Fortive (NYSE:FTV – Get a Rating) had its price target raised by Wells Fargo & Company from $57.00 to $63.00 in a report released Monday morning, reports The Fly. The brokerage currently has an equal weight rating on shares of the technology company.
A number of other analysts have also recently commented on the company. Loop Capital reduced its price target on Fortive from $84.00 to $78.00 and set a Buy rating for the company in a Tuesday, July 19 research report. Royal Bank of Canada raised its price target on Fortive from $61.00 to $68.00 in a research report on Friday. Citigroup raised its target price on Fortive from $69.00 to $72.00 in a research report on Friday. Morgan Stanley raised its price target on Fortive from $64.00 to $68.00 and gave the stock an equal weight rating in a research report on Friday. Finally, Barclays raised its price target on Fortive from $68.00 to $72.00 and gave the stock an overweight rating in a research report on Monday. Six research analysts gave the stock a hold rating and five gave the stock a buy rating. According to data from MarketBeat, the company has a consensus rating of Hold and an average price target of $70.71.
Fortive stock down 0.0%
Shares of Fortive opened at $64.43 on Monday. Fortive has a one-year low of $52.47 and a one-year high of $79.87. The company has a debt ratio of 0.28, a current ratio of 0.94 and a quick ratio of 0.73. The stock’s 50-day moving average is $57.78 and its 200-day moving average is $60.62. The company has a market capitalization of $23.09 billion, a price/earnings ratio of 35.79, a PEG ratio of 2.22 and a beta of 1.16.
Fortive (NYSE:FTV – Get Rating) last reported quarterly results on Thursday, July 28. The technology company reported earnings per share (EPS) of $0.78 for the quarter, beating the consensus estimate of $0.72 by $0.06. Fortive had a return on equity of 11.25% and a net margin of 11.86%. The company posted revenue of $1.46 billion for the quarter, compared to analysts’ estimates of $1.41 billion. In the same quarter of the previous year, the company had earned earnings per share of $0.66. The company’s quarterly revenue increased 10.9% year over year. Equity research analysts expect Fortive to post an EPS of 3.1 for the current year.
Institutional investors weigh in on Fortive
Several large investors have recently increased or reduced their stake in the company. Vanguard Group Inc. increased its stake in Fortive by 2.7% during the first quarter. Vanguard Group Inc. now owns 37,557,116 shares of the technology company valued at $2,288,355,000 after purchasing an additional 989,883 shares during the period. Royal Bank of Canada increased its stake in Fortive by 1.1% during the first quarter. Royal Bank of Canada now owns 17,585,960 shares of the technology company worth $1,071,512,000 after buying 197,196 more shares in the last quarter. Flossbach Von Storch AG increased its stake in Fortive shares by 13.2% in the first quarter. Flossbach Von Storch AG now owns 12,492,886 shares of the technology company worth $761,192,000 after purchasing an additional 1,457,136 shares during the period. Viking Global Investors LP increased its holdings of Fortive shares by 41.8% in the first quarter. Viking Global Investors LP now owns 12,033,157 shares of the technology company worth $733,180,000 after purchasing an additional 3,548,215 shares during the period. Finally, Massachusetts Financial Services Co. MA increased its equity stake in Fortive by 10.2% in the first quarter. Massachusetts Financial Services Co. MA now owns 6,973,337 shares of the technology company worth $424,885,000 after purchasing an additional 645,277 shares during the period. Institutional investors hold 95.21% of the company’s shares.
Fortive Company Profile
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Fortive Corporation designs, develops, manufactures, markets and services professional and technical products, software and services worldwide. Its Intelligent Operating Solutions segment offers connected reliability tools; enterprise software products for environment, health, safety and quality; facility and asset lifecycle software; pre-construction planning and construction procurement solutions; robust professional testing tools; electrical, pressure and temperature calibration tools; and portable gas detection tools for a range of vertical end markets including manufacturing, process industries, healthcare, utilities and electrical, communications and electronics, and more.
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