Fortive (NYSE:FTV) was upgraded by Zacks Investment Research from a "sell" rating to a "hold" rating in a research report issued to clients and investors on Tuesday, Zacks.com reports. The firm currently has a $70.00 price objective on the technology company's stock. Zacks Investment Research's price target suggests a potential upside of 4.34% from the company's current price.
According to Zacks, "Fortive reported strong Q4 results, wherein both earnings and revenues surpassed the Zacks Consensus Estimate. Markedly, the company is benefiting from strength in Fortive Business System. Also, recurring revenues remained strong in the quarter. Moreover, strong product pipelines and increasing buyouts should continue to improve its cloud market share. Further, robust Gilbarco Veeder-Root and Jacobs Vehicle Systems remain key growth catalysts for the company. However, the company is being impacted by a highly uncertain operating environment due to the challenges posed by the COVID-19 pandemic. Also, fluctuations in foreign exchange rates and higher expenses pose serious risks. Notably, the stock has underperformed the industry it belongs to over a year."
Other analysts have also issued reports about the company. UBS Group began coverage on Fortive in a research note on Friday, December 4th. They issued a "buy" rating and a $83.00 price objective on the stock. Citigroup raised their price objective on Fortive from $83.00 to $85.00 and gave the company a "buy" rating in a research note on Friday, February 5th. Barclays lowered Fortive from an "overweight" rating to an "equal weight" rating and set a $72.00 price objective on the stock. in a research note on Monday, November 30th. They noted that the move was a valuation call. Morgan Stanley lowered Fortive from an "overweight" rating to an "equal weight" rating and set a $75.00 price objective on the stock. in a research note on Wednesday, February 17th. Finally, Royal Bank of Canada dropped their target price on Fortive from $70.00 to $67.00 and set a "sector perform" rating for the company in a research report on Thursday, November 12th. Seven analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. Fortive currently has a consensus rating of "Buy" and a consensus target price of $76.73.
FTV opened at $67.09 on Tuesday. The firm has a market cap of $22.62 billion, a P/E ratio of 43.85, a price-to-earnings-growth ratio of 5.13 and a beta of 1.14. Fortive has a 52-week low of $37.31 and a 52-week high of $82.12. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.02 and a current ratio of 1.24. The business's fifty day moving average is $69.18 and its 200-day moving average is $70.65.
Fortive (NYSE:FTV) last released its quarterly earnings data on Wednesday, February 3rd. The technology company reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.08. The business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.29 billion. Fortive had a return on equity of 16.30% and a net margin of 8.21%. On average, research analysts predict that Fortive will post 2.97 earnings per share for the current fiscal year.
In other news, SVP William W. Pringle sold 65,185 shares of the firm's stock in a transaction dated Monday, February 8th. The stock was sold at an average price of $68.62, for a total transaction of $4,472,994.70. Following the completion of the transaction, the senior vice president now directly owns 153,860 shares in the company, valued at $10,557,873.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 12.60% of the stock is owned by company insiders.
Several institutional investors and hedge funds have recently modified their holdings of the company. National Pension Service raised its position in shares of Fortive by 7.0% during the fourth quarter. National Pension Service now owns 438,373 shares of the technology company's stock worth $31,046,000 after acquiring an additional 28,562 shares during the last quarter. Bradley Mark J. bought a new stake in Fortive in the fourth quarter worth approximately $2,755,000. Symmetry Partners LLC increased its holdings in Fortive by 23.8% in the fourth quarter. Symmetry Partners LLC now owns 4,598 shares of the technology company's stock worth $326,000 after purchasing an additional 884 shares in the last quarter. Truist Financial Corp increased its holdings in Fortive by 24.6% in the fourth quarter. Truist Financial Corp now owns 152,678 shares of the technology company's stock worth $10,812,000 after purchasing an additional 30,142 shares in the last quarter. Finally, Twinbeech Capital LP increased its holdings in Fortive by 261.7% in the fourth quarter. Twinbeech Capital LP now owns 62,454 shares of the technology company's stock worth $4,423,000 after purchasing an additional 45,186 shares in the last quarter. Institutional investors own 84.71% of the company's stock.
Fortive Company Profile
Fortive Corporation designs, develops, manufactures, markets, and services professional and engineered products, software, and services worldwide. Its Professional Instrumentation segment provides test tools, and thermal imaging and calibration equipment for electrical, industrial, electronic, and calibration applications; online condition-based monitoring equipment; portable gas detection equipment, consumables, and software as a service offerings; subscription-based technical, analytical, and compliance services; and software, data analytics, and services for critical infrastructure in utility, industrial, energy, construction, facilities management, public safety, mining, and healthcare applications, as well as environmental, health, and safety applications.
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