Fortive (NYSE:FTV) had its price target decreased by investment analysts at Morgan Stanley from $75.00 to $74.00 in a research note issued on Wednesday, Anlyst Ratings reports. The brokerage currently has an “overweight” rating on the technology company’s stock. Morgan Stanley’s price objective points to a potential upside of 18.84% from the stock’s current price.
Several other equities research analysts also recently weighed in on FTV. Citigroup increased their target price on shares of Fortive from $84.00 to $91.00 and gave the stock a “buy” rating in a research note on Tuesday, October 6th. Zacks Investment Research cut shares of Fortive from a “buy” rating to a “hold” rating and set a $80.00 price target for the company. in a report on Wednesday, September 30th. Bank of America increased their price target on shares of Fortive from $82.00 to $85.00 and gave the stock a “buy” rating in a report on Thursday, September 10th. Credit Suisse Group cut their price target on shares of Fortive from $89.00 to $74.00 and set an “outperform” rating for the company in a report on Wednesday, October 14th. Finally, JPMorgan Chase & Co. increased their price target on shares of Fortive from $78.00 to $81.00 and gave the stock a “neutral” rating in a report on Wednesday, October 7th. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $79.23.
Shares of FTV opened at $62.27 on Wednesday. Fortive has a fifty-two week low of $37.31 and a fifty-two week high of $82.12. The company has a market capitalization of $20.99 billion, a price-to-earnings ratio of 42.07, a price-to-earnings-growth ratio of 3.67 and a beta of 1.14. The firm has a 50-day simple moving average of $72.44 and a 200-day simple moving average of $68.02. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.90 and a current ratio of 1.13.
In other news, Director Steven M. Rales sold 1,150,000 shares of the firm’s stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $69.79, for a total transaction of $80,258,500.00. Following the completion of the transaction, the director now directly owns 11,125,686 shares of the company’s stock, valued at approximately $776,461,625.94. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Steven M. Rales sold 5,000,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $70.88, for a total transaction of $354,400,000.00. Over the last ninety days, insiders sold 8,819,262 shares of company stock valued at $624,410,172. 12.60% of the stock is currently owned by corporate insiders.
Several institutional investors and hedge funds have recently modified their holdings of FTV. APG Asset Management N.V. increased its stake in shares of Fortive by 28.3% during the 1st quarter. APG Asset Management N.V. now owns 552,855 shares of the technology company’s stock worth $30,512,000 after purchasing an additional 121,932 shares in the last quarter. Capital Investment Services of America Inc. increased its stake in shares of Fortive by 1.3% during the 2nd quarter. Capital Investment Services of America Inc. now owns 206,021 shares of the technology company’s stock worth $13,939,000 after purchasing an additional 2,615 shares in the last quarter. Robecosam AG acquired a new stake in Fortive during the second quarter worth approximately $670,000. Diversified Trust Co boosted its position in Fortive by 36.8% during the second quarter. Diversified Trust Co now owns 15,255 shares of the technology company’s stock worth $1,032,000 after acquiring an additional 4,104 shares during the last quarter. Finally, DNB Asset Management AS boosted its position in Fortive by 5.6% during the second quarter. DNB Asset Management AS now owns 65,596 shares of the technology company’s stock worth $4,438,000 after acquiring an additional 3,455 shares during the last quarter. 86.33% of the stock is owned by institutional investors and hedge funds.
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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