Alliancebernstein L.P. Decreases Position in Fitbit, Inc. (FIT)
Alliancebernstein L.P. lowered its stake in shares of Fitbit, Inc. (NYSE:FIT) by 5.4% during the first quarter, Holdings Channel reports. The institutional investor owned 45,967 shares of the scientific and technical instruments company’s stock after selling 2,621 shares during the period. Alliancebernstein L.P.’s holdings in Fitbit were worth $272,000 as of its most recent SEC filing.
Other institutional investors also recently made changes to their positions in the company. DnB Asset Management AS raised its position in shares of Fitbit by 81.2% in the first quarter. DnB Asset Management AS now owns 10,363,503 shares of the scientific and technical instruments company’s stock valued at $61,352,000 after buying an additional 4,644,977 shares in the last quarter. Sumitomo Mitsui Asset Management Company LTD bought a new position in shares of Fitbit during the first quarter valued at $24,404,000. Amerigo Asset Management bought a new position in shares of Fitbit during the first quarter valued at $13,983,000. Gluskin Sheff & Assoc Inc. bought a new position in shares of Fitbit during the first quarter valued at $14,361,000. Finally, Norges Bank bought a new position in shares of Fitbit during the fourth quarter valued at $8,678,000. Hedge funds and other institutional investors own 55.86% of the company’s stock.
Fitbit, Inc. (NYSE FIT) traded down 0.36% during mid-day trading on Wednesday, hitting $5.50. 615,240 shares of the stock traded hands. The company’s market cap is $1.27 billion. Fitbit, Inc. has a 12 month low of $4.90 and a 12 month high of $17.18. The company’s 50 day moving average is $5.49 and its 200 day moving average is $5.65.
Fitbit (NYSE:FIT) last issued its earnings results on Wednesday, August 2nd. The scientific and technical instruments company reported ($0.08) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.15) by $0.07. Fitbit had a negative net margin of 13.79% and a negative return on equity of 20.67%. The firm had revenue of $353.30 million during the quarter, compared to analyst estimates of $341.24 million. During the same quarter in the prior year, the business earned $0.12 earnings per share. Fitbit’s revenue for the quarter was down 39.8% on a year-over-year basis. On average, analysts expect that Fitbit, Inc. will post ($0.31) earnings per share for the current fiscal year.
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FIT has been the topic of several research reports. Oppenheimer Holdings, Inc. reiterated an “outperform” rating and set a $8.00 price objective on shares of Fitbit in a report on Monday, June 26th. Zacks Investment Research upgraded shares of Fitbit from a “hold” rating to a “buy” rating and set a $7.00 target price on the stock in a report on Monday, May 8th. Dougherty & Co restated a “neutral” rating on shares of Fitbit in a report on Monday, May 8th. ValuEngine upgraded shares of Fitbit from a “strong sell” rating to a “sell” rating in a report on Friday, June 2nd. Finally, Raymond James Financial, Inc. restated an “outperform” rating and issued a $9.00 target price on shares of Fitbit in a report on Monday, May 8th. Six analysts have rated the stock with a sell rating, thirteen have given a hold rating and eight have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $7.93.
In other Fitbit news, Director Steven Joseph Murray sold 500,000 shares of the stock in a transaction on Friday, May 26th. The shares were sold at an average price of $5.33, for a total transaction of $2,665,000.00. Following the completion of the transaction, the director now owns 11,442 shares in the company, valued at $60,985.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jon Callaghan sold 15,000 shares of the stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $5.09, for a total transaction of $76,350.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,045,000 shares of company stock valued at $5,770,100. 29.10% of the stock is owned by company insiders.
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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