Royal Bank of Canada Trims Fortive (NYSE:FTV) Target Price to $77.00

Fortive (NYSE:FTV) had its target price cut by Royal Bank of Canada from $83.00 to $77.00 in a report published on Thursday morning, Benzinga reports. They currently have a sector perform rating on the technology company’s stock.

Several other research analysts have also commented on the company. JPMorgan Chase & Co. lowered Fortive from an overweight rating to a neutral rating and reduced their price target for the stock from $95.00 to $90.00 in a research report on Wednesday, April 17th. Wells Fargo & Company reduced their target price on Fortive from $84.00 to $75.00 and set an equal weight rating on the stock in a research report on Wednesday, July 10th. StockNews.com raised Fortive from a hold rating to a buy rating in a research report on Monday, May 13th. TD Cowen raised Fortive from a hold rating to a buy rating and upped their target price for the company from $75.00 to $90.00 in a research report on Monday, July 8th. Finally, Citigroup reduced their target price on Fortive from $101.00 to $98.00 and set a buy rating on the stock in a research report on Thursday, April 25th. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, Fortive presently has an average rating of Moderate Buy and an average price target of $84.92.

Fortive Trading Down 0.6 %

FTV opened at $69.99 on Thursday. The firm has a market cap of $24.64 billion, a price-to-earnings ratio of 27.66, a PEG ratio of 2.05 and a beta of 1.12. The company has a current ratio of 1.23, a quick ratio of 1.17 and a debt-to-equity ratio of 0.32. Fortive has a 12 month low of $63.05 and a 12 month high of $87.10. The stock has a fifty day moving average price of $74.16 and a 200-day moving average price of $78.36.

Fortive (NYSE:FTV) last released its quarterly earnings results on Wednesday, July 24th. The technology company reported $0.93 EPS for the quarter, topping the consensus estimate of $0.92 by $0.01. The firm had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.57 billion. Fortive had a return on equity of 12.32% and a net margin of 14.39%. The business’s revenue for the quarter was up 1.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.85 EPS. As a group, equities research analysts anticipate that Fortive will post 3.82 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Indiana Trust & Investment Management CO acquired a new position in shares of Fortive in the first quarter valued at about $26,000. Advisors Asset Management Inc. purchased a new stake in shares of Fortive in the first quarter worth about $32,000. Cetera Trust Company N.A purchased a new stake in shares of Fortive in the fourth quarter worth about $28,000. J.Safra Asset Management Corp purchased a new stake in shares of Fortive in the second quarter worth about $34,000. Finally, Spire Wealth Management boosted its stake in shares of Fortive by 69.3% in the fourth quarter. Spire Wealth Management now owns 508 shares of the technology company’s stock worth $37,000 after buying an additional 208 shares during the last quarter. 94.94% of the stock is 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.