Pinnacle Associates Ltd. increased its stake in shares of Fitbit Inc (NYSE:FIT) by 3.2% during the first quarter, Holdings Channel reports. The fund owned 1,605,730 shares of the scientific and technical instruments company’s stock after buying an additional 49,480 shares during the period. Pinnacle Associates Ltd. owned about 0.71% of Fitbit worth $9,506,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Janus Capital Management LLC bought a new position in shares of Fitbit during the fourth quarter valued at about $104,000. Capstone Investment Advisors LLC bought a new position in shares of Fitbit during the fourth quarter valued at about $108,000. Allianz Asset Management AG bought a new position in shares of Fitbit during the fourth quarter valued at about $146,000. Sciencast Management LP bought a new position in shares of Fitbit during the fourth quarter valued at about $148,000. Finally, Raymond James Financial Services Advisors Inc. boosted its position in shares of Fitbit by 14.5% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 33,666 shares of the scientific and technical instruments company’s stock valued at $199,000 after buying an additional 4,271 shares during the last quarter. 65.31% of the stock is currently owned by institutional investors.
Shares of Fitbit Inc (NYSE:FIT) traded up 1.66% on Friday, hitting $5.50. The stock had a trading volume of 7,156,365 shares. The stock has a 50 day moving average of $5.77 and a 200-day moving average of $6.83. The stock’s market cap is $1.26 billion. Fitbit Inc has a 12 month low of $5.31 and a 12 month high of $17.18.
Fitbit (NYSE:FIT) last released its quarterly earnings results on Wednesday, May 3rd. The scientific and technical instruments company reported ($0.15) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.25) by $0.10. The firm had revenue of $298.94 million for the quarter, compared to the consensus estimate of $277.48 million. Fitbit had a return on equity of 11.94% and a net margin of 4.67%. Equities research analysts anticipate that Fitbit Inc will post ($0.35) EPS for the current year.
Several brokerages recently issued reports on FIT. SunTrust Banks, Inc. reaffirmed a “hold” rating and set a $7.00 target price on shares of Fitbit in a research report on Wednesday, February 22nd. Benchmark Co. began coverage on Fitbit in a research report on Tuesday, April 25th. They set a “buy” rating and a $10.00 target price on the stock. Piper Jaffray Companies reaffirmed an “underweight” rating and set a $5.00 target price (down previously from $8.00) on shares of Fitbit in a research report on Tuesday, January 31st. Longbow Research reaffirmed a “neutral” rating on shares of Fitbit in a research report on Tuesday, April 4th. Finally, Zacks Investment Research raised Fitbit from a “sell” rating to a “hold” rating in a research report on Saturday, April 1st. Four equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Hold” and an average target price of $10.21.
In related news, EVP Timothy M. Roberts sold 369,385 shares of Fitbit stock in a transaction on Friday, February 24th. The stock was sold at an average price of $6.01, for a total transaction of $2,220,003.85. Following the transaction, the executive vice president now directly owns 369,385 shares in the company, valued at $2,220,003.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Steven Joseph Murray sold 173,152 shares of Fitbit stock in a transaction on Tuesday, March 7th. The shares were sold at an average price of $6.00, for a total value of $1,038,912.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 592,537 shares of company stock worth $3,554,416. Company insiders own 37.29% 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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