Fitbit Inc. (NYSE:FIT) has been assigned a $20.00 target price by analysts at Mizuho in a research note issued on Thursday. The firm currently has a a “buy” rating on the stock. Mizuho’s price target suggests a potential upside of 34.77% from the company’s previous close.
A number of other equities analysts have also recently issued reports on FIT. Zacks Investment Research cut shares of Fitbit from a “hold” rating to a “sell” rating in a research report on Tuesday, July 12th. Citigroup Inc. set a $20.00 price objective on shares of Fitbit and gave the company a “buy” rating in a research report on Wednesday, August 3rd. Leerink Swann decreased their price objective on shares of Fitbit from $18.00 to $16.00 and set a “market perform” rating on the stock in a research report on Wednesday, August 3rd. Longbow Research set a $20.00 price objective on shares of Fitbit and gave the company a “buy” rating in a research report on Tuesday, August 23rd. Finally, Dougherty & Co restated a “neutral” rating on shares of Fitbit in a research report on Friday, July 15th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $22.11.
Shares of Fitbit (NYSE:FIT) opened at 14.84 on Thursday. The company has a 50 day moving average of $15.32 and a 200-day moving average of $14.66. Fitbit has a 12-month low of $11.65 and a 12-month high of $41.97. The firm has a market cap of $3.30 billion, a price-to-earnings ratio of 31.31 and a beta of 3.30.
Fitbit (NYSE:FIT) last issued its earnings results on Tuesday, August 2nd. The company reported $0.12 EPS for the quarter, topping analysts’ consensus estimates of $0.11 by $0.01. The company had revenue of $586.50 million for the quarter, compared to analysts’ expectations of $578.48 million. Fitbit had a net margin of 5.76% and a return on equity of 14.55%. The firm’s revenue was up 46.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.21 EPS. Analysts predict that Fitbit will post $1.18 EPS for the current year.
In other Fitbit news, major shareholder Philip Douglas Black sold 50,000 shares of the company’s stock in a transaction that occurred on Thursday, August 4th. The shares were sold at an average price of $15.62, for a total transaction of $781,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Andy Missan sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 6th. The shares were sold at an average price of $12.35, for a total transaction of $123,500.00. Following the sale, the executive vice president now directly owns 45,000 shares of the company’s stock, valued at $555,750. The disclosure for this sale can be found here. Company insiders own 37.29% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Metropolitan Life Insurance Co. NY boosted its stake in shares of Fitbit by 233.9% in the second quarter. Metropolitan Life Insurance Co. NY now owns 8,420 shares of the company’s stock worth $103,000 after buying an additional 5,898 shares in the last quarter. Commonwealth Equity Services Inc acquired a new stake in shares of Fitbit during the second quarter worth approximately $129,000. Legal & General Group Plc boosted its stake in shares of Fitbit by 71.1% in the second quarter. Legal & General Group Plc now owns 10,967 shares of the company’s stock worth $134,000 after buying an additional 4,558 shares in the last quarter. Greenwich Wealth Management LLC acquired a new stake in shares of Fitbit during the second quarter worth approximately $135,000. Finally, Wedbush Securities Inc. acquired a new stake in shares of Fitbit during the second quarter worth approximately $140,000. 55.41% of the stock is owned by institutional investors and hedge funds.
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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