Fortive (NYSE:FTV) Given New $83.00 Price Target at Royal Bank of Canada

Fortive (NYSE:FTV) had its target price cut by investment analysts at Royal Bank of Canada from $93.00 to $83.00 in a note issued to investors on Thursday, Benzinga reports. The firm currently has a “sector perform” rating on the technology company’s stock. Royal Bank of Canada’s price objective would suggest a potential upside of 9.95% from the stock’s current price.

FTV has been the subject of a number of other research reports. JPMorgan Chase & Co. downgraded shares of Fortive from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $95.00 to $90.00 in a research report on Wednesday, April 17th. Barclays upped their target price on Fortive from $89.00 to $97.00 and gave the stock an “overweight” rating in a report on Tuesday, April 2nd. Vertical Research downgraded shares of Fortive from a “buy” rating to a “hold” rating in a report on Tuesday, January 2nd. StockNews.com upgraded shares of Fortive from a “hold” rating to a “buy” rating in a report on Friday, January 26th. Finally, Citigroup boosted their target price on shares of Fortive from $90.00 to $101.00 and gave the stock a “buy” rating in a report on Monday, April 8th. Seven research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $86.69.

Fortive Stock Down 0.7 %

Shares of FTV traded down $0.56 on Thursday, hitting $75.49. The company’s stock had a trading volume of 718,588 shares, compared to its average volume of 1,665,651. The company has a quick ratio of 1.75, a current ratio of 2.05 and a debt-to-equity ratio of 0.35. The firm’s fifty day moving average price is $84.16 and its 200-day moving average price is $76.13. Fortive has a fifty-two week low of $62.70 and a fifty-two week high of $87.10. The firm has a market capitalization of $26.57 billion, a price-to-earnings ratio of 31.00, a P/E/G ratio of 2.47 and a beta of 1.13.

Fortive (NYSE:FTV) last issued its quarterly earnings data on Wednesday, April 24th. The technology company reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.04. Fortive had a return on equity of 12.12% and a net margin of 14.27%. The business had revenue of $1.52 billion during the quarter, compared to analyst estimates of $1.53 billion. On average, equities research analysts expect that Fortive will post 3.78 EPS for the current year.

Insider Buying and Selling at Fortive

In other Fortive news, CAO Christopher M. Mulhall sold 8,994 shares of Fortive stock in a transaction on Friday, February 9th. The stock was sold at an average price of $82.17, for a total value of $739,036.98. Following the completion of the transaction, the chief accounting officer now directly owns 20,564 shares of the company’s stock, valued at approximately $1,689,743.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Tamara S. Newcombe sold 5,000 shares of Fortive stock in a transaction on Friday, February 16th. The stock was sold at an average price of $85.00, for a total value of $425,000.00. Following the transaction, the chief executive officer now owns 55,017 shares in the company, valued at approximately $4,676,445. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Christopher M. Mulhall sold 8,994 shares of Fortive stock in a transaction on Friday, February 9th. The shares were sold at an average price of $82.17, for a total value of $739,036.98. Following the completion of the transaction, the chief accounting officer now owns 20,564 shares in the company, valued at approximately $1,689,743.88. The disclosure for this sale can be found here. Insiders sold 63,937 shares of company stock valued at $5,475,122 in the last three months. Corporate insiders own 0.95% of the company’s stock.

Hedge Funds Weigh In On Fortive

Several hedge funds and other institutional investors have recently modified their holdings of FTV. Quadrant Capital Group LLC grew its position in Fortive by 4.8% during the 4th quarter. Quadrant Capital Group LLC now owns 2,724 shares of the technology company’s stock worth $201,000 after acquiring an additional 126 shares during the last quarter. Edgemoor Investment Advisors Inc. grew its position in Fortive by 4.8% during the 4th quarter. Edgemoor Investment Advisors Inc. now owns 3,249 shares of the technology company’s stock worth $239,000 after acquiring an additional 150 shares during the last quarter. Fulton Bank N.A. grew its position in Fortive by 3.4% during the 1st quarter. Fulton Bank N.A. now owns 4,580 shares of the technology company’s stock worth $394,000 after acquiring an additional 151 shares during the last quarter. Brighton Jones LLC grew its position in Fortive by 5.3% during the 3rd quarter. Brighton Jones LLC now owns 3,191 shares of the technology company’s stock worth $237,000 after acquiring an additional 160 shares during the last quarter. Finally, TCI Wealth Advisors Inc. grew its position in Fortive by 4.9% during the 3rd quarter. TCI Wealth Advisors Inc. now owns 3,505 shares of the technology company’s stock worth $260,000 after acquiring an additional 165 shares during the last quarter. Institutional investors own 94.94% of the company’s stock.

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.