Brokerages Set Fitbit Inc. (FIT) Target Price at $15.32
Shares of Fitbit Inc. (NYSE:FIT) have been given a consensus recommendation of “Hold” by the twenty-six research firms that are covering the firm. Five analysts have rated the stock with a sell recommendation, sixteen have given a hold recommendation, four have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $14.96.
Several analysts have recently commented on the stock. Pacific Crest cut shares of Fitbit to a “sell” rating and set a $8.00 price target on the stock. in a research note on Saturday. Leerink Swann reduced their price objective 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. Bank of America Corp. reaffirmed a “buy” rating and issued a $24.00 price objective (down from $29.00) on shares of Fitbit in a research note on Wednesday, August 3rd. Vetr cut shares of Fitbit from a “strong-buy” rating to a “buy” rating and set a $16.51 price objective on the stock. in a research note on Wednesday, August 3rd. Finally, Longbow Research reaffirmed a “buy” rating and issued a $20.00 price objective on shares of Fitbit in a research note on Wednesday, August 3rd.
In related news, Director Steven Joseph Murray sold 151,912 shares of Fitbit stock in a transaction dated Tuesday, August 30th. The shares were sold at an average price of $15.07, for a total transaction of $2,289,313.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Philip Douglas Black sold 50,000 shares of Fitbit stock in a transaction dated Monday, November 7th. The stock was sold at an average price of $8.73, for a total transaction of $436,500.00. The disclosure for this sale can be found here. 37.29% of the stock is currently owned by insiders.
Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake 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 last quarter. Morgan Stanley boosted its stake in shares of Fitbit by 76.4% in the third quarter. Morgan Stanley now owns 3,801,352 shares of the company’s stock valued at $56,411,000 after buying an additional 1,646,344 shares during the period. BlackRock Institutional Trust Company N.A. boosted its stake in shares of Fitbit by 26.0% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 3,472,704 shares of the company’s stock valued at $51,535,000 after buying an additional 717,383 shares during the period. Ameriprise Financial Inc. boosted its stake in shares of Fitbit by 476.2% in the third quarter. Ameriprise Financial Inc. now owns 3,019,722 shares of the company’s stock valued at $44,812,000 after buying an additional 2,495,640 shares during the period. Finally, BlackRock Advisors LLC boosted its stake 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. 61.63% of the stock is owned by institutional investors and hedge funds.
Shares of Fitbit (NYSE:FIT) opened at 8.75 on Wednesday. Fitbit has a 52 week low of $8.32 and a 52 week high of $34.68. The firm has a market capitalization of $1.96 billion, a P/E ratio of 21.24 and a beta of 3.29. The firm’s 50-day moving average is $13.19 and its 200 day moving average is $14.07.
Fitbit (NYSE:FIT) last released its quarterly earnings results on Wednesday, November 2nd. The company reported $0.19 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.19. Fitbit had a net margin of 4.67% and a return on equity of 11.94%. The business had revenue of $503.80 million for the quarter, compared to analysts’ expectations of $506.93 million. During the same period in the prior year, the firm earned $0.24 earnings per share. Fitbit’s revenue was up 23.1% compared to the same quarter last year. Equities research analysts forecast that Fitbit will post $0.58 EPS for the current fiscal year.
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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