Citigroup Lowers Fortive (NYSE:FTV) Price Target to $69.00

Fortive (NYSE:FTV) had its target price cut by equities research analysts at Citigroup from $84.00 to $69.00 in a report released on Monday,Benzinga reports. The firm currently has a “neutral” rating on the technology company’s stock. Citigroup’s price target would suggest a potential upside of 4.43% from the stock’s current price.

Other analysts also recently issued research reports about the company. StockNews.com downgraded Fortive from a “buy” rating to a “hold” rating in a research note on Monday, February 10th. Barclays dropped their price target on shares of Fortive from $90.00 to $85.00 and set an “overweight” rating for the company in a research report on Wednesday, March 26th. Truist Financial dropped their target price on shares of Fortive from $90.00 to $81.00 and set a “buy” rating for the company in a research report on Tuesday, April 8th. Wells Fargo & Company boosted their price objective on Fortive from $80.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Monday, February 10th. Finally, BNP Paribas downgraded Fortive from an “outperform” rating to a “neutral” rating and set a $67.00 price objective on the stock. in a report on Wednesday, April 9th. Eight analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $81.92.

Fortive Stock Up 1.7 %

Shares of Fortive stock traded up $1.09 on Monday, hitting $66.07. 2,262,530 shares of the company traded hands, compared to its average volume of 2,361,946. The company has a 50-day moving average price of $75.19 and a 200 day moving average price of $76.27. The company has a quick ratio of 0.91, a current ratio of 1.16 and a debt-to-equity ratio of 0.33. Fortive has a 12-month low of $60.39 and a 12-month high of $83.66. The company has a market cap of $22.48 billion, a PE ratio of 28.00, a PEG ratio of 2.68 and a beta of 1.12.

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

Insider Transactions at Fortive

In other Fortive news, CAO Christopher M. Mulhall sold 6,493 shares of the company’s stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $79.95, for a total value of $519,115.35. Following the transaction, the chief accounting officer now directly owns 24,283 shares in the company, valued at $1,941,425.85. The trade was a 21.10 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Stacey A. Walker sold 5,688 shares of the stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $80.52, for a total transaction of $457,997.76. Following the completion of the transaction, the senior vice president now directly owns 47,141 shares in the company, valued at approximately $3,795,793.32. This represents a 10.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 243,385 shares of company stock valued at $19,508,529 over the last three months. Company insiders own 1.01% of the company’s stock.

Institutional Trading of Fortive

Several hedge funds have recently added to or reduced their stakes in the company. Parvin Asset Management LLC acquired a new stake in shares of Fortive during the 4th quarter worth $26,000. American National Bank & Trust bought a new stake in shares of Fortive in the 1st quarter valued at about $26,000. Park Square Financial Group LLC acquired a new stake in shares of Fortive during the fourth quarter worth $30,000. Whipplewood Advisors LLC bought a new stake in Fortive in the fourth quarter worth approximately $31,000. Finally, Versant Capital Management Inc increased its stake 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 in the last quarter. 94.94% of the stock is owned by institutional investors and hedge funds.

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.