Fortive (NYSE:FTV) Price Target Cut to $85.00 by Analysts at Barclays

Fortive (NYSE:FTV) had its price objective decreased by Barclays from $90.00 to $85.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the technology company’s stock. Barclays‘s target price points to a potential upside of 11.74% from the company’s current price.

Several other research analysts also recently commented on FTV. Citigroup downgraded shares of Fortive from a “buy” rating to a “neutral” rating and cut their price target for the company from $92.00 to $86.00 in a report on Monday, December 9th. JPMorgan Chase & Co. reduced their target price on Fortive from $92.00 to $90.00 and set an “overweight” rating for the company in a research report on Wednesday, January 15th. Wells Fargo & Company upped their target price on Fortive from $80.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Monday, February 10th. Truist Financial lifted their price target on Fortive from $89.00 to $90.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Finally, Royal Bank of Canada raised their target price on shares of Fortive from $77.00 to $85.00 and gave the company a “sector perform” rating in a research note on Monday, February 10th. Seven investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $87.18.

Fortive Stock Performance

NYSE:FTV opened at $76.07 on Wednesday. The business’s fifty day moving average is $78.62 and its 200 day moving average is $76.96. The firm has a market cap of $25.89 billion, a price-to-earnings ratio of 32.17, a PEG ratio of 2.68 and a beta of 1.16. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.91 and a current ratio of 1.16. Fortive has a 52-week low of $66.15 and a 52-week high of $86.21.

Fortive (NYSE:FTV) last announced its quarterly earnings results on Friday, February 7th. The technology company reported $1.17 earnings per share for the quarter, beating the consensus estimate of $1.12 by $0.05. Fortive had a return on equity of 13.15% and a net margin of 13.36%. During the same quarter in the previous year, the firm earned $0.98 EPS. Research analysts predict that Fortive will post 4.05 EPS for the current year.

Insiders Place Their Bets

In other Fortive news, CAO Christopher M. Mulhall sold 6,493 shares of Fortive stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $79.95, for a total value of $519,115.35. Following the transaction, the chief accounting officer now directly owns 24,283 shares of the company’s stock, valued at $1,941,425.85. The trade was a 21.10 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Stacey A. Walker sold 5,688 shares of the business’s stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $80.52, for a total value of $457,997.76. Following the completion of the sale, the senior vice president now owns 47,141 shares of the company’s stock, valued at $3,795,793.32. The trade was a 10.77 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 243,385 shares of company stock valued at $19,508,529 over the last three months. Insiders own 1.01% of the company’s stock.

Institutional Investors Weigh In On Fortive

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Parvin Asset Management LLC purchased a new position in shares of Fortive in the fourth quarter valued at about $26,000. Park Square Financial Group LLC bought a new stake in shares of Fortive in the fourth quarter worth about $30,000. Whipplewood Advisors LLC purchased a new position in Fortive during the 4th quarter valued at about $31,000. Versant Capital Management Inc increased its holdings in Fortive by 186.8% during the 4th quarter. Versant Capital Management Inc now owns 456 shares of the technology company’s stock valued at $34,000 after purchasing an additional 297 shares during the period. Finally, Crews Bank & Trust bought a new position in Fortive during the 4th quarter valued at approximately $37,000. 94.94% of the stock is currently 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.