State Street Corp raised its stake in shares of Fitbit, Inc. (NYSE:FIT) by 68.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,330,776 shares of the scientific and technical instruments company’s stock after buying an additional 1,348,058 shares during the period. State Street Corp owned 1.45% of Fitbit worth $17,686,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. BNP Paribas Arbitrage SA raised its holdings in Fitbit by 15.6% during the second quarter. BNP Paribas Arbitrage SA now owns 446,630 shares of the scientific and technical instruments company’s stock valued at $2,372,000 after buying an additional 60,346 shares in the last quarter. Alliancebernstein L.P. raised its holdings in Fitbit by 360.5% during the second quarter. Alliancebernstein L.P. now owns 211,700 shares of the scientific and technical instruments company’s stock valued at $1,124,000 after buying an additional 165,733 shares in the last quarter. SG Americas Securities LLC bought a new position in Fitbit during the second quarter valued at about $1,723,000. Vanguard Group Inc. raised its holdings in Fitbit by 13.9% during the second quarter. Vanguard Group Inc. now owns 12,808,192 shares of the scientific and technical instruments company’s stock valued at $68,012,000 after buying an additional 1,567,672 shares in the last quarter. Finally, Artemis Investment Management LLP raised its holdings in Fitbit by 40.2% during the second quarter. Artemis Investment Management LLP now owns 2,535,000 shares of the scientific and technical instruments company’s stock valued at $13,447,000 after buying an additional 727,000 shares in the last quarter. Institutional investors own 52.89% of the company’s stock.
In other Fitbit news, EVP Andy Missan sold 5,000 shares of Fitbit stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $5.91, for a total transaction of $29,550.00. Following the sale, the executive vice president now directly owns 71,419 shares of the company’s stock, valued at $422,086.29. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Steven Joseph Murray sold 966,641 shares of Fitbit stock in a transaction that occurred on Wednesday, November 15th. The shares were sold at an average price of $6.09, for a total value of $5,886,843.69. Following the sale, the director now directly owns 11,442 shares in the company, valued at $69,681.78. The disclosure for this sale can be found here. Insiders have sold 1,051,841 shares of company stock worth $6,444,704 over the last ninety days. Company insiders own 29.10% of the company’s stock.
Shares of Fitbit, Inc. (FIT) opened at $6.23 on Monday. Fitbit, Inc. has a 1-year low of $4.90 and a 1-year high of $9.05.
Fitbit (NYSE:FIT) last released its quarterly earnings data on Wednesday, November 1st. The scientific and technical instruments company reported ($0.01) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.03. The company had revenue of $392.50 million for the quarter, compared to the consensus estimate of $391.70 million. Fitbit had a negative return on equity of 28.33% and a negative net margin of 23.35%. The company’s quarterly revenue was down 22.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.19 earnings per share. equities research analysts forecast that Fitbit, Inc. will post -0.49 EPS for the current year.
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Several equities analysts have weighed in on the company. Vetr lowered Fitbit from a “hold” rating to a “sell” rating and set a $6.67 target price on the stock. in a report on Thursday, September 28th. Zacks Investment Research downgraded Fitbit from a “buy” rating to a “hold” rating in a research report on Wednesday, September 13th. Stifel Nicolaus set a $6.00 price target on Fitbit and gave the company a “hold” rating in a research report on Wednesday, August 2nd. Deutsche Bank AG lowered their price target on Fitbit from $6.50 to $5.50 and set a “hold” rating on the stock in a research report on Thursday, August 3rd. Finally, Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and issued a $8.00 price target on shares of Fitbit in a research report on Friday, August 4th. Four investment analysts have rated the stock with a sell rating, eleven have given a hold rating and eight have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $7.15.
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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