Fortive Corporation (NYSE: FTV) shares rose in value on Friday, January 13 on lower trade volume than normal after a number of analysts weighed in on the investing value of the stock with a upgraded rating.
Meanwhile, The Dow Jones Industrial Average DJIA, -0.03% slipped 5.27 points to close 19,885.73, moving in a roughly 100-point range all session. For the week, the blue-chip index is off 0.4%.
U.S. financial markets will be closed Monday for Martin Luther King Jr. Day.
The S&P 500 index SPX, +0.18% added 4.20 points, or 0.2%, to end at 2,274.64 for a weekly loss of 0.1%, and the Nasdaq Composite Index COMP, +0.48% climbed 26.63 points, or 0.5%, to finish at 5,574.12, its sixth all-time closing high in seven trading sessions.
Analysts at Credit Suisse Group upgraded shares of Fortive Corporation (NYSE: FTV) from Neutral to Outperform today. With a rating of Outperform on the stock, the company has a 52-week high of $56.24. The one-year price target of $56.43 is above the opening price of $54.40, resulting a number of other analysts to issue statements on the company in recent days. Usually, after analysts give an upgrade report on a stock, they will subsequently issue periodic revisions, such as a price target change.
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 $54.76, which is a spike of $1.09 compared to the previous closing price.
Fortive Corporation (NYSE: FTV) currently has a market cap of 18.93B.
Fortive Corporation (NYSE: FTV) Average Daily Trading Volume
1,439,364 shares crossed the trading desk yesterday, 18 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 momentum traders often use upticks in trading volume to identify heavy volume accumulation or distribution by institutional investors.
As with all potential breakouts, investors look for volume to be at least 40%-50% higher than normal on the breakout to show that fund managers and other professional investors are jumping in.
Institutional sponsorship is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Professional investors such as these retain substantial teams of analysts researching thousands of stocks. Thus, watching their interests is a good way to make sure you are buying the right stocks.
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 tracking the activity of these professional investors—and the moving averages they affect—it allows for traders to make more effective decisions on trades.
Trades for Fortive Corporation (NYSE: FTV) have ranged from $46.29 – 56.24, and the stock now has a 50-day MA of $54.30 and 200-day MA of $51.83. Today’s last price is 2.63%% below the 52 week high of $56.24.
Earnings growth is a critical factor to consider when investing in stocks and investors identify companies that have grown their earnings by at least 25% for a 3 year period.
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