its earnings results on Wednesday, April 24th. The technology company reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.04. The business had revenue of $1.52 billion for 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, analysts predict that Fortive will post 3.81 EPS for the current year.

Institutional Investors Weigh In On Fortive

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Indiana Trust & Investment Management CO bought a new position in shares of Fortive in the first quarter valued at approximately $26,000. Cetera Trust Company N.A acquired a new position in Fortive in the 4th quarter valued at $28,000. Advisors Asset Management Inc. bought a new position in Fortive in the 1st quarter worth $32,000. Spire Wealth Management lifted its position in Fortive by 69.3% during the 4th quarter. Spire Wealth Management now owns 508 shares of the technology company’s stock worth $37,000 after acquiring an additional 208 shares during the last quarter. Finally, Fortitude Family Office LLC bought a new stake in Fortive during the fourth quarter valued at about $38,000. 94.94% of the stock is currently owned by institutional investors and hedge funds.

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.