Alliancebernstein L.P. Acquires 165,733 Shares of Fitbit, Inc. (NYSE:FIT)

Alliancebernstein L.P. grew its stake in Fitbit, Inc. (NYSE:FIT) by 360.5% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 211,700 shares of the scientific and technical instruments company’s stock after acquiring an additional 165,733 shares during the period. Alliancebernstein L.P. owned 0.11% of Fitbit worth $1,124,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. DnB Asset Management AS grew its holdings in Fitbit by 57.8% during the second quarter. DnB Asset Management AS now owns 16,352,508 shares of the scientific and technical instruments company’s stock worth $86,832,000 after purchasing an additional 5,989,005 shares during the period. Vanguard Group Inc. grew its holdings in Fitbit by 6.1% during the first quarter. Vanguard Group Inc. now owns 11,240,520 shares of the scientific and technical instruments company’s stock worth $66,544,000 after purchasing an additional 649,518 shares during the period. Quinn Opportunity Partners LLC grew its holdings in Fitbit by 3.0% during the second quarter. Quinn Opportunity Partners LLC now owns 2,573,690 shares of the scientific and technical instruments company’s stock worth $13,666,000 after purchasing an additional 75,100 shares during the period. Artemis Investment Management LLP lifted its position 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 worth $13,447,000 after acquiring an additional 727,000 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its position in Fitbit by 18.8% during the first quarter. Renaissance Technologies LLC now owns 1,614,994 shares of the scientific and technical instruments company’s stock worth $9,561,000 after acquiring an additional 255,394 shares during the last quarter. Institutional investors own 56.23% of the company’s stock.

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In related news, EVP Andy Missan sold 5,000 shares of the business’s stock in a transaction on Friday, September 1st. The shares were sold at an average price of $5.91, for a total value of $29,550.00. Following the sale, the executive vice president now owns 71,419 shares of the company’s stock, valued at $422,086.29. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Jon Callaghan sold 15,000 shares of the business’s stock in a transaction on 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. In the last three months, insiders sold 85,000 shares of company stock worth $556,650. 29.10% of the stock is currently owned by insiders.

Several brokerages have issued reports on FIT. Stifel Nicolaus restated a “hold” rating and set a $6.00 price objective on shares of Fitbit in a research report on Friday, November 3rd. Zacks Investment Research upgraded shares of Fitbit from a “hold” rating to a “buy” rating and set a $6.75 price objective for the company in a research report on Monday, October 30th. Cowen and Company set a $6.00 price objective on shares of Fitbit and gave the stock a “hold” rating in a research report on Monday, October 23rd. Morgan Stanley raised their price objective on shares of Fitbit from $6.50 to $7.00 and gave the stock an “equal weight” rating in a research report on Friday, October 20th. Finally, Vetr upgraded shares of Fitbit from a “hold” rating to a “buy” rating and set a $6.67 price objective for the company in a research report on Thursday, October 19th. Four analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eight have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $7.30.

Shares of Fitbit, Inc. (FIT) traded up $0.12 during trading on Friday, hitting $5.93. 4,000,700 shares of the company traded hands, compared to its average volume of 7,869,120. Fitbit, Inc. has a one year low of $4.90 and a one year high of $9.75.

Fitbit (NYSE:FIT) last issued its quarterly earnings data on Wednesday, November 1st. The scientific and technical instruments company reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.03. Fitbit had a negative net margin of 23.35% and a negative return on equity of 28.33%. The company had revenue of $392.50 million for the quarter, compared to analysts’ expectations of $391.70 million. During the same quarter in the previous year, the firm posted $0.19 earnings per share. Fitbit’s revenue for the quarter was down 22.1% on a year-over-year basis. analysts forecast that Fitbit, Inc. will post -0.49 EPS for the current year.

Fitbit Company Profile

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.

Institutional Ownership by Quarter for Fitbit (NYSE:FIT)

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