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Valued at a market cap of $24.1 billion, Fortive Corporation (FTV) designs, develops, manufactures, and services professional and engineered products, software, and services. The Everett, Washington-based company offers connected workflow solutions that include professional instrumentation, industrial automation, sensing, analytics software, and healthcare workflow tools under notable brands such as Fluke, Tektronix, Accruent, ServiceChannel, and Landauer.
Companies valued at $10 billion or more are typically classified as “large-cap stocks,” and FTV fits the label perfectly, with its market cap exceeding this threshold, underscoring its size, influence, and dominance within the scientific & technical instruments industry. The company benefits from its diversified industrial technology portfolio spanning multiple resilient end markets. Its broad geographic footprint and exposure to secular growth drivers such as digital transformation, healthcare modernization, safety compliance, and sustainability further strengthen its competitive positioning.
This tech company has dipped 15.1% from its 52-week high of $83.32, reached on Feb. 20. Shares of Fortive have fallen 4% over the past three months, lagging behind the Nasdaq Composite’s ($NASX) 11% return during the same time frame.
In the longer term, FTV has declined 2.7% over the past 52 weeks, underperforming NASX’s 11.4% rise over the same time frame. Moreover, on a YTD basis, shares of FTV are down 5.7%, compared to NASX’s 2% uptick.
To confirm its bearish trend, FTV has been trading below its 200-day moving average since early March. However, it has remained above its 50-day moving average since mid-May.
Fortive’s stock price plunged 4.2% after its Q1 earnings release on May 1. Its revenue declined 3.3% year-over-year to $1.5 billion, missing the consensus estimates by 1.3%. A 10.4% decrease in its precision technologies segment sales mainly affected its top line. Meanwhile, FTV’s adjusted EPS rose 2.4% from the prior-year quarter to $0.85 and came in-line with Wall Street estimates. Looking ahead to fiscal 2025, the company expects adjusted EPS to range between $3.80 and $4.
However, Fortive has outpaced its rival, Cognex Corporation (CGNX), which declined 33% over the past 52 weeks and 14.8% on a YTD basis.
Despite FTV’s recent underperformance, analysts remain moderately optimistic about its prospects. The stock has a consensus rating of "Moderate Buy” from the 17 analysts covering it, and the mean price target of $81.53 suggests a 15.2% premium to its current price levels.
On the date of publication, Neharika Jain did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
