Fortive (NYSE:FTV) Given New $58.00 Price Target at Barclays

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

A number of other equities analysts have also issued reports on the stock. Wells Fargo & Company lowered their target price on shares of Fortive from $72.00 to $55.00 and set an "equal weight" rating on the stock in a research report on Tuesday, July 1st. Raymond James Financial lowered their price objective on shares of Fortive from $90.00 to $65.00 and set an "outperform" rating on the stock in a research report on Tuesday, July 1st. Truist Financial dropped their price objective on shares of Fortive from $90.00 to $81.00 and set a "buy" rating on the stock in a research note on Tuesday, April 8th. Citigroup decreased their target price on shares of Fortive from $84.00 to $69.00 and set a "neutral" rating for the company in a research note on Monday, April 14th. Finally, Royal Bank Of Canada raised their price target on Fortive from $78.00 to $79.00 and gave the stock a "sector perform" rating in a report on Monday, June 9th. Eight investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, Fortive currently has an average rating of "Hold" and a consensus price target of $73.67.

Fortive Stock Down 0.8%

NYSE:FTV traded down $0.40 during midday trading on Wednesday, hitting $52.66. 3,538,992 shares of the company were exchanged, compared to its average volume of 2,800,155. Fortive has a fifty-two week low of $50.00 and a fifty-two week high of $83.32. The company has a market capitalization of $17.90 billion, a PE ratio of 23.10, a price-to-earnings-growth ratio of 2.63 and a beta of 1.09. The company has a current ratio of 0.99, a quick ratio of 0.78 and a debt-to-equity ratio of 0.29. The company has a fifty day simple moving average of $67.32 and a 200 day simple moving average of $72.19.

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

Fortive declared that its Board of Directors has initiated a share repurchase program on Tuesday, May 27th that allows the company to buyback 15,630,000 shares. This buyback authorization allows the technology company to repurchase shares of its stock through open market purchases. Shares buyback programs are often an indication that the company's management believes its stock is undervalued.

Insider Activity at Fortive

In other Fortive news, CEO James A. Lico sold 175,000 shares of the business's stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $72.40, for a total transaction of $12,670,000.00. Following the sale, the chief executive officer directly owned 428,585 shares in the company, valued at approximately $31,029,554. The trade was a 28.99% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Peter C. Underwood sold 14,327 shares of the company's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $73.88, for a total transaction of $1,058,478.76. Following the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. 0.92% of the stock is owned by company insiders.

Institutional Trading of Fortive

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Brighton Jones LLC lifted its position in shares of Fortive by 97.1% during the 4th quarter. Brighton Jones LLC now owns 5,706 shares of the technology company's stock valued at $428,000 after acquiring an additional 2,811 shares during the period. Steward Partners Investment Advisory LLC raised its holdings in Fortive by 11.0% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,836 shares of the technology company's stock worth $213,000 after purchasing an additional 282 shares during the last quarter. Proficio Capital Partners LLC acquired a new position in Fortive during the fourth quarter worth $5,847,000. Raymond James Financial Inc. purchased a new stake in Fortive during the fourth quarter worth $22,412,000. Finally, Callan Family Office LLC acquired a new stake in Fortive in the fourth quarter valued at $241,000. Institutional investors and hedge funds own 94.94% of the company's stock.

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.