Fortive (NYSE:FTV) Price Target Raised to $63.00

Fortive (NYSE:FTV) had its target price upped by JPMorgan Chase & Co. from $57.00 to $63.00 in a report released on Wednesday morning,Benzinga reports. The brokerage currently has an underweight rating on the technology company’s stock.

Other equities research analysts have also recently issued reports about the stock. Barclays raised their target price on shares of Fortive from $56.00 to $63.00 and gave the stock an “equal weight” rating in a research report on Monday. Wells Fargo & Company increased their price target on shares of Fortive from $59.00 to $65.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 5th. Mizuho reaffirmed an “underperform” rating and set a $51.00 price objective (down from $54.00) on shares of Fortive in a research report on Monday, January 5th. Citigroup upped their target price on Fortive from $59.00 to $64.00 and gave the stock a “neutral” rating in a report on Thursday, February 5th. Finally, Robert W. Baird set a $65.00 target price on Fortive in a research report on Thursday, February 5th. Two analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $60.85.

Fortive Stock Up 1.7%

Shares of NYSE:FTV opened at $56.96 on Wednesday. The stock’s 50-day moving average is $55.46 and its 200 day moving average is $51.57. The company has a market cap of $18.09 billion, a PE ratio of 32.92, a P/E/G ratio of 3.02 and a beta of 1.12. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.71 and a quick ratio of 0.58. Fortive has a 1 year low of $46.34 and a 1 year high of $83.32.

Fortive (NYSE:FTV) last released its quarterly earnings data on Wednesday, February 4th. The technology company reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.07. Fortive had a return on equity of 11.98% and a net margin of 12.48%.The business had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.09 billion. During the same quarter last year, the business posted $1.17 EPS. The business’s revenue was up 4.7% on a year-over-year basis. Fortive has set its FY 2026 guidance at 2.900-3.000 EPS. Sell-side analysts anticipate that Fortive will post 4.05 EPS for the current year.

Hedge Funds Weigh In On Fortive

Hedge funds and other institutional investors have recently modified their holdings of the company. Dodge & Cox lifted its holdings in Fortive by 51.5% in the second quarter. Dodge & Cox now owns 33,173,605 shares of the technology company’s stock valued at $1,729,340,000 after acquiring an additional 11,273,242 shares during the period. Norges Bank purchased a new stake in shares of Fortive during the 4th quarter valued at about $491,928,000. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Fortive by 102,687.8% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 7,487,060 shares of the technology company’s stock worth $413,361,000 after purchasing an additional 7,479,776 shares during the period. Viking Global Investors LP lifted its stake in shares of Fortive by 28.7% in the 3rd quarter. Viking Global Investors LP now owns 20,483,680 shares of the technology company’s stock worth $1,003,495,000 after purchasing an additional 4,571,056 shares during the period. Finally, Barrow Hanley Mewhinney & Strauss LLC boosted its holdings in shares of Fortive by 55.2% in the third quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 8,709,913 shares of the technology company’s stock worth $426,699,000 after buying an additional 3,096,711 shares during the last quarter. 94.94% of the stock is owned by institutional investors.

Fortive Company Profile

Fortive Corporation (NYSE: FTV) is a diversified industrial technology company headquartered in Everett, Washington. The company was created through a spin‑off from Danaher Corporation in 2016 and has since focused on building a portfolio of professional instrumentation and industrial technology businesses. In 2020 Fortive completed a further portfolio separation with the spin‑off of Vontier, concentrating Fortive’s activities on higher‑margin instrumentation, software and services.

Fortive’s operations center on professional test and measurement, sensing and monitoring, software‑enabled solutions, and lifecycle services that support industrial and commercial customers.