Fortive (NYSE:FTV) Price Target Lowered to $84.00 at Barclays

Fortive (NYSE:FTV - Get Free Report) had its price target reduced by research analysts at Barclays from $85.00 to $84.00 in a report issued on Tuesday,Benzinga reports. The firm presently has an "overweight" rating on the technology company's stock. Barclays's target price would indicate a potential upside of 23.82% from the company's current price.

A number of other research analysts have also recently weighed in on FTV. Wells Fargo & Company lifted their price objective on shares of Fortive from $80.00 to $85.00 and gave the company an "equal weight" rating in a report on Monday, February 10th. Royal Bank of Canada raised their price objective on shares of Fortive from $68.00 to $72.00 and gave the stock a "sector perform" rating in a report on Friday. Citigroup dropped their price objective on shares of Fortive from $84.00 to $69.00 and set a "neutral" rating on the stock in a research note on Monday, April 14th. Truist Financial reduced 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. Finally, StockNews.com downgraded Fortive from a "buy" rating to a "hold" rating in a research report on Monday, February 10th. 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.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $80.75.

Fortive Stock Up 0.4 %

Shares of Fortive stock traded up $0.25 during trading on Tuesday, reaching $67.84. The company's stock had a trading volume of 550,529 shares, compared to its average volume of 2,406,738. The company has a market cap of $23.06 billion, a price-to-earnings ratio of 28.74, a P/E/G ratio of 2.68 and a beta of 1.10. Fortive has a 1-year low of $60.39 and a 1-year high of $83.32. The company has a quick ratio of 0.91, a current ratio of 1.16 and a debt-to-equity ratio of 0.33. The company has a 50-day simple moving average of $70.86 and a two-hundred day simple moving average of $75.10.

Fortive (NYSE:FTV - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The technology company reported $0.85 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.85. The firm had revenue of $1.47 billion for the quarter, compared to analyst estimates of $1.49 billion. Fortive had a return on equity of 13.15% and a net margin of 13.36%. The business's revenue was down 3.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.83 earnings per share. As a group, equities analysts forecast that Fortive will post 4.05 earnings per share for the current year.

Insider Activity at Fortive

In other news, CEO James A. Lico sold 196,117 shares of Fortive stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $80.38, for a total value of $15,763,884.46. Following the sale, the chief executive officer now directly owns 528,851 shares in the company, valued at $42,509,043.38. This trade represents a 27.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Stacey A. Walker sold 5,688 shares of the stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $80.52, for a total transaction of $457,997.76. Following the transaction, the senior vice president now owns 47,141 shares of the company's stock, valued at approximately $3,795,793.32. This represents a 10.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 243,385 shares of company stock worth $19,508,529. 1.01% of the stock is owned by insiders.

Institutional Investors Weigh In On Fortive

Several hedge funds have recently modified their holdings of the company. Dodge & Cox acquired a new stake in shares of Fortive in the fourth quarter valued at about $583,493,000. Norges Bank bought a new position in shares of Fortive in the fourth quarter valued at $412,445,000. Price T Rowe Associates Inc. MD grew its holdings in Fortive by 164.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 8,730,161 shares of the technology company's stock worth $654,763,000 after buying an additional 5,429,566 shares in the last quarter. T. Rowe Price Investment Management Inc. grew its stake in shares of Fortive by 9.7% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 42,947,135 shares of the technology company's stock worth $3,221,036,000 after acquiring an additional 3,810,997 shares during the period. Finally, Third Point LLC purchased a new position in Fortive during the 4th quarter valued at about $142,500,000. 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.

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