JPMorgan Chase & Co. Lowers Fortive (NYSE:FTV) Price Target to $65.00

Fortive (NYSE:FTV - Free Report) had its price target reduced by JPMorgan Chase & Co. from $87.00 to $65.00 in a report issued on Wednesday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the technology company's stock.

Several other research analysts also recently weighed in on FTV. Truist Financial cut their price target on Fortive from $90.00 to $81.00 and set a "buy" rating for the company in a report on Tuesday, April 8th. Robert W. Baird cut 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. Barclays reiterated an "overweight" rating and issued a $86.00 price target (up from $84.00) on shares of Fortive in a report on Tuesday, June 3rd. Royal Bank Of Canada increased their price target on Fortive from $78.00 to $79.00 and gave the company a "sector perform" rating in a report on Monday, June 9th. Finally, Citigroup dropped their price target on Fortive from $84.00 to $69.00 and set a "neutral" rating on the stock in a research report on Monday, April 14th. Eight analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $77.08.

Fortive Price Performance

Shares of FTV stock traded down $0.02 during midday trading on Wednesday, reaching $53.32. 2,484,430 shares of the company traded hands, compared to its average volume of 2,730,830. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.99 and a quick ratio of 0.78. Fortive has a 1-year low of $50.00 and a 1-year high of $83.32. The firm has a market cap of $18.12 billion, a PE ratio of 23.39, a price-to-earnings-growth ratio of 2.20 and a beta of 1.09. The firm's 50 day simple moving average is $69.51 and its two-hundred day simple moving average is $73.25.

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

Fortive declared that its Board of Directors has initiated a stock buyback plan on Tuesday, May 27th that allows the company to repurchase 15,630,000 shares. This repurchase authorization allows the technology company to buy shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board believes its stock is undervalued.

Insider Buying and Selling at Fortive

In other Fortive news, CEO James A. Lico sold 175,000 shares of the business's stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $72.40, for a total value of $12,670,000.00. Following the completion of the transaction, the chief executive officer directly owned 428,585 shares of the company's stock, valued at approximately $31,029,554. The trade was a 28.99% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Peter C. Underwood sold 14,327 shares of the company's stock in a transaction that occurred 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 owned 51,750 shares in the company, valued at $3,823,290. The trade was a 21.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.92% of the company's stock.

Hedge Funds Weigh In On Fortive

A number of large investors have recently modified their holdings of FTV. Parvin Asset Management LLC acquired a new position in shares of Fortive during the fourth quarter worth approximately $26,000. American National Bank & Trust bought a new stake in Fortive during the 1st quarter worth approximately $26,000. Accent Capital Management LLC acquired a new stake in Fortive during the 1st quarter worth approximately $26,000. Global X Japan Co. Ltd. lifted its position in Fortive by 114.2% in the 1st quarter. Global X Japan Co. Ltd. now owns 377 shares of the technology company's stock valued at $28,000 after acquiring an additional 201 shares in the last quarter. Finally, Park Square Financial Group LLC acquired a new position in shares of Fortive during the fourth quarter worth about $30,000. 94.94% of the stock is currently 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.