Fortive (NYSE:FTV) Price Target Cut to $73.00 by Analysts at JPMorgan Chase & Co.

Fortive (NYSE:FTV) had its price objective reduced by analysts at JPMorgan Chase & Co. from $90.00 to $73.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the technology company’s stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 14.11% from the stock’s current price.

Other equities analysts have also issued reports about the company. Barclays dropped their price target on Fortive from $90.00 to $85.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 26th. Wells Fargo & Company raised their price target on shares of Fortive from $80.00 to $85.00 and gave the company an “equal weight” rating in a research report on Monday, February 10th. Royal Bank of Canada upped their target price on shares of Fortive from $77.00 to $85.00 and gave the stock a “sector perform” rating in a research note on Monday, February 10th. Truist Financial reduced their target price on Fortive from $90.00 to $81.00 and set a “buy” rating for the company in a report on Tuesday. Finally, Citigroup downgraded shares of Fortive from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $92.00 to $86.00 in a report on Monday, December 9th. Seven research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $84.82.

Fortive Trading Down 1.0 %

NYSE:FTV traded down $0.68 during trading hours on Tuesday, hitting $63.97. 1,623,275 shares of the company were exchanged, compared to its average volume of 2,286,686. The stock has a market capitalization of $21.77 billion, a price-to-earnings ratio of 27.17, a price-to-earnings-growth ratio of 2.68 and a beta of 1.12. Fortive has a one year low of $61.75 and a one year high of $84.96. The company has a fifty day simple moving average of $77.09 and a 200 day simple moving average of $76.78. The company has a current ratio of 1.16, a quick ratio of 0.91 and a debt-to-equity ratio of 0.33.

Fortive (NYSE:FTV) last issued its quarterly earnings results on Friday, February 7th. The technology company reported $1.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.12 by $0.05. Fortive had a net margin of 13.36% and a return on equity of 13.15%. During the same period in the prior year, the company posted $0.98 EPS. Sell-side analysts expect that Fortive will post 4.05 EPS for the current fiscal year.

Insider Activity

In other Fortive news, SVP Stacey A. Walker sold 3,002 shares of the business’s stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $79.05, for a total value of $237,308.10. Following the completion of the transaction, the senior vice president now owns 42,373 shares of the company’s stock, valued at $3,349,585.65. The trade was a 6.62 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Charles E. Mclaughlin sold 32,085 shares of the firm’s stock in a transaction on Friday, February 28th. The shares were sold at an average price of $78.86, for a total transaction of $2,530,223.10. Following the sale, the chief financial officer now owns 76,126 shares in the company, valued at approximately $6,003,296.36. This trade represents a 29.65 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 243,385 shares of company stock worth $19,508,529 over the last ninety days. Company insiders own 1.01% of the company’s stock.

Hedge Funds Weigh In On Fortive

Several institutional investors have recently modified their holdings of the company. Parvin Asset Management LLC purchased a new stake in shares of Fortive in the 4th quarter valued at $26,000. Park Square Financial Group LLC purchased a new position in shares of Fortive in the fourth quarter worth about $30,000. Whipplewood Advisors LLC purchased a new position in shares of Fortive in the fourth quarter worth about $31,000. Versant Capital Management Inc lifted its position in Fortive by 186.8% in the fourth quarter. Versant Capital Management Inc now owns 456 shares of the technology company’s stock valued at $34,000 after purchasing an additional 297 shares during the last quarter. Finally, Crews Bank & Trust bought a new stake in Fortive during the 4th quarter valued at $37,000. 94.94% of the stock is currently 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.