Fortive (NYSE:FTV) Price Target Lowered to $58.00 at Barclays

Fortive (NYSE:FTV - Free Report) had its target price lowered by Barclays from $86.00 to $58.00 in a report released on Wednesday,Benzinga reports. The firm currently has an overweight rating on the technology company's stock.

Several other equities research analysts also recently commented on FTV. Wells Fargo & Company dropped their target price on Fortive from $72.00 to $55.00 and set an "equal weight" rating on the stock in a report on Tuesday, July 1st. Truist Financial dropped their price objective on Fortive from $90.00 to $81.00 and set a "buy" rating on the stock in a report on Tuesday, April 8th. JPMorgan Chase & Co. lowered their price target on Fortive from $87.00 to $65.00 and set an "overweight" rating for the company in a report on Wednesday, July 2nd. Robert W. Baird lowered their price target on Fortive from $88.00 to $82.00 and set an "outperform" rating for the company in a report on Wednesday, May 7th. Finally, BNP Paribas reiterated a "neutral" rating on shares of Fortive in a report on Thursday, June 12th. Eight analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $73.67.

Fortive Price Performance

NYSE:FTV traded up $0.08 during trading hours on Wednesday, hitting $52.88. The company's stock had a trading volume of 3,077,896 shares, compared to its average volume of 2,777,142. The business's 50-day moving average is $68.23 and its two-hundred day moving average is $72.63. The company has a market capitalization of $17.97 billion, a PE ratio of 23.19, a PEG ratio of 2.62 and a beta of 1.09. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.78 and a current ratio of 0.99. Fortive has a 52-week low of $50.00 and a 52-week high of $83.32.

Fortive (NYSE:FTV - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The technology company reported $0.85 EPS for the quarter, hitting analysts' consensus estimates of $0.85. The firm had revenue of $1.47 billion during the quarter, compared to analysts' expectations of $1.49 billion. Fortive had a return on equity of 13.19% and a net margin of 12.90%. The firm's quarterly revenue was down 3.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.83 EPS. As a group, research analysts anticipate that Fortive will post 4.05 EPS for the current fiscal year.

Fortive declared that its Board of Directors has authorized a share buyback program on Tuesday, May 27th that permits the company to buyback 15,630,000 outstanding shares. This buyback authorization permits the technology company to buy shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company's management believes its shares are undervalued.

Insider Buying and Selling

In related news, CEO James A. Lico sold 175,000 shares of the firm's stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $72.40, for a total transaction of $12,670,000.00. Following the sale, the chief executive officer owned 428,585 shares of the company's stock, valued at $31,029,554. This trade represents a 28.99% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Peter C. Underwood sold 14,327 shares of the firm's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $73.88, for a total value of $1,058,478.76. Following the sale, the senior vice president directly owned 51,750 shares in the company, valued at approximately $3,823,290. This trade represents a 21.68% decrease in their position. The disclosure for this sale can be found here. 0.92% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Fortive

Hedge funds have recently modified their holdings of the company. Cambridge Investment Research Advisors Inc. lifted its holdings in Fortive by 11.1% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 10,793 shares of the technology company's stock worth $790,000 after buying an additional 1,076 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in Fortive by 13.1% during the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 51,343 shares of the technology company's stock worth $3,757,000 after buying an additional 5,963 shares during the period. Perpetual Ltd lifted its holdings in Fortive by 60.0% during the 1st quarter. Perpetual Ltd now owns 239,735 shares of the technology company's stock worth $17,544,000 after buying an additional 89,891 shares during the period. Drake & Associates LLC lifted its holdings in Fortive by 28.7% during the 1st quarter. Drake & Associates LLC now owns 22,298 shares of the technology company's stock worth $1,632,000 after buying an additional 4,978 shares during the period. Finally, Brookstone Capital Management acquired a new position in Fortive during the 1st quarter worth about $3,542,000. Institutional investors and hedge funds 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.