State Street Corp boosted its stake in shares of Fitbit Inc (NYSE:FIT) by 68.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm 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 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors also recently bought and sold shares of FIT. Vanguard Group Inc. raised its stake in Fitbit by 13.9% in the 2nd quarter. Vanguard Group Inc. now owns 12,808,192 shares of the scientific and technical instruments company’s stock worth $68,012,000 after acquiring an additional 1,567,672 shares during the last quarter. Renaissance Technologies LLC grew its position in Fitbit by 193.6% during the 2nd quarter. Renaissance Technologies LLC now owns 4,741,700 shares of the scientific and technical instruments company’s stock worth $25,178,000 after purchasing an additional 3,126,706 shares during the period. Quinn Opportunity Partners LLC grew its position in shares of Fitbit by 3.0% during the 2nd quarter. Quinn Opportunity Partners LLC now owns 2,573,690 shares of the scientific and technical instruments company’s stock valued at $13,666,000 after acquiring an additional 75,100 shares during the period. Artemis Investment Management LLP grew its position in shares of Fitbit by 40.2% during the 2nd 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 acquiring an additional 727,000 shares during the period. Finally, Northern Trust Corp boosted its holdings in Fitbit by 191.8% in the 2nd quarter. Northern Trust Corp now owns 1,946,325 shares of the scientific and technical instruments company’s stock worth $10,335,000 after buying an additional 1,279,330 shares during the last quarter. Institutional investors own 58.36% of the company’s stock.
A number of research analysts have weighed in on FIT shares. Vetr lowered shares of Fitbit from a “hold” rating to a “sell” rating and set a $6.67 target price on the stock. in a research note on Thursday, September 28th. ValuEngine upgraded shares of Fitbit from a “strong sell” rating to a “sell” rating in a report on Friday, September 15th. Dougherty & Co reiterated a “neutral” rating on shares of Fitbit in a research note on Wednesday, October 4th. Oppenheimer reaffirmed an “outperform” rating and issued a $8.00 target price on shares of Fitbit in a report on Wednesday, October 4th. Finally, Stifel Nicolaus reaffirmed a “hold” rating and issued a $6.00 target price on shares of Fitbit in a report on Thursday, September 14th. Four equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $7.11.
Shares of Fitbit Inc (FIT) traded down $0.03 on Tuesday, hitting $6.66. 3,763,509 shares of the stock traded hands, compared to its average volume of 7,625,066. Fitbit Inc has a 12 month low of $4.90 and a 12 month high of $8.40.
Fitbit (NYSE:FIT) last posted its earnings results on Wednesday, November 1st. The scientific and technical instruments company reported ($0.01) earnings per share (EPS) for the quarter, beating the Zacks’ 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 firm had revenue of $392.50 million during the quarter, compared to analysts’ expectations of $391.70 million. During the same period in the previous year, the company earned $0.19 earnings per share. The company’s revenue was down 22.1% compared to the same quarter last year. research analysts expect that Fitbit Inc will post -0.49 earnings per share for the current fiscal year.
In related news, EVP Andy Missan sold 5,000 shares of the company’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $6.89, for a total transaction of $34,450.00. Following the transaction, the executive vice president now owns 105,133 shares in the company, valued at approximately $724,366.37. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Steven Joseph Murray sold 966,641 shares of the company’s stock in a transaction dated Wednesday, November 15th. The stock was sold at an average price of $6.09, for a total transaction of $5,886,843.69. Following the transaction, the director now owns 11,442 shares in the company, valued at approximately $69,681.78. The disclosure for this sale can be found here. Insiders sold 1,051,841 shares of company stock valued at $6,462,854 over the last 90 days. 29.10% of the stock is owned by corporate insiders.
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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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