Other equities analysts also recently issued research reports about the company. Citigroup Inc. restated a buy rating and set a $20.00 target price (down previously from $30.00) on shares of Fitbit in a report on Tuesday, July 5th. SunTrust Banks Inc. restated a buy rating on shares of Fitbit in a report on Thursday, June 2nd. Raymond James Financial Inc. restated a buy rating on shares of Fitbit in a report on Wednesday, June 22nd. Deutsche Bank AG upped their price target on Fitbit from $28.00 to $29.00 and gave the stock a buy rating in a research note on Wednesday, August 3rd. Finally, Bank of America Corp. reaffirmed a buy rating and issued a $24.00 price target (down from $29.00) on shares of Fitbit in a research note on Wednesday, August 3rd. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. Fitbit presently has a consensus rating of Hold and a consensus price target of $22.11.
Fitbit (NYSE:FIT) opened at 14.72 on Thursday. The company has a market capitalization of $3.27 billion, a PE ratio of 31.05 and a beta of 3.29. Fitbit has a 52 week low of $11.65 and a 52 week high of $41.97. The firm’s 50-day moving average price is $15.29 and its 200 day moving average price is $14.68.
Fitbit (NYSE:FIT) last announced its earnings results on Tuesday, August 2nd. The company reported $0.12 EPS for the quarter, beating analysts’ consensus estimates of $0.11 by $0.01. The company earned $586.50 million during the quarter, compared to the consensus estimate of $578.48 million. Fitbit had a return on equity of 14.55% and a net margin of 5.76%. The firm’s revenue for the quarter was up 46.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.21 earnings per share. Equities research analysts expect that Fitbit will post $1.18 earnings per share for the current fiscal year.
In related news, Director Jon Callaghan sold 15,000 shares of Fitbit stock in a transaction that occurred on Thursday, August 4th. The stock was sold at an average price of $15.44, for a total transaction of $231,600.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Philip Douglas Black sold 50,000 shares of Fitbit stock in a transaction that occurred on Thursday, August 4th. The shares were sold at an average price of $15.62, for a total value of $781,000.00. The disclosure for this sale can be found here. 37.29% of the stock is owned by insiders.
A number of hedge funds have recently modified their holdings of FIT. Royal Bank of Canada increased its stake in shares of Fitbit by 643.4% in the second quarter. Royal Bank of Canada now owns 39,785 shares of the company’s stock valued at $485,000 after buying an additional 34,433 shares during the period. Public Employees Retirement System of Ohio increased its stake in shares of Fitbit by 85.1% in the second quarter. Public Employees Retirement System of Ohio now owns 16,244 shares of the company’s stock valued at $199,000 after buying an additional 7,469 shares during the period. Schwab Charles Investment Management Inc. increased its stake in shares of Fitbit by 15.8% in the second quarter. Schwab Charles Investment Management Inc. now owns 113,641 shares of the company’s stock valued at $1,389,000 after buying an additional 15,496 shares during the period. Stifel Financial Corp acquired a new stake in shares of Fitbit during the second quarter valued at about $835,000. Finally, Amalgamated Bank acquired a new stake in shares of Fitbit during the second quarter valued at about $287,000. 55.41% of the stock is currently owned by institutional investors.
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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