Wells Fargo & Company Issues Positive Forecast for Fortive (NYSE:FTV) Stock Price

Fortive (NYSE:FTV) had its price objective increased by equities researchers at Wells Fargo & Company from $80.00 to $85.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has an “equal weight” rating on the technology company’s stock. Wells Fargo & Company‘s price target indicates a potential upside of 5.19% from the company’s previous close.

Several other equities research analysts have also recently weighed in on the company. Truist Financial boosted their target price on Fortive from $89.00 to $90.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. StockNews.com upgraded Fortive from a “hold” rating to a “buy” rating in a research note on Saturday, January 25th. Royal Bank of Canada dropped their price objective on Fortive from $85.00 to $77.00 and set a “sector perform” rating on the stock in a report on Thursday, October 31st. UBS Group assumed coverage on Fortive in a report on Wednesday, November 13th. They set a “neutral” rating and a $84.00 price objective on the stock. Finally, Argus reaffirmed a “hold” rating on shares of Fortive in a report on Monday, November 18th. Six investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $86.91.

Fortive Price Performance

FTV stock traded up $1.71 during midday trading on Monday, reaching $80.80. The stock had a trading volume of 352,517 shares, compared to its average volume of 2,275,364. The company’s fifty day simple moving average is $77.65 and its 200 day simple moving average is $75.40. The company has a current ratio of 1.25, a quick ratio of 0.99 and a debt-to-equity ratio of 0.33. The company has a market cap of $28.03 billion, a price-to-earnings ratio of 32.23, a price-to-earnings-growth ratio of 2.14 and a beta of 1.15. Fortive has a 52-week low of $66.15 and a 52-week high of $87.10.

Fortive (NYSE:FTV) last announced its earnings results on Friday, February 7th. The technology company reported $1.17 EPS for the quarter, beating analysts’ consensus estimates of $1.12 by $0.05. Fortive had a return on equity of 12.56% and a net margin of 14.35%. During the same quarter in the previous year, the business posted $0.98 earnings per share. As a group, sell-side analysts predict that Fortive will post 3.84 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Mather Group LLC. lifted its holdings in Fortive by 50.3% during the 3rd quarter. Mather Group LLC. now owns 926 shares of the technology company’s stock worth $73,000 after buying an additional 310 shares during the last quarter. CWM LLC increased its position in Fortive by 5.3% in the 3rd quarter. CWM LLC now owns 10,031 shares of the technology company’s stock valued at $792,000 after acquiring an additional 508 shares during the period. Wedmont Private Capital increased its position in Fortive by 5.5% in the 3rd quarter. Wedmont Private Capital now owns 3,209 shares of the technology company’s stock valued at $245,000 after acquiring an additional 168 shares during the period. Livforsakringsbolaget Skandia Omsesidigt increased its position in Fortive by 276.2% in the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 2,043 shares of the technology company’s stock valued at $161,000 after acquiring an additional 1,500 shares during the period. Finally, Exchange Traded Concepts LLC acquired a new stake in Fortive in the 3rd quarter valued at approximately $41,000. Hedge funds and other 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.