Citigroup Trims Fortive (NYSE:FTV) Target Price to $98.00

Fortive (NYSE:FTV) had its target price reduced by stock analysts at Citigroup from $101.00 to $98.00 in a research note issued on Thursday, Benzinga reports. The firm presently has a “buy” rating on the technology company’s stock. Citigroup’s target price suggests a potential upside of 29.00% from the company’s current price.

FTV has been the subject of a number of other research reports. Truist Financial started coverage on shares of Fortive in a research note on Thursday, March 14th. They set a “buy” rating and a $99.00 target price for the company. Mizuho raised 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. Wells Fargo & Company cut 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. Barclays raised their price target on shares of Fortive from $89.00 to $97.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 2nd. Finally, StockNews.com raised shares of Fortive from a “hold” rating to a “buy” rating in a research report on Friday, January 26th. Seven analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $86.46.

Fortive Stock Performance

Shares of FTV stock opened at $75.97 on Thursday. The stock has a market cap of $26.74 billion, a P/E ratio of 30.03, a P/E/G ratio of 2.32 and a beta of 1.13. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.50 and a quick ratio of 1.75. The company has a fifty day moving average price of $83.83 and a two-hundred day moving average price of $76.13. Fortive has a one year low of $62.77 and a one year high of $87.10.

Fortive (NYSE:FTV) last posted its earnings results 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. The company had revenue of $1.52 billion during the quarter, compared to analysts’ expectations of $1.53 billion. Fortive had a net margin of 14.68% and a return on equity of 12.22%. As a group, equities analysts predict that Fortive will post 3.79 EPS for the current year.

Insider Buying and Selling at Fortive

In other Fortive news, SVP Stacey A. Walker sold 9,106 shares of the firm’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $86.50, for a total value of $787,669.00. Following the transaction, the senior vice president now directly owns 36,558 shares of the company’s stock, valued at approximately $3,162,267. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, SVP Stacey A. Walker sold 9,106 shares of Fortive stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $86.50, for a total transaction of $787,669.00. Following the sale, the senior vice president now directly owns 36,558 shares of the company’s stock, valued at approximately $3,162,267. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Christopher M. Mulhall sold 8,994 shares of Fortive stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $82.17, for a total transaction of $739,036.98. Following the sale, the chief accounting officer now directly owns 20,564 shares in the company, valued at $1,689,743.88. The disclosure for this sale can be found here. Insiders have sold a total of 63,937 shares of company stock valued at $5,475,122 in the last ninety days. 0.95% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Fortive

Several hedge funds and other institutional investors have recently made changes to their positions in FTV. Norges Bank bought a new stake in shares of Fortive during the 4th quarter valued at approximately $268,686,000. Brown Advisory Inc. boosted its position in Fortive by 13.1% during the 4th 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. boosted its position in Fortive by 15,382.4% during the 4th 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 boosted its position in Fortive by 111.7% during the 4th 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 acquired a new stake in Fortive during the 4th quarter worth approximately $45,557,000. 94.94% of the stock is owned by institutional investors.

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.