Fitbit, Inc. (FIT) Shares Bought by Northern Trust Corp
Northern Trust Corp raised its stake in shares of Fitbit, Inc. (NYSE:FIT) by 191.8% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,946,325 shares of the scientific and technical instruments company’s stock after purchasing an additional 1,279,330 shares during the quarter. Northern Trust Corp owned approximately 1.05% of Fitbit worth $10,335,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of FIT. Principal Financial Group Inc. purchased a new position in Fitbit during the 2nd quarter valued at $114,000. Amalgamated Bank boosted its holdings in shares of Fitbit by 20.1% during the 2nd quarter. Amalgamated Bank now owns 22,075 shares of the scientific and technical instruments company’s stock valued at $117,000 after buying an additional 3,698 shares in the last quarter. Kissinger Financial Services LLC bought a new stake in shares of Fitbit during the 2nd quarter valued at $153,000. Capital Fund Management S.A. bought a new stake in shares of Fitbit during the 2nd quarter valued at $157,000. Finally, HighTower Advisors LLC bought a new stake in shares of Fitbit during the 1st quarter valued at $185,000. 56.23% of the stock is currently owned by institutional investors and hedge funds.
Fitbit, Inc. (NYSE FIT) opened at $6.06 on Tuesday. Fitbit, Inc. has a one year low of $4.90 and a one year high of $9.75.
Fitbit (NYSE:FIT) last released its quarterly earnings results on Wednesday, November 1st. The scientific and technical instruments company reported ($0.01) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.04) by $0.03. Fitbit had a negative net margin of 23.35% and a negative return on equity of 27.36%. The firm had revenue of $392.50 million during the quarter, compared to analyst estimates of $391.70 million. During the same quarter in the prior year, the firm earned $0.19 EPS. The business’s revenue for the quarter was down 22.1% compared to the same quarter last year. analysts expect that Fitbit, Inc. will post -0.52 earnings per share for the current year.
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A number of analysts have recently commented on FIT shares. Morgan Stanley dropped their target price on shares of Fitbit from $7.00 to $6.50 and set an “equal weight” rating on the stock in a report on Monday, July 31st. Zacks Investment Research upgraded shares of Fitbit from a “hold” rating to a “buy” rating and set a $6.75 target price on the stock in a report on Monday, October 30th. Vetr upgraded shares of Fitbit from a “buy” rating to a “strong-buy” rating and set a $6.17 target price on the stock in a report on Tuesday, August 22nd. Finally, BidaskClub cut shares of Fitbit from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 1st. Four equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eight have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $7.30.
In other Fitbit news, Director Glenda J. Flanagan purchased 18,248 shares of Fitbit stock in a transaction dated Thursday, August 17th. The stock was purchased at an average price of $5.48 per share, with a total value of $99,999.04. Following the transaction, the director now directly owns 29,753 shares of the company’s stock, valued at $163,046.44. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, Director Jon Callaghan sold 15,000 shares of the company’s stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $5.90, for a total transaction of $88,500.00. The disclosure for this sale can be found here. Insiders have sold a total of 85,000 shares of company stock valued at $556,650 in the last ninety days. Insiders own 29.10% 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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