Swiss National Bank Acquires New Position in Fitbit Inc. (FIT)
Swiss National Bank purchased a new stake in Fitbit Inc. (NYSE:FIT) during the second quarter, Holdings Channel reports. The firm purchased 157,400 shares of the company’s stock, valued at approximately $1,923,000. Swiss National Bank owned about 0.07% of Fitbit as of its most recent SEC filing.
A number of other institutional investors also recently bought and sold shares of the company. Wedbush Securities Inc. bought a new position in Fitbit during the second quarter valued at about $140,000. Menta Capital LLC bought a new position in Fitbit during the first quarter valued at about $189,000. IBM Retirement Fund bought a new position in Fitbit during the second quarter valued at about $156,000. IFC Holdings Incorporated FL raised its position in Fitbit by 25.4% in the second quarter. IFC Holdings Incorporated FL now owns 13,399 shares of the company’s stock valued at $157,000 after buying an additional 2,710 shares during the last quarter. Finally, Rathbone Brothers plc raised its position in Fitbit by 6.1% in the second quarter. Rathbone Brothers plc now owns 14,850 shares of the company’s stock valued at $181,000 after buying an additional 850 shares during the last quarter. Institutional investors and hedge funds own 55.41% of the company’s stock.
Shares of Fitbit Inc. (NYSE:FIT) traded up 2.07% during mid-day trading on Wednesday, hitting $16.27. The company had a trading volume of 5,859,688 shares. The company has a market capitalization of $3.61 billion, a price-to-earnings ratio of 34.32 and a beta of 3.30. Fitbit Inc. has a 1-year low of $11.65 and a 1-year high of $41.97. The company has a 50-day moving average price of $15.06 and a 200-day moving average price of $14.53.
Fitbit (NYSE:FIT) last announced its quarterly earnings data on Tuesday, August 2nd. The company reported $0.12 earnings per share (EPS) for the quarter, topping 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 analysts’ expectations of $578.48 million. During the same quarter in the prior year, the firm earned $0.21 earnings per share. Fitbit’s revenue was up 46.5% compared to the same quarter last year. On average, equities analysts anticipate that Fitbit Inc. will post $1.18 EPS for the current year.
Several research firms recently issued reports on FIT. Dougherty & Co restated a “neutral” rating on shares of Fitbit in a research report on Wednesday, June 1st. Vetr lowered Fitbit from a “strong-buy” rating to a “buy” rating and set a $16.51 price target on the stock. in a research report on Wednesday, August 3rd. Royal Bank Of Canada reduced their price target on Fitbit from $45.00 to $40.00 and set an “outperform” rating on the stock in a research report on Wednesday, June 1st. Mizuho restated a “buy” rating and set a $20.00 price target on shares of Fitbit in a research report on Wednesday, August 3rd. Finally, Pacific Crest restated a “hold” rating on shares of Fitbit in a research report on Wednesday, June 22nd. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Fitbit presently has a consensus rating of “Buy” and an average target price of $22.66.
In other Fitbit news, EVP Andy Missan sold 10,000 shares of the company’s stock in a transaction on Wednesday, July 6th. The stock was sold at an average price of $12.35, for a total transaction of $123,500.00. Following the completion of the sale, the executive vice president now owns 45,000 shares in the company, valued at $555,750. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Jon Callaghan sold 15,000 shares of the company’s stock in a transaction on Thursday, August 4th. The stock was sold at an average price of $15.44, for a total value of $231,600.00. The disclosure for this sale can be found here. 37.29% of the stock is owned by corporate 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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