Fortive (NYSE:FTV) Price Target Raised to $90.00 at Truist Financial

Fortive (NYSE:FTV) had its price target hoisted by analysts at Truist Financial from $82.00 to $90.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the technology company’s stock. Truist Financial’s price objective would suggest a potential upside of 16.91% from the company’s previous close.

Other equities research analysts have also recently issued reports about the stock. Wells Fargo & Company boosted their price objective on shares of Fortive from $75.00 to $82.00 and gave the company an “equal weight” rating in a research report on Monday. Morgan Stanley started coverage on shares of Fortive in a report on Friday, September 6th. They set an “overweight” rating and a $89.00 target price for the company. TD Cowen raised shares of Fortive from a “hold” rating to a “buy” rating and raised their target price for the company from $75.00 to $90.00 in a research note on Monday, July 8th. Raymond James raised Fortive from a “market perform” rating to an “outperform” rating and set a $85.00 price target for the company in a report on Thursday, September 5th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $77.00 target price on shares of Fortive in a research report on Friday, September 6th. Six equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $87.42.

Fortive Trading Up 0.7 %

Fortive stock traded up $0.54 during midday trading on Wednesday, hitting $76.98. 240,068 shares of the stock were exchanged, compared to its average volume of 1,848,169. The stock has a market capitalization of $27.10 billion, a PE ratio of 30.43, a P/E/G ratio of 2.22 and a beta of 1.12. The company has a fifty day simple moving average of $73.13 and a two-hundred day simple moving average of $75.43. 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 has a 52 week low of $63.05 and a 52 week high of $87.10.

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

Insider Transactions at Fortive

In other Fortive news, CFO Charles E. Mclaughlin sold 6,864 shares of Fortive stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $74.03, for a total transaction of $508,141.92. Following the completion of the transaction, the chief financial officer now owns 73,391 shares in the company, valued at approximately $5,433,135.73. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO Charles E. Mclaughlin sold 6,864 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $74.03, for a total transaction of $508,141.92. Following the sale, the chief financial officer now directly owns 73,391 shares in the company, valued at approximately $5,433,135.73. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP Jonathan L. Schwarz sold 14,223 shares of the business’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $73.80, for a total transaction of $1,049,657.40. Following the transaction, 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 disclosure for this sale can be found here. Insiders own 1.01% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Elo Mutual Pension Insurance Co increased its position in Fortive by 3.9% in the fourth quarter. Elo Mutual Pension Insurance Co now owns 30,734 shares of the technology company’s stock worth $2,263,000 after buying an additional 1,143 shares in the last quarter. Putnam Investments LLC increased its position in Fortive by 7.0% during the 4th quarter. Putnam Investments LLC now owns 2,074,570 shares of the technology company’s stock valued at $152,751,000 after buying an additional 134,932 shares in the last quarter. Bridgefront Capital LLC acquired a new stake in shares of Fortive during the fourth quarter worth $687,000. V Square Quantitative Management LLC grew its position in Fortive by 28.5% during the 4th quarter. V Square Quantitative Management LLC now owns 7,059 shares of the technology company’s stock worth $520,000 after purchasing an additional 1,566 shares during the period. Finally, American International Group Inc. lifted its stake in shares of Fortive by 3.4% in the 4th quarter. American International Group Inc. now owns 96,377 shares of the technology company’s stock valued at $7,096,000 after purchasing an additional 3,214 shares during the period. Institutional investors own 94.94% of the company’s stock.

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.