Fortive (NYSE:FTV) Given New $77.00 Price Target at Wells Fargo & Company

Fortive (NYSE:FTV) had its target price cut by Wells Fargo & Company from $82.00 to $77.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has an “equal weight” rating on the technology company’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 7.80% from the company’s current price.

Several other equities analysts have also recently commented on FTV. Truist Financial upped their target price on shares of Fortive from $82.00 to $90.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. StockNews.com raised Fortive from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Wolfe Research downgraded Fortive from an “outperform” rating to a “peer perform” rating in a research report on Friday, September 6th. Morgan Stanley initiated coverage on shares of Fortive in a report on Friday, September 6th. They set an “overweight” rating and a $89.00 price objective for the company. Finally, Royal Bank of Canada lowered their target price on shares of Fortive from $85.00 to $77.00 and set a “sector perform” rating on the stock in a research note on Thursday. Four investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, Fortive presently has a consensus rating of “Moderate Buy” and an average target price of $88.30.

Fortive Stock Performance

FTV stock traded down $0.66 during mid-day trading on Thursday, reaching $71.43. 3,135,281 shares of the stock traded hands, compared to its average volume of 1,901,174. The firm has a market capitalization of $25.15 billion, a PE ratio of 28.23, a P/E/G ratio of 2.21 and a beta of 1.12. The business has a 50-day moving average of $75.33 and a two-hundred day moving average of $74.57. Fortive has a 52 week low of $64.44 and a 52 week high of $87.10. The company has a quick ratio of 0.95, a current ratio of 1.23 and a debt-to-equity ratio of 0.32.

Fortive (NYSE:FTV) last issued its quarterly earnings results on Wednesday, October 30th. The technology company reported $0.97 EPS for the quarter, topping the consensus estimate of $0.93 by $0.04. Fortive had a return on equity of 12.32% and a net margin of 14.39%. The company had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.55 billion. During the same period in the previous year, the business posted $0.85 EPS. The company’s revenue for the quarter was up 2.7% on a year-over-year basis. As a group, equities analysts predict that Fortive will post 3.82 EPS for the current fiscal year.

Insider Activity at Fortive

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

Hedge Funds Weigh In On Fortive

Hedge funds and other institutional investors have recently bought and sold shares of the business. Financial Security Advisor Inc. acquired a new position in shares of Fortive during the 3rd quarter worth about $227,000. Crestwood Advisors Group LLC raised its stake in Fortive by 1.2% during the 3rd quarter. Crestwood Advisors Group LLC now owns 544,921 shares of the technology company’s stock worth $43,011,000 after buying an additional 6,217 shares during the period. ASB Consultores LLC grew its stake in Fortive by 12.7% in the third quarter. ASB Consultores LLC now owns 3,317 shares of the technology company’s stock valued at $262,000 after acquiring an additional 374 shares during the period. FSM Wealth Advisors LLC acquired a new stake in shares of Fortive during the third quarter worth about $201,000. Finally, Catalyst Capital Advisors LLC bought a new position in shares of Fortive during the 3rd quarter valued at about $57,000. 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.