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

Fortive (NYSE:FTV) had its price objective dropped by research analysts at Royal Bank of Canada from $83.00 to $77.00 in a research note issued on Thursday, Benzinga reports. The brokerage currently has a “sector perform” rating on the technology company’s stock. Royal Bank of Canada’s price objective would indicate a potential upside of 8.71% from the stock’s current price.

Several other analysts also recently issued reports on the stock. Truist Financial decreased their price objective on shares of Fortive from $89.00 to $82.00 and set a “buy” rating for the company in a research note on Thursday. TD Cowen raised shares of Fortive from a “hold” rating to a “buy” rating and lifted their price target for the company from $75.00 to $90.00 in a research note on Monday, July 8th. StockNews.com raised shares of Fortive from a “hold” rating to a “buy” rating in a research note on Monday, May 13th. Citigroup decreased their price target on shares of Fortive from $101.00 to $98.00 and set a “buy” rating for the company in a research note on Thursday, April 25th. Finally, Barclays reduced their price objective on shares of Fortive from $93.00 to $91.00 and set an “overweight” rating for the company in a research note on Thursday. Six equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $84.92.

Fortive Trading Up 0.6 %

FTV traded up $0.43 on Thursday, hitting $70.83. The company had a trading volume of 995,809 shares, compared to its average volume of 1,657,955. The company has a market cap of $24.93 billion, a PE ratio of 28.00, a PEG ratio of 2.24 and a beta of 1.12. Fortive has a 12-month low of $63.05 and a 12-month high of $87.10. The company has a quick ratio of 1.17, a current ratio of 1.50 and a debt-to-equity ratio of 0.38. The business’s fifty day simple moving average is $74.31 and its 200 day simple moving average is $78.41.

Fortive (NYSE:FTV) last announced its quarterly earnings data 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. The business had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.57 billion. Fortive had a net margin of 14.68% and a return on equity of 12.22%. The firm’s quarterly revenue was up 1.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.85 earnings per share. Equities research analysts expect that Fortive will post 3.81 EPS for the current year.

Institutional Investors Weigh In On Fortive

A number of large investors have recently made changes to their positions in FTV. Raymond James & Associates grew its holdings in shares of Fortive by 7.8% during the fourth quarter. Raymond James & Associates now owns 308,593 shares of the technology company’s stock valued at $22,722,000 after buying an additional 22,308 shares during the last quarter. Pacer Advisors Inc. grew its holdings in shares of Fortive by 85.3% during the fourth quarter. Pacer Advisors Inc. now owns 42,475 shares of the technology company’s stock valued at $3,127,000 after buying an additional 19,557 shares during the last quarter. Assenagon Asset Management S.A. grew its holdings in shares of Fortive by 7.5% during the fourth quarter. Assenagon Asset Management S.A. now owns 38,630 shares of the technology company’s stock valued at $2,844,000 after buying an additional 2,702 shares during the last quarter. MJP Associates Inc. ADV grew its holdings in shares of Fortive by 27.2% during the fourth quarter. MJP Associates Inc. ADV now owns 4,656 shares of the technology company’s stock valued at $343,000 after buying an additional 995 shares during the last quarter. Finally, Cutler Group LLC CA boosted its holdings in Fortive by 77.2% in the fourth quarter. Cutler Group LLC CA now owns 955 shares of the technology company’s stock valued at $70,000 after purchasing an additional 416 shares during the last quarter. 94.94% of the stock is owned by hedge funds and other institutional investors.

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.