BlackRock Advisors LLC raised its stake in shares of Fitbit Inc. (NYSE:FIT) by 1.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,780,488 shares of the company’s stock after buying an additional 33,971 shares during the period. BlackRock Advisors LLC owned 1.25% of Fitbit worth $33,978,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the stock. Edmond DE Rothschild Italia SGR SPA raised its stake in shares of Fitbit by 92.7% in the first quarter. Edmond DE Rothschild Italia SGR SPA now owns 565,504 shares of the company’s stock valued at $8,567,000 after buying an additional 271,978 shares during the last quarter. Commerzbank Aktiengesellschaft FI increased its position in Fitbit by 16.8% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 55,323 shares of the company’s stock valued at $676,000 after buying an additional 7,969 shares during the period. Friess Associates LLC purchased a new position in Fitbit during the first quarter valued at $6,817,000. Sterling Ridge Capital Management LP purchased a new position in Fitbit during the first quarter valued at $1,324,000. Finally, 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 valued at $516,000 after buying an additional 31,784 shares during the period. 55.41% of the stock is currently owned by institutional investors.

Shares of Fitbit Inc. (NYSE:FIT) opened at 15.94 on Wednesday. Fitbit Inc. has a 52 week low of $11.65 and a 52 week high of $41.97. The firm has a market capitalization of $3.54 billion, a PE ratio of 33.63 and a beta of 3.30. The stock has a 50 day moving average price of $15.06 and a 200-day moving average price of $14.53.

Fitbit (NYSE:FIT) last released its quarterly earnings data on Tuesday, August 2nd. The company reported $0.12 EPS for the quarter, beating the consensus estimate of $0.11 by $0.01. Fitbit had a return on equity of 14.55% and a net margin of 5.76%. The company had revenue of $586.50 million for the quarter, compared to analyst estimates of $578.48 million. During the same period last year, the company posted $0.21 earnings per share. The firm’s revenue was up 46.5% compared to the same quarter last year. Equities analysts anticipate that Fitbit Inc. will post $1.18 earnings per share for the current year.

Several research firms have recently weighed in on FIT. Longbow Research upgraded Fitbit to a “buy” rating and set a $20.00 target price on the stock in a research report on Monday. Mizuho set a $20.00 target price on Fitbit and gave the company a “buy” rating in a research report on Thursday, September 15th. Bank of America Corp. restated a “buy” rating and issued a $24.00 target price on shares of Fitbit in a research report on Thursday, September 1st. Oppenheimer Holdings Inc. restated an “outperform” rating and issued a $25.00 target price on shares of Fitbit in a research report on Wednesday, August 31st. Finally, Morgan Stanley restated an “overweight” rating and issued a $31.00 target price on shares of Fitbit in a research report on Wednesday, August 31st. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. Fitbit currently has a consensus rating of “Buy” and an average price target of $22.66.

In other Fitbit news, EVP Andy Missan sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, July 6th. The stock was sold at an average price of $12.35, for a total value of $123,500.00. Following the transaction, the executive vice president now directly owns 45,000 shares of the company’s stock, valued at $555,750. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 value of $781,000.00. The disclosure for this sale can be found here. 37.29% of the stock is owned by company insiders.

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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