Fortive (NYSE:FTV) Given New $77.00 Price Target at Royal Bank of Canada

Fortive (NYSE:FTV) had its target price cut by Royal Bank of Canada from $83.00 to $77.00 in a research note released on Thursday morning, Benzinga reports. They currently have a sector perform rating on the technology company’s stock.

Several other research analysts have also issued reports on the company. TD Cowen upgraded Fortive from a hold rating to a buy rating and raised their price target for the stock from $75.00 to $90.00 in a research report on Monday, July 8th. Truist Financial reduced their price target on Fortive from $89.00 to $82.00 and set a buy rating on the stock in a research report on Thursday. Barclays dropped their price objective on Fortive from $93.00 to $91.00 and set an overweight rating on the stock in a research note on Thursday. StockNews.com raised Fortive from a hold rating to a buy rating in a research note on Monday, May 13th. Finally, Wells Fargo & Company dropped their price objective on Fortive from $84.00 to $75.00 and set an equal weight rating on the stock in a research note on Wednesday, July 10th. Seven analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus target price of $84.91.

Fortive Trading Up 1.4 %

Shares of FTV opened at $70.99 on Thursday. The firm has a market capitalization of $24.99 billion, a price-to-earnings ratio of 28.06, a P/E/G ratio of 2.07 and a beta of 1.12. The company has a quick ratio of 1.17, a current ratio of 1.23 and a debt-to-equity ratio of 0.32. The stock’s 50-day moving average price is $74.03 and its 200 day moving average price is $78.44. Fortive has a 12-month low of $63.05 and a 12-month high of $87.10.

Fortive (NYSE:FTV) last posted its quarterly earnings results on Wednesday, July 24th. The technology company reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.92 by $0.01. Fortive had a return on equity of 12.32% and a net margin of 14.39%. The business had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.57 billion. During the same period last year, the company earned $0.85 EPS. The firm’s revenue was up 1.7% on a year-over-year basis. As a group, research analysts predict that Fortive will post 3.81 earnings per share for the current year.

Institutional Trading of Fortive

Several hedge funds and other institutional investors have recently modified their holdings of FTV. Norges Bank acquired a new stake in shares of Fortive in the fourth quarter valued at about $268,686,000. Janus Henderson Group PLC increased its position in shares of Fortive by 47.1% in the first quarter. Janus Henderson Group PLC now owns 6,244,117 shares of the technology company’s stock valued at $537,119,000 after acquiring an additional 1,999,792 shares during the last quarter. Boston Partners increased its position in shares of Fortive by 19.3% in the first quarter. Boston Partners now owns 6,463,772 shares of the technology company’s stock valued at $554,253,000 after acquiring an additional 1,045,245 shares during the last quarter. Brown Advisory Inc. increased its position in shares of Fortive by 13.1% in the fourth quarter. Brown Advisory Inc. now owns 7,577,474 shares of the technology company’s stock valued at $557,929,000 after acquiring an additional 878,523 shares during the last quarter. Finally, Panagora Asset Management Inc. increased its position in shares of Fortive by 15,382.4% in the fourth quarter. Panagora Asset Management Inc. now owns 634,778 shares of the technology company’s stock valued at $46,739,000 after acquiring an additional 630,678 shares during the last quarter. 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.