Fitbit Inc. (FIT) Rating Increased to Strong-Buy at Vetr Inc.
Fitbit Inc. (NYSE:FIT) was upgraded by stock analysts at Vetr from a “buy” rating to a “strong-buy” rating in a report released on Monday. The brokerage presently has a $19.15 price objective on the stock. Vetr‘s price target would suggest a potential upside of 30.10% from the stock’s previous close.
Several other equities research analysts have also recently commented on the stock. Mizuho set a $20.00 target price on shares of Fitbit and gave the stock a “buy” rating in a research report on Thursday, September 29th. Pacific Crest cut shares of Fitbit from a “sector weight” rating to an “underweight” rating and lifted their price target for the company from $15.88 to $16.70 in a research report on Thursday, September 29th. TheStreet raised shares of Fitbit from a “sell” rating to a “hold” rating in a research report on Thursday, September 22nd. Longbow Research raised shares of Fitbit to a “buy” rating and set a $20.00 price target for the company in a research report on Monday, September 19th. Finally, Bank of America Corp. reissued a “buy” rating and set a $24.00 price target on shares of Fitbit in a research report on Thursday, September 1st. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $22.11.
Fitbit (NYSE:FIT) opened at 14.72 on Monday. Fitbit has a 52-week low of $11.65 and a 52-week high of $41.97. The company has a market capitalization of $3.27 billion, a P/E ratio of 31.05 and a beta of 3.29. The stock’s 50 day moving average is $15.29 and its 200-day moving average is $14.68.
Fitbit (NYSE:FIT) last posted its earnings results on Tuesday, August 2nd. The company reported $0.12 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.11 by $0.01. Fitbit had a net margin of 5.76% and a return on equity of 14.55%. The firm earned $586.50 million during the quarter, compared to analysts’ expectations of $578.48 million. During the same period last year, the company posted $0.21 EPS. The company’s quarterly revenue was up 46.5% compared to the same quarter last year. Analysts predict that Fitbit will post $1.18 EPS for the current fiscal year.
In other news, EVP Andy Missan sold 15,000 shares of the business’s stock in a transaction on Tuesday, September 6th. The shares were sold at an average price of $15.14, for a total value of $227,100.00. Following the transaction, 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 is available through this link. Also, Director Steven Joseph Murray sold 848,088 shares of the business’s stock in a transaction on Wednesday, August 24th. The stock was sold at an average price of $15.14, for a total transaction of $12,840,052.32. The disclosure for this sale can be found here. 37.29% of the stock is currently owned by company insiders.
Several institutional investors have recently added to or reduced their stakes in the company. Bloom Tree Partners LLC bought a new position in Fitbit during the first quarter valued at approximately $29,552,000. Vanguard Group Inc. increased its position in 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 period. Glenmede Trust Co. NA bought a new position in Fitbit during the second quarter valued at approximately $16,733,000. FIL Ltd bought a new position in Fitbit during the second quarter valued at approximately $14,647,000. Finally, BlackRock Institutional Trust Company N.A. increased its position in Fitbit by 73.1% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 2,755,321 shares of the company’s stock valued at $33,670,000 after buying an additional 1,163,567 shares during the period. 55.41% of the stock is currently owned by hedge funds and other institutional investors.
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.
To view Vetr’s full report, visit Vetr’s official website.
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