Fitbit Inc (FIT) Stake Lessened by California State Teachers Retirement System

California State Teachers Retirement System trimmed its position in Fitbit Inc (NYSE:FIT) by 9.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 279,361 shares of the scientific and technical instruments company’s stock after selling 30,169 shares during the quarter. California State Teachers Retirement System owned approximately 0.14% of Fitbit worth $1,944,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. HighTower Advisors LLC lifted its holdings in shares of Fitbit by 5.6% in the second quarter. HighTower Advisors LLC now owns 32,831 shares of the scientific and technical instruments company’s stock worth $174,000 after buying an additional 1,735 shares in the last quarter. Amalgamated Bank lifted its holdings in shares of Fitbit by 20.1% in the second quarter. Amalgamated Bank now owns 22,075 shares of the scientific and technical instruments company’s stock worth $117,000 after buying an additional 3,698 shares in the last quarter. Oppenheimer & Co. Inc. raised its stake in Fitbit by 11.6% in the second quarter. Oppenheimer & Co. Inc. now owns 40,063 shares of the scientific and technical instruments company’s stock valued at $213,000 after purchasing an additional 4,150 shares in the last quarter. American International Group Inc. raised its stake in Fitbit by 8.1% in the third quarter. American International Group Inc. now owns 117,140 shares of the scientific and technical instruments company’s stock valued at $815,000 after purchasing an additional 8,758 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its stake in Fitbit by 35.9% in the second quarter. Ameriprise Financial Inc. now owns 35,837 shares of the scientific and technical instruments company’s stock valued at $186,000 after purchasing an additional 9,461 shares in the last quarter. 58.25% of the stock is currently owned by hedge funds and other institutional investors.

Fitbit Inc (NYSE:FIT) opened at $5.63 on Thursday. Fitbit Inc has a 52-week low of $4.90 and a 52-week high of $7.47. The company has a market cap of $1,330.00 and a P/E ratio of -3.41.

Fitbit (NYSE:FIT) last issued its quarterly earnings results on Wednesday, November 1st. The scientific and technical instruments company reported ($0.01) EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $392.50 million for the quarter, compared to analysts’ expectations of $391.70 million. During the same period last year, the business earned $0.19 earnings per share. The business’s quarterly revenue was down 22.1% on a year-over-year basis. equities analysts expect that Fitbit Inc will post -0.49 EPS for the current fiscal year.

In other Fitbit news, EVP Andy Missan sold 5,000 shares of the stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $6.29, for a total transaction of $31,450.00. Following the transaction, the executive vice president now directly owns 109,475 shares in the company, valued at $688,597.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jon Callaghan sold 15,000 shares of the stock in a transaction that occurred on Friday, December 1st. The shares were sold at an average price of $6.81, for a total transaction of $102,150.00. The disclosure for this sale can be found here. Insiders have sold 1,026,841 shares of company stock worth $6,268,204 over the last quarter. Company insiders own 29.10% of the company’s stock.

A number of equities research analysts recently weighed in on the stock. Vetr downgraded 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. Stifel Nicolaus downgraded shares of Fitbit from a “hold” rating to a “sell” rating and set a $6.00 target price on the stock. in a research note on Friday, December 15th. Oppenheimer reaffirmed an “outperform” rating and issued a $8.00 target price on shares of Fitbit in a research note on Wednesday, October 4th. Dougherty & Co reaffirmed a “neutral” rating on shares of Fitbit in a research note on Wednesday, October 4th. Finally, Zacks Investment Research downgraded shares of Fitbit from a “buy” rating to a “hold” rating in a research note on Tuesday, October 17th. Five research analysts have rated the stock with a sell rating, ten have assigned a hold rating and nine have issued a buy rating to the company’s stock. Fitbit currently has a consensus rating of “Hold” and a consensus price target of $7.05.

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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.

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Institutional Ownership by Quarter for Fitbit (NYSE:FIT)

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