Robert W. Baird Cuts Fortive (NYSE:FTV) Price Target to $82.00

Fortive (NYSE:FTV) had its price objective reduced by Robert W. Baird from $88.00 to $82.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has an “outperform” rating on the technology company’s stock. Robert W. Baird’s price target would suggest a potential upside of 17.38% from the stock’s current price.

Several other analysts have also recently commented on FTV. Barclays lowered their target price on shares of Fortive from $85.00 to $84.00 and set an “overweight” rating for the company in a research note on Tuesday. Citigroup dropped their target price on Fortive from $84.00 to $69.00 and set a “neutral” rating for the company in a research note on Monday, April 14th. Royal Bank of Canada raised their price target on Fortive from $68.00 to $72.00 and gave the stock a “sector perform” rating in a research note on Friday, May 2nd. Truist Financial dropped their price objective on shares of Fortive from $90.00 to $81.00 and set a “buy” rating for the company in a research note on Tuesday, April 8th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Fortive from $90.00 to $73.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 8th. Eight analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $80.85.

Fortive Stock Performance

Fortive stock opened at $69.86 on Wednesday. Fortive has a fifty-two week low of $60.39 and a fifty-two week high of $83.32. The company has a market capitalization of $23.74 billion, a price-to-earnings ratio of 29.60, a PEG ratio of 2.68 and a beta of 1.10. The stock has a fifty day moving average of $70.20 and a two-hundred day moving average of $74.95. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.91 and a current ratio of 1.16.

Fortive (NYSE:FTV) last announced its earnings results on Thursday, May 1st. The technology company reported $0.85 earnings per share for the quarter, meeting the consensus estimate of $0.85. Fortive had a net margin of 13.36% and a return on equity of 13.15%. The firm had revenue of $1.47 billion during the quarter, compared to the consensus estimate of $1.49 billion. During the same quarter in the previous year, the company posted $0.83 EPS. The firm’s revenue for the quarter was down 3.3% on a year-over-year basis. On average, analysts anticipate that Fortive will post 4.05 EPS for the current fiscal year.

Insider Transactions at Fortive

In other news, CEO James A. Lico sold 196,117 shares of the company’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $80.38, for a total value of $15,763,884.46. Following the completion of the transaction, the chief executive officer now directly owns 528,851 shares in the company, valued at approximately $42,509,043.38. This represents a 27.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Stacey A. Walker sold 3,002 shares of Fortive stock in a transaction on Friday, February 28th. The stock was sold at an average price of $79.05, for a total transaction of $237,308.10. Following the sale, the senior vice president now directly owns 42,373 shares in the company, valued at $3,349,585.65. This trade represents a 6.62 % decrease in their position. 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 quarter. Company insiders own 1.01% of the company’s stock.

Institutional Investors Weigh In On Fortive

Hedge funds have recently bought and sold shares of the business. Parvin Asset Management LLC purchased a new position in shares of Fortive during the 4th quarter valued at approximately $26,000. American National Bank & Trust bought a new position in Fortive during the 1st quarter valued at $26,000. Global X Japan Co. Ltd. grew its holdings in Fortive by 114.2% during the 1st quarter. Global X Japan Co. Ltd. now owns 377 shares of the technology company’s stock worth $28,000 after acquiring an additional 201 shares in the last quarter. Park Square Financial Group LLC bought a new stake in shares of Fortive in the 4th quarter worth about $30,000. Finally, Whipplewood Advisors LLC acquired a new stake in shares of Fortive in the 4th quarter valued at about $31,000. Institutional investors and hedge funds own 94.94% of the company’s stock.

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.