Fortive Corporation (NYSE: FTV) shares rose in value in early trading today on slower trade volume than normal after a number of analysts weighed in on the investing value of the stock with a upgraded rating.
Meanwhile, in early trading today the Dow Jones Industrial Average DJIA, +0.19% rose 40 points, or 0.2%, to 19,929 while the S&P 500 SPX, +0.31% added 5 points to 2,275, a rise of 0.2%. The Nasdaq Composite Index COMP, +0.53% climbed 19 points, or 0.3%, to 5,567.
Analysts at Credit Suisse Group upgraded shares of Fortive Corporation (NYSE: FTV) from Neutral to Outperform today. With a rating of Outperform on the shares, Fortive Corporation has a 52-week high of $56.24. The one-year price target of $56.43 is above the opening price of $54.40, causing a fair amount of other analysts to comment on the company recently. Stock prices often shift to the upside on recommendations and new price targets of professional brokerage firms.
Shares of Fortive Corporation (NYSE: FTV) opened at $54.40 yesterday and traded in a range between, $54.40 and $55.16, and last traded at $54.79, which is a spike of $1.12 compared to the previous closing price.
Fortive Corporation (NYSE: FTV) currently has a market cap of 18.94B.
Fortive Corporation (NYSE: FTV) Average Daily Trading Volume
112,658 shares traded hands yesterday, 113 percent below the average, out of a total float 304,547,000. lower than normal. Look for trading volume to pick up in the coming days as swing traders often use upticks in trading volume to identify heavy volume accumulation or distribution by institutional investors.
However, a single day of heavy buy side trading is not enough to assert a trend. As such, market traders will continue to watch for institutional sponsorship as a signal that financial institutions are moving forward.
Institutional sponsorship simply refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These professional investors retain teams of analysts researching thousands of stocks, so it is good corroboration to see them taking a postion in a stock you’re researching.
Fortive Corporation (NYSE: FTV) Moving Averages
A moving average can also act as support or resistance. In an uptrend a 50-day, 100-day or 200-day moving average may act as a support level, as shown in the figure below.
This is because the average acts like a floor (support), so the price bounces up off of it.
In a downtrend a moving average may act as resistance; like a ceiling, the price hits it and then starts to drop again.
By spotting trends, moving averages allow investors to make those trends work in their favor and increase the number of successful trades.
With that in mind, Fortive Corporation (NYSE: FTV) now has a 50-day MA of $54.28 and 200-day MA of $51.80. It has traded in a 52-week range between $46.29 – 56.24 and today’s last price is 2.58%% lower than the 52 week high of $56.24.
Indeed, earnings growth is among the most crucial things to look at in regards to stock investing and, accordingly, investors watch for companies that have grown their earnings at least 25% or more over the past 3 years.
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