Fitbit Inc. (NYSE:FIT) was downgraded by investment analysts at Pacific Crest from a “sector weight” rating to an “underweight” rating in a research note issued on Thursday. They currently have a $16.70 target price on the stock, up from their prior target price of $15.88. Pacific Crest’s price objective would indicate a potential upside of 12.53% from the stock’s current price.
A number of other brokerages have also issued reports on FIT. Zacks Investment Research lowered shares of Fitbit from a “hold” rating to a “sell” rating in a research note on Tuesday, July 12th. Citigroup Inc. set a $20.00 price target on shares of Fitbit and gave the company a “buy” rating in a research note on Wednesday, August 3rd. Leerink Swann cut their price target on shares of Fitbit from $18.00 to $16.00 and set a “market perform” rating on the stock in a research note on Wednesday, August 3rd. Longbow Research set a $20.00 price target on shares of Fitbit and gave the company a “buy” rating in a research note on Tuesday, August 23rd. Finally, Dougherty & Co reiterated a “neutral” rating on shares of Fitbit in a research note on Friday, July 15th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $22.11.
Fitbit (NYSE:FIT) opened at 14.84 on Thursday. The stock has a market cap of $3.30 billion, a PE ratio of 31.31 and a beta of 3.29. Fitbit has a 1-year low of $11.65 and a 1-year high of $41.97. The company’s 50 day moving average is $15.32 and its 200-day moving average is $14.66.
Fitbit (NYSE:FIT) last issued its quarterly earnings results on Tuesday, August 2nd. The company reported $0.12 earnings per share (EPS) for the quarter, beating 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 business had revenue of $586.50 million for the quarter, compared to analyst estimates of $578.48 million. During the same quarter in the prior year, the business posted $0.21 EPS. Fitbit’s revenue for the quarter was up 46.5% compared to the same quarter last year. Equities research analysts forecast that Fitbit will post $1.18 earnings per share for the current fiscal year.
In other news, Director Jon Callaghan sold 15,000 shares of the stock in a transaction dated Thursday, September 1st. The shares were sold at an average price of $14.91, for a total value of $223,650.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Andy Missan sold 10,000 shares of the stock in a transaction dated 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. 37.29% of the stock is currently owned by insiders.
Large investors have recently modified their holdings of the stock. Rathbone Brothers plc boosted its stake in shares of Fitbit by 6.1% in the second quarter. Rathbone Brothers plc now owns 14,850 shares of the company’s stock worth $181,000 after buying an additional 850 shares during the period. 1832 Asset Management L.P. boosted its stake in shares of Fitbit by 7.6% in the second quarter. 1832 Asset Management L.P. now owns 17,000 shares of the company’s stock worth $208,000 after buying an additional 1,200 shares during the period. Diligent Investors LLC boosted its stake in shares of Fitbit by 6.5% in the second quarter. Diligent Investors LLC now owns 35,718 shares of the company’s stock worth $436,000 after buying an additional 2,190 shares during the period. IFC Holdings Incorporated FL boosted its stake in shares of Fitbit by 25.4% in the second quarter. IFC Holdings Incorporated FL now owns 13,399 shares of the company’s stock worth $157,000 after buying an additional 2,710 shares during the period. Finally, Legal & General Group Plc boosted its stake in shares of Fitbit by 71.1% in the second quarter. Legal & General Group Plc now owns 10,967 shares of the company’s stock worth $134,000 after buying an additional 4,558 shares during the period. Institutional investors and hedge funds own 55.41% of the company’s stock.
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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