Vetr lowered shares of Fitbit Inc. (NYSE:FIT) from a strong-buy rating to a buy rating in a report issued on Thursday morning. The brokerage currently has $18.46 price target on the stock.
A number of other research firms have also recently weighed in on FIT. Leerink Swann reaffirmed a market perform rating on shares of Fitbit in a report on Friday, June 24th. Dougherty & Co reaffirmed a neutral rating on shares of Fitbit in a report on Wednesday, June 1st. Piper Jaffray Cos. reaffirmed a hold rating and issued a $14.00 price objective (down previously from $16.00) on shares of Fitbit in a report on Tuesday, July 12th. Robert W. Baird reaffirmed a neutral rating and issued a $16.00 price objective on shares of Fitbit in a report on Tuesday, July 26th. Finally, Oppenheimer Holdings Inc. reaffirmed an outperform rating and issued a $25.00 price objective on shares of Fitbit in a report on Wednesday, August 31st. Thirteen research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus price target of $22.70.
Shares of Fitbit (NYSE:FIT) opened at 16.48 on Thursday. The firm has a 50 day moving average of $15.28 and a 200 day moving average of $14.63. The stock has a market cap of $3.66 billion, a P/E ratio of 34.77 and a beta of 3.30. Fitbit has a one year low of $11.65 and a one year high of $41.97.
Fitbit (NYSE:FIT) last posted its quarterly earnings results on Tuesday, August 2nd. The company reported $0.12 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.11 by $0.01. Fitbit had a net margin of 5.76% and a return on equity of 14.55%. The company had revenue of $586.50 million for the quarter, compared to the consensus estimate of $578.48 million. During the same period last year, the firm posted $0.21 EPS. The company’s revenue for the quarter was up 46.5% on a year-over-year basis. On average, equities research analysts predict that Fitbit will post $1.18 EPS for the current fiscal year.
In other Fitbit news, Director Steven Joseph Murray sold 848,088 shares of Fitbit stock in a transaction that occurred on Wednesday, August 24th. The shares were sold at an average price of $15.14, for a total value of $12,840,052.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Andy Missan sold 10,000 shares of Fitbit stock in a transaction that occurred on Wednesday, July 6th. The shares were sold at an average price of $12.35, for a total transaction of $123,500.00. Following the completion of the sale, the executive vice president now owns 45,000 shares of the company’s stock, valued at $555,750. The disclosure for this sale can be found here. Corporate insiders own 37.29% of the company’s stock.
A number of hedge funds have recently bought and sold shares of FIT. Bloom Tree Partners LLC acquired a new stake in Fitbit during the first quarter worth about $29,552,000. Vanguard Group Inc. boosted its stake in Fitbit by 22.8% in the second quarter. Vanguard Group Inc. now owns 8,371,908 shares of the company’s stock worth $102,305,000 after buying an additional 1,556,199 shares during the period. Glenmede Trust Co. NA acquired a new stake in Fitbit during the second quarter worth about $16,733,000. FIL Ltd acquired a new stake in Fitbit during the second quarter worth about $14,647,000. Finally, BlackRock Institutional Trust Company N.A. boosted its stake in Fitbit by 73.1% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 2,755,321 shares of the company’s stock worth $33,670,000 after buying an additional 1,163,567 shares during the period. Hedge funds and other institutional investors own 55.41% of the company’s stock.
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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