Fitbit Inc. (FIT) Stock Rating Reaffirmed by Wells Fargo & Co.
Fitbit Inc. (NYSE:FIT)‘s stock had its “market weight” rating reiterated by analysts at Wells Fargo & Co. in a report released on Friday. They currently have a $10.00 price target on the stock, down from their prior price target of $14.50. Wells Fargo & Co.’s target price would suggest a potential upside of 6.16% from the company’s current price.
Other research analysts also recently issued reports about the stock. Deutsche Bank AG upped their target price on shares of Fitbit from $28.00 to $29.00 and gave the company a “buy” rating in a research report on Wednesday, August 3rd. SunTrust Banks Inc. reiterated a “buy” rating and issued a $17.00 price target on shares of Fitbit in a research report on Wednesday, August 3rd. Longbow Research reiterated a “buy” rating and issued a $20.00 price target on shares of Fitbit in a research report on Wednesday, August 3rd. Bank of America Corp. reiterated a “buy” rating and issued a $24.00 price target (down from $29.00) on shares of Fitbit in a research report on Wednesday, August 3rd. Finally, Mizuho reiterated a “buy” rating and issued a $20.00 price target on shares of Fitbit in a research report on Wednesday, August 3rd. Five research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $16.12.
Shares of Fitbit (NYSE:FIT) opened at 9.42 on Friday. The firm has a 50-day moving average of $12.98 and a 200-day moving average of $13.95. Fitbit has a 1-year low of $8.32 and a 1-year high of $34.68. The firm has a market capitalization of $2.11 billion, a PE ratio of 22.86 and a beta of 3.29.
Fitbit (NYSE:FIT) last released its earnings results on Wednesday, November 2nd. The company reported $0.19 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.19. Fitbit had a net margin of 4.67% and a return on equity of 11.94%. The company had revenue of $503.80 million for the quarter, compared to the consensus estimate of $506.93 million. During the same period in the prior year, the company posted $0.24 EPS. The company’s revenue was up 23.1% compared to the same quarter last year. On average, equities research analysts anticipate that Fitbit will post $0.58 EPS for the current fiscal year.
In other news, EVP Andy Missan sold 15,000 shares of Fitbit stock in a transaction on Tuesday, September 6th. The stock was sold at an average price of $15.14, for a total transaction of $227,100.00. Following the completion of the sale, the executive vice president now owns 50,000 shares of the company’s stock, valued at $757,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Steven Joseph Murray sold 848,088 shares of Fitbit stock in a transaction on Wednesday, August 24th. The stock was sold at an average price of $15.14, for a total value of $12,840,052.32. The disclosure for this sale can be found here. Company insiders own 37.29% of the company’s stock.
Several large investors have recently bought and sold shares of the company. Metropolitan Life Insurance Co. NY increased its stake in Fitbit by 233.9% in the second quarter. Metropolitan Life Insurance Co. NY now owns 8,420 shares of the company’s stock worth $103,000 after buying an additional 5,898 shares in the last quarter. Commonwealth Equity Services Inc purchased a new stake in Fitbit during the second quarter worth $129,000. Legal & General Group Plc increased its stake in 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 in the last quarter. Greenwich Wealth Management LLC purchased a new stake in Fitbit during the second quarter worth $135,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in Fitbit during the third quarter worth $139,000. 60.84% of the stock is 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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