Fortive (NYSE:FTV – Get Free Report) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $3.80-3.86 for the period, compared to the consensus earnings per share estimate of $3.81. The company issued revenue guidance of $6.25-6.30 billion, compared to the consensus revenue estimate of $6.38 billion. Fortive also updated its FY 2024 guidance to 3.800-3.860 EPS.
Analyst Ratings Changes
Several research analysts have recently commented on the stock. JPMorgan Chase & Co. lowered shares of Fortive from an overweight rating to a neutral rating and lowered their price objective for the company from $95.00 to $90.00 in a research note on Wednesday, April 17th. StockNews.com upgraded shares of Fortive from a hold rating to a buy rating in a research note on Monday, May 13th. 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. TD Cowen upgraded shares of Fortive from a hold rating to a buy rating and upped their target price for the stock from $75.00 to $90.00 in a research note on Monday, July 8th. Finally, Citigroup dropped their price objective on shares of Fortive from $101.00 to $98.00 and set a buy rating on the stock in a research report on Thursday, April 25th. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, Fortive presently has an average rating of Moderate Buy and a consensus target price of $84.92.
Fortive Stock Performance
Fortive (NYSE:FTV – Get Free Report) last issued its quarterly earnings data on Wednesday, July 24th. The technology company reported $0.93 earnings per share for the quarter, beating analysts’ consensus estimates of $0.92 by $0.01. The company had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.57 billion. Fortive had a return on equity of 12.32% and a net margin of 14.39%. The firm’s revenue for the quarter was up 1.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.85 earnings per share. On average, research analysts anticipate that Fortive will post 3.82 EPS for the current year.
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.
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