Brokerages Set Fitbit Inc. (FIT) Target Price at $21.78
Shares of Fitbit Inc. (NYSE:FIT) have been given a consensus rating of “Hold” by the twenty-six analysts that are presently covering the firm. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $21.78.
Several research firms recently issued reports on FIT. TheStreet raised shares of Fitbit from a “sell” rating to a “hold” rating in a research report on Thursday, September 22nd. Vetr cut shares of Fitbit from a “strong-buy” rating to a “buy” rating and set a $18.46 target price on the stock. in a research report on Thursday, September 22nd. Pacific Crest cut shares of Fitbit from a “sector weight” rating to an “underweight” rating and raised their target price for the stock from $15.88 to $16.70 in a research report on Thursday, September 29th. Mizuho set a $20.00 target price on shares of Fitbit and gave the stock a “buy” rating in a research report on Thursday, September 29th. Finally, Longbow Research raised shares of Fitbit to a “buy” rating and set a $20.00 target price on the stock in a research report on Monday, September 19th.
In other news, EVP Andy Missan sold 15,000 shares of the business’s stock in a transaction on Wednesday, August 3rd. The shares were sold at an average price of $15.00, for a total transaction of $225,000.00. Following the completion of the transaction, the executive vice president now owns 50,000 shares of the company’s stock, valued at $750,000. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Philip Douglas Black sold 50,000 shares of the business’s stock in a transaction on Thursday, August 4th. The shares were sold at an average price of $15.62, for a total transaction of $781,000.00. The disclosure for this sale can be found here. Insiders own 37.29% of the company’s stock.
Several institutional investors have recently made changes to their positions in FIT. Vanguard Group Inc. increased its position in shares of Fitbit by 22.8% in the second quarter. Vanguard Group Inc. now owns 8,371,908 shares of the company’s stock valued at $102,305,000 after buying an additional 1,556,199 shares during the period. BlackRock Advisors LLC increased its position in shares of Fitbit by 1.2% in the second quarter. BlackRock Advisors LLC now owns 2,780,488 shares of the company’s stock valued at $33,978,000 after buying an additional 33,971 shares during the period. BlackRock Institutional Trust Company N.A. increased its position in shares of 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 valued at $33,670,000 after buying an additional 1,163,567 shares during the period. Coatue Management LLC increased its position in shares of Fitbit by 85.2% in the second quarter. Coatue Management LLC now owns 2,501,722 shares of the company’s stock valued at $30,571,000 after buying an additional 1,151,155 shares during the period. Finally, Bloom Tree Partners LLC purchased a new position in shares of Fitbit during the first quarter valued at about $29,552,000. 55.41% of the stock is owned by institutional investors.
Fitbit (NYSE:FIT) opened at 13.10 on Wednesday. The firm has a market cap of $2.91 billion, a PE ratio of 27.64 and a beta of 3.29. The firm’s 50-day moving average is $15.08 and its 200 day moving average is $14.63. Fitbit has a 12-month low of $11.65 and a 12-month high of $41.97.
Fitbit (NYSE:FIT) last released its earnings results on Tuesday, August 2nd. The company reported $0.12 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 analysts’ expectations of $578.48 million. During the same period last year, the company earned $0.21 earnings per share. The company’s quarterly revenue was up 46.5% on a year-over-year basis. Equities research analysts predict that Fitbit will post $1.18 EPS for the current year.
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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