SunTrust Banks, Inc. reissued their buy rating on shares of Fitbit Inc (NYSE:FIT) in a research note published on Friday, April 14th. They currently have a $7.00 target price on the scientific and technical instruments company’s stock.
A number of other analysts have also commented on the company. Zacks Investment Research lowered Fitbit from a hold rating to a sell rating in a report on Monday, January 9th. FBN Securities cut their price objective on Fitbit from $15.00 to $9.00 and set an outperform rating for the company in a report on Monday, January 30th. Oppenheimer Holdings Inc. reaffirmed an outperform rating and issued a $8.00 price objective on shares of Fitbit in a report on Monday, February 27th. Longbow Research reaffirmed a neutral rating on shares of Fitbit in a report on Tuesday, April 4th. Finally, FIX reaffirmed an outperform rating and issued a $8.00 price objective on shares of Fitbit in a report on Thursday, February 23rd. Four analysts have rated the stock with a sell rating, fourteen have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of Hold and a consensus price target of $10.21.
Fitbit (NYSE:FIT) traded up 1.756% during midday trading on Friday, hitting $5.505. The stock had a trading volume of 5,380,064 shares. Fitbit has a 12 month low of $5.31 and a 12 month high of $17.18. The firm’s 50-day moving average price is $5.78 and its 200 day moving average price is $6.89. The company’s market cap is $1.26 billion.
Fitbit (NYSE:FIT) last posted its earnings results on Wednesday, May 3rd. The scientific and technical instruments company reported ($0.15) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.25) by $0.10. The business had revenue of $298.94 million during the quarter, compared to analyst estimates of $277.48 million. Fitbit had a return on equity of 11.94% and a net margin of 4.67%. On average, analysts expect that Fitbit will post ($0.35) earnings per share for the current fiscal year.
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In related news, EVP Andy Missan sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, March 7th. The shares were sold at an average price of $5.91, for a total value of $295,500.00. Following the transaction, the executive vice president now directly owns 105,000 shares of the company’s stock, valued at approximately $620,550. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Steven Joseph Murray sold 173,152 shares of the firm’s stock in a transaction dated Tuesday, March 7th. The shares were sold at an average price of $6.00, for a total transaction of $1,038,912.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 592,537 shares of company stock worth $3,554,416. Corporate insiders own 37.29% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Foundry Group LLC acquired a new position in Fitbit during the fourth quarter worth $49,777,000. DnB Asset Management AS raised its position in Fitbit by 81.2% in the first quarter. DnB Asset Management AS now owns 10,363,503 shares of the scientific and technical instruments company’s stock worth $61,352,000 after buying an additional 4,644,977 shares during the period. Sumitomo Mitsui Asset Management Company LTD acquired a new position in Fitbit during the first quarter worth $24,404,000. HS Management Partners LLC acquired a new position in Fitbit during the third quarter worth $40,452,000. Finally, Ameriprise Financial Inc. raised its position in Fitbit by 476.2% in the third quarter. Ameriprise Financial Inc. now owns 3,019,722 shares of the scientific and technical instruments company’s stock worth $44,812,000 after buying an additional 2,495,640 shares during the period. 65.31% of the stock is currently owned by institutional investors and hedge funds.
Fitbit Company Profile
Fitbit, Inc is a provider of health and fitness devices. The Company’s platform combines connected health and fitness devices with software and services, including an online dashboard and mobile applications, data analytics, motivational and social tools, personalized insights and virtual coaching through customized fitness plans and interactive workouts.
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