Fortive (NYSE:FTV) Given New $98.00 Price Target at Citigroup

Fortive (NYSE:FTV - Get Free Report) had its price target reduced by Citigroup from $101.00 to $98.00 in a research report issued on Thursday, Benzinga reports. The firm presently has a "buy" rating on the technology company's stock. Citigroup's target price would suggest a potential upside of 28.59% from the company's current price.

A number of other analysts have also recently commented on the stock. Truist Financial initiated coverage on shares of Fortive in a research note on Thursday, March 14th. They issued a "buy" rating and a $99.00 target price for the company. Wells Fargo & Company lowered their target price on shares of Fortive from $92.00 to $84.00 and set an "equal weight" rating for the company in a research note on Thursday. JPMorgan Chase & Co. cut shares of Fortive from an "overweight" rating to a "neutral" rating and lowered their target price for the stock from $95.00 to $90.00 in a research note on Wednesday, April 17th. Mizuho lifted their target price on shares of Fortive from $70.00 to $80.00 and gave the stock a "neutral" rating in a research note on Thursday, February 1st. Finally, Barclays lifted their price objective on shares of Fortive from $89.00 to $97.00 and gave the company an "overweight" rating in a research note on Tuesday, April 2nd. Seven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $86.46.

Fortive Stock Up 0.2 %

Shares of Fortive stock traded up $0.16 on Thursday, reaching $76.21. The stock had a trading volume of 2,336,668 shares, compared to its average volume of 1,687,384. The company has a 50 day moving average price of $84.16 and a 200 day moving average price of $76.13. The company has a quick ratio of 1.75, a current ratio of 2.05 and a debt-to-equity ratio of 0.35. Fortive has a 1 year low of $62.70 and a 1 year high of $87.10. The stock has a market capitalization of $26.83 billion, a P/E ratio of 31.23, a P/E/G ratio of 2.47 and a beta of 1.13.

Fortive (NYSE:FTV - Get Free Report) last issued its quarterly earnings data on Wednesday, April 24th. The technology company reported $0.83 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.79 by $0.04. Fortive had a net margin of 14.27% and a return on equity of 12.12%. The firm had revenue of $1.52 billion for the quarter, compared to the consensus estimate of $1.53 billion. As a group, equities research analysts forecast that Fortive will post 3.78 EPS for the current year.

Insider Activity

In other news, CAO Christopher M. Mulhall sold 8,994 shares of the business's stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $82.17, for a total transaction of $739,036.98. Following the transaction, the chief accounting officer now owns 20,564 shares of the company's stock, valued at approximately $1,689,743.88. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other Fortive news, CAO Christopher M. Mulhall sold 8,994 shares of the company's stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $82.17, for a total value of $739,036.98. Following the transaction, the chief accounting officer now owns 20,564 shares of the company's stock, valued at $1,689,743.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Tamara S. Newcombe sold 5,000 shares of the company's stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $85.00, for a total transaction of $425,000.00. Following the completion of the transaction, the chief executive officer now directly owns 55,017 shares in the company, valued at approximately $4,676,445. The disclosure for this sale can be found here. In the last quarter, insiders have sold 63,937 shares of company stock valued at $5,475,122. 0.95% of the stock is currently owned by insiders.

Institutional Trading of Fortive

Several hedge funds have recently made changes to their positions in FTV. Norges Bank purchased a new stake in shares of Fortive during the fourth quarter worth approximately $268,686,000. Brown Advisory Inc. increased its stake in shares of Fortive by 13.1% during the fourth quarter. Brown Advisory Inc. now owns 7,577,474 shares of the technology company's stock worth $557,929,000 after buying an additional 878,523 shares during the period. Panagora Asset Management Inc. increased its stake in shares of Fortive by 15,382.4% during the fourth quarter. Panagora Asset Management Inc. now owns 634,778 shares of the technology company's stock worth $46,739,000 after buying an additional 630,678 shares during the period. Jennison Associates LLC increased its stake in shares of Fortive by 111.7% during the fourth quarter. Jennison Associates LLC now owns 1,176,655 shares of the technology company's stock worth $86,637,000 after buying an additional 620,866 shares during the period. Finally, Kodai Capital Management LP purchased a new stake in shares of Fortive during the fourth quarter worth approximately $45,557,000. 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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