Wells Fargo & Company MN Boosts Stake in Fitbit Inc. (FIT)
Wells Fargo & Company MN increased its stake in Fitbit Inc. (NYSE:FIT) by 144.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 879,237 shares of the company’s stock after buying an additional 519,687 shares during the period. Wells Fargo & Company MN owned approximately 0.40% of Fitbit worth $13,048,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of FIT. Renaissance Technologies LLC bought a new stake in shares of Fitbit during the first quarter valued at about $12,075,000. LPL Financial LLC increased its position in Fitbit by 52.1% in the first quarter. LPL Financial LLC now owns 86,664 shares of the company’s stock worth $1,309,000 after buying an additional 29,700 shares during the period. Creative Planning increased its position in Fitbit by 304.6% in the second quarter. Creative Planning now owns 42,219 shares of the company’s stock worth $516,000 after buying an additional 31,784 shares during the period. Penn Davis Mcfarland Inc. acquired a new position in Fitbit during the second quarter worth $4,395,000. Finally, Nordea Investment Management AB acquired a new position in Fitbit during the second quarter worth $696,000. 64.78% of the stock is owned by institutional investors.
Shares of Fitbit Inc. (NYSE:FIT) traded down 1.41% during midday trading on Monday, hitting $8.39. 5,702,376 shares of the company traded hands. The stock has a 50 day moving average of $11.43 and a 200-day moving average of $13.56. The stock has a market capitalization of $1.88 billion, a PE ratio of 20.36 and a beta of 3.29. Fitbit Inc. has a 52 week low of $8.32 and a 52 week high of $34.68.
Fitbit (NYSE:FIT) last posted its quarterly earnings results on Wednesday, November 2nd. The company reported $0.19 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.19. The company earned $503.80 million during the quarter, compared to analyst estimates of $506.93 million. Fitbit had a net margin of 4.67% and a return on equity of 11.94%. The firm’s revenue for the quarter was up 23.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.24 earnings per share. Equities analysts forecast that Fitbit Inc. will post $0.58 earnings per share for the current fiscal year.
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A number of research firms recently weighed in on FIT. Pacific Crest downgraded shares of Fitbit to a “sell” rating and set a $8.00 target price for the company. in a research report on Saturday, November 19th. Bank of America Corp. reaffirmed a “buy” rating and issued a $24.00 target price (down previously from $29.00) on shares of Fitbit in a research report on Wednesday, August 3rd. Leerink Swann decreased their target price on shares of Fitbit from $18.00 to $16.00 and set a “market perform” rating for the company in a research report on Wednesday, August 3rd. Vetr downgraded shares of Fitbit from a “strong-buy” rating to a “buy” rating and set a $16.51 target price for the company. in a research report on Wednesday, August 3rd. Finally, Longbow Research reaffirmed a “buy” rating and issued a $20.00 target price 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 assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $15.75.
In other Fitbit news, Director Jon Callaghan sold 15,000 shares of the company’s stock in a transaction dated Thursday, September 1st. The shares were sold at an average price of $14.91, for a total transaction of $223,650.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Philip Douglas Black sold 50,000 shares of the company’s stock in a transaction dated Monday, November 7th. The shares were 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. Corporate 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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