Fitbit Inc. (FIT) Downgraded by Pacific Crest
Several other analysts have also recently commented on FIT. Vetr upgraded shares of Fitbit from a buy rating to a strong-buy rating and set a $19.15 target price for the company in a research note on Monday, October 3rd. Leerink Swann restated a market perform rating on shares of Fitbit in a research note on Friday, June 24th. Piper Jaffray Cos. restated a hold rating and issued a $14.00 target price (down previously from $16.00) on shares of Fitbit in a research note on Tuesday, July 12th. Robert W. Baird restated a neutral rating and issued a $16.00 target price on shares of Fitbit in a research note on Tuesday, July 26th. Finally, Oppenheimer Holdings Inc. restated an outperform rating and issued a $25.00 target price on shares of Fitbit in a research note on Wednesday, August 31st. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of Hold and an average price target of $22.11.
Shares of Fitbit (NYSE:FIT) opened at 14.04 on Wednesday. The company’s 50-day moving average is $15.25 and its 200 day moving average is $14.67. The stock has a market cap of $3.12 billion, a PE ratio of 29.62 and a beta of 3.29. Fitbit has a 52 week low of $11.65 and a 52 week high of $41.97.
Fitbit (NYSE:FIT) last issued its quarterly earnings data on Tuesday, August 2nd. The company reported $0.12 earnings per share (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 company had revenue of $586.50 million for the quarter, compared to the consensus estimate of $578.48 million. During the same period last year, the firm posted $0.21 EPS. Fitbit’s revenue for the quarter was up 46.5% on a year-over-year basis. Analysts forecast that Fitbit will post $1.18 earnings per share for the current fiscal year.
In other Fitbit news, Director Jon Callaghan sold 15,000 shares of the business’s stock in a transaction that occurred on Monday, October 3rd. The shares were sold at an average price of $14.84, for a total transaction of $222,600.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Steven Joseph Murray sold 151,912 shares of the business’s stock in a transaction that occurred on Tuesday, August 30th. The stock was sold at an average price of $15.07, for a total transaction of $2,289,313.84. The disclosure for this sale can be found here. 37.29% of the stock is currently owned by corporate insiders.
A number of large investors have recently added to or reduced their stakes in FIT. BlackRock Inc. increased its stake in Fitbit by 14.4% in the first quarter. BlackRock Inc. now owns 208,340 shares of the company’s stock valued at $3,157,000 after buying an additional 26,192 shares in the last quarter. BlackRock Group LTD increased its stake in Fitbit by 230.0% in the first quarter. BlackRock Group LTD now owns 1,354,236 shares of the company’s stock valued at $20,518,000 after buying an additional 943,827 shares in the last quarter. BlackRock Institutional Trust Company N.A. increased its stake in Fitbit by 0.4% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,591,754 shares of the company’s stock valued at $24,115,000 after buying an additional 7,022 shares in the last quarter. BlackRock Japan Co. Ltd increased its stake in Fitbit by 27.5% in the first quarter. BlackRock Japan Co. Ltd now owns 66,618 shares of the company’s stock valued at $1,009,000 after buying an additional 14,376 shares in the last quarter. Finally, Columbia Partners L L C Investment Management acquired a new stake in Fitbit during the first quarter valued at about $5,015,000. Institutional investors own 55.41% of the company’s stock.
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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