Wells Fargo & Company Lowers Fortive (NYSE:FTV) Price Target to $84.00

Fortive (NYSE:FTV) had its price target cut by analysts at Wells Fargo & Company from $92.00 to $84.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage presently has an “equal weight” rating on the technology company’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 10.57% from the company’s current price.

Several other brokerages also recently commented on FTV. Barclays increased their target price on Fortive from $89.00 to $97.00 and gave the company an “overweight” rating in a research note on Tuesday, April 2nd. Truist Financial initiated coverage on shares of Fortive in a research note on Thursday, March 14th. They set a “buy” rating and a $99.00 target price on the stock. Vertical Research lowered shares of Fortive from a “buy” rating to a “hold” rating in a research note on Tuesday, January 2nd. Mizuho boosted their price objective on shares of Fortive from $70.00 to $80.00 and gave the company a “neutral” rating in a report on Thursday, February 1st. Finally, Citigroup raised their target price on shares of Fortive from $90.00 to $101.00 and gave the stock a “buy” rating in a report on Monday, April 8th. Seven analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $86.46.

Fortive Stock Performance

Shares of Fortive stock opened at $75.97 on Thursday. Fortive has a 1 year low of $62.77 and a 1 year high of $87.10. The firm’s 50-day moving average is $83.83 and its 200 day moving average is $76.13. The stock has a market cap of $26.74 billion, a price-to-earnings ratio of 30.03, a PEG ratio of 2.31 and a beta of 1.13. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.50 and a quick ratio of 1.75.

Fortive (NYSE:FTV) last issued its earnings results on Wednesday, April 24th. The technology company reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.04. Fortive had a net margin of 14.68% and a return on equity of 12.22%. The firm had revenue of $1.52 billion for the quarter, compared to the consensus estimate of $1.53 billion. Sell-side analysts anticipate that Fortive will post 3.8 EPS for the current fiscal year.

Insider Buying and Selling

In other Fortive news, CAO Christopher M. Mulhall sold 8,994 shares of the business’s stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $82.17, for a total transaction of $739,036.98. Following the completion of the sale, the chief accounting officer now owns 20,564 shares of the company’s stock, valued at $1,689,743.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CAO Christopher M. Mulhall sold 8,994 shares of the stock in a transaction on Friday, February 9th. The shares were sold at an average price of $82.17, for a total value of $739,036.98. Following the completion of the sale, the chief accounting officer now directly owns 20,564 shares of the company’s stock, valued at $1,689,743.88. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Stacey A. Walker sold 9,106 shares of the business’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $86.50, for a total value of $787,669.00. Following the completion of the transaction, the senior vice president now owns 36,558 shares in the company, valued at $3,162,267. The disclosure for this sale can be found here. In the last three months, insiders have sold 63,937 shares of company stock valued at $5,475,122. 0.95% of the stock is owned by company insiders.

Institutional Investors Weigh In On Fortive

Institutional investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP grew its stake in Fortive by 1.0% during the third quarter. Wellington Management Group LLP now owns 19,092,535 shares of the technology company’s stock valued at $1,415,902,000 after acquiring an additional 181,948 shares in the last quarter. Flossbach Von Storch AG grew its position in shares of Fortive by 4.8% during the fourth quarter. Flossbach Von Storch AG now owns 11,107,878 shares of the technology company’s stock valued at $817,873,000 after purchasing an additional 512,414 shares in the last quarter. Brown Advisory Inc. increased its holdings in shares of Fortive by 13.1% in the fourth quarter. Brown Advisory Inc. now owns 7,577,474 shares of the technology company’s stock worth $557,929,000 after purchasing an additional 878,523 shares during the last quarter. Capital World Investors lifted its position in shares of Fortive by 0.6% in the fourth quarter. Capital World Investors now owns 5,847,724 shares of the technology company’s stock worth $430,568,000 after buying an additional 33,990 shares in the last quarter. Finally, Northern Trust Corp boosted its stake in Fortive by 2.3% during the third quarter. Northern Trust Corp now owns 3,886,914 shares of the technology company’s stock valued at $288,254,000 after buying an additional 85,560 shares during the last quarter. 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.