Fitbit Inc. (FIT) Upgraded by Vetr Inc. to Strong-Buy
Fitbit Inc. (NYSE:FIT) was upgraded by investment analysts at Vetr from a “buy” rating to a “strong-buy” rating in a research report issued on Monday. The brokerage presently has a $19.15 target price on the stock. Vetr‘s price objective points to a potential upside of 29.04% from the company’s previous close.
A number of other analysts have also recently issued reports on the stock. Pacific Crest cut shares of Fitbit from a “sector weight” rating to an “underweight” rating and increased their price objective for the stock from $15.88 to $16.70 in a research note on Thursday. Mizuho set a $20.00 target price on shares of Fitbit and gave the company a “buy” rating in a research note on Thursday, September 15th. Zacks Investment Research cut shares of Fitbit from a “hold” rating to a “sell” rating in a research note on Tuesday, July 26th. Longbow Research raised shares of Fitbit to a “buy” rating and set a $20.00 target price for the company in a research note on Monday, September 19th. Finally, Wells Fargo & Co. initiated coverage on shares of Fitbit in a research note on Tuesday, July 12th. They set a “market perform” rating and a $13.58 target price for the company. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $22.11.
Shares of Fitbit (NYSE:FIT) opened at 14.84 on Monday. The company has a market capitalization of $3.30 billion, a P/E ratio of 31.31 and a beta of 3.30. Fitbit has a 1-year low of $11.65 and a 1-year high of $41.97. The firm has a 50-day moving average of $15.32 and a 200 day moving average of $14.66.
Fitbit (NYSE:FIT) last announced its quarterly earnings data 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. The firm earned $586.50 million during the quarter, compared to analysts’ expectations of $578.48 million. Fitbit had a net margin of 5.76% and a return on equity of 14.55%. The company’s revenue for the quarter was up 46.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.21 earnings per share. On average, analysts anticipate that Fitbit will post $1.18 EPS for the current year.
In other Fitbit news, major shareholder Philip Douglas Black sold 50,000 shares of the firm’s stock in a transaction dated Thursday, August 4th. The shares were sold at an average price of $15.62, for a total transaction of $781,000.00. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Andy Missan sold 15,000 shares of the firm’s stock in a transaction dated Monday, August 8th. The shares were sold at an average price of $15.61, for a total transaction of $234,150.00. Following the transaction, the executive vice president now directly owns 50,000 shares in the company, valued at approximately $780,500. The disclosure for this sale can be found here. Company insiders own 37.29% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. increased its position in shares of Fitbit by 14.4% in the first quarter. BlackRock Inc. now owns 208,340 shares of the company’s stock worth $3,157,000 after buying an additional 26,192 shares during the last quarter. BlackRock Group LTD increased its position in shares of Fitbit by 230.0% in the first quarter. BlackRock Group LTD now owns 1,354,236 shares of the company’s stock worth $20,518,000 after buying an additional 943,827 shares during the last quarter. BlackRock Institutional Trust Company N.A. increased its position in shares of Fitbit by 0.4% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,591,754 shares of the company’s stock worth $24,115,000 after buying an additional 7,022 shares during the last quarter. BlackRock Japan Co. Ltd increased its position in shares of Fitbit by 27.5% in the first quarter. BlackRock Japan Co. Ltd now owns 66,618 shares of the company’s stock worth $1,009,000 after buying an additional 14,376 shares during the last quarter. Finally, Columbia Partners L L C Investment Management purchased a new position in shares of Fitbit during the first quarter worth about $5,015,000. 55.41% 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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