Truist Financial Boosts Fortive (NYSE:FTV) Price Target to $90.00

Fortive (NYSE:FTV) had its price target raised by investment analysts at Truist Financial from $89.00 to $90.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the technology company’s stock. Truist Financial’s target price points to a potential upside of 22.48% from the company’s previous close.

Several other analysts have also recently commented on FTV. UBS Group began coverage on Fortive in a report on Wednesday, November 13th. They issued a “neutral” rating and a $84.00 price target for the company. Mizuho raised Fortive from a “neutral” rating to an “outperform” rating and raised their target price for the company from $80.00 to $90.00 in a report on Friday, September 6th. Citigroup lowered shares of Fortive from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $92.00 to $86.00 in a research report on Monday, December 9th. Wolfe Research cut shares of Fortive from an “outperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Finally, Barclays decreased their price objective on shares of Fortive from $98.00 to $95.00 and set an “overweight” rating on the stock in a report on Thursday, October 31st. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $86.82.

Fortive Stock Performance

Shares of NYSE FTV traded down $0.18 during mid-day trading on Thursday, hitting $73.48. 362,886 shares of the company were exchanged, compared to its average volume of 2,004,933. The company has a quick ratio of 0.99, a current ratio of 1.25 and a debt-to-equity ratio of 0.33. The firm has a market cap of $25.49 billion, a price-to-earnings ratio of 29.28, a price-to-earnings-growth ratio of 2.15 and a beta of 1.14. The stock has a 50 day simple moving average of $76.32 and a 200-day simple moving average of $74.40. Fortive has a 1-year low of $66.15 and a 1-year high of $87.10.

Fortive (NYSE:FTV) last issued its earnings results on Wednesday, October 30th. The technology company reported $0.97 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.04. The business had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.55 billion. Fortive had a net margin of 14.35% and a return on equity of 12.56%. The business’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.85 earnings per share. On average, sell-side analysts forecast that Fortive will post 3.85 EPS for the current fiscal year.

Insider Activity

In other news, SVP Stacey A. Walker sold 171,808 shares of Fortive stock in a transaction on Friday, November 1st. The stock was sold at an average price of $71.71, for a total value of $12,320,351.68. Following the completion of the sale, the senior vice president now owns 42,651 shares of the company’s stock, valued at $3,058,503.21. The trade was a 80.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Peter C. Underwood sold 5,000 shares of the stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $76.58, for a total value of $382,900.00. Following the transaction, the senior vice president now owns 48,346 shares in the company, valued at $3,702,336.68. This trade represents a 9.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.01% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Raymond James & Associates increased its holdings in shares of Fortive by 15.0% during the 3rd quarter. Raymond James & Associates now owns 395,488 shares of the technology company’s stock worth $31,216,000 after buying an additional 51,690 shares during the last quarter. Atomi Financial Group Inc. increased its stake in Fortive by 4.8% during the third quarter. Atomi Financial Group Inc. now owns 4,932 shares of the technology company’s stock worth $389,000 after acquiring an additional 226 shares during the last quarter. Blue Trust Inc. raised its holdings in shares of Fortive by 111.3% in the 2nd quarter. Blue Trust Inc. now owns 541 shares of the technology company’s stock worth $40,000 after purchasing an additional 285 shares during the period. Versor Investments LP acquired a new position in shares of Fortive in the 2nd quarter valued at about $749,000. Finally, TD Asset Management Inc grew its holdings in shares of Fortive by 3.6% during the 2nd quarter. TD Asset Management Inc now owns 864,924 shares of the technology company’s stock worth $64,091,000 after purchasing an additional 30,234 shares during the period. Institutional investors and hedge funds own 94.94% of the company’s stock.

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.