State Board of Administration of Florida Retirement System boosted its position in shares of Fitbit Inc. (NYSE:FIT) by 464.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 105,466 shares of the company’s stock after buying an additional 86,796 shares during the period. State Board of Administration of Florida Retirement System’s holdings in Fitbit were worth $1,289,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the stock. Rathbone Brothers plc increased its stake in Fitbit by 6.1% in the second quarter. Rathbone Brothers plc now owns 14,850 shares of the company’s stock worth $181,000 after buying an additional 850 shares during the last quarter. Diligent Investors LLC increased its stake in Fitbit by 6.5% in the second quarter. Diligent Investors LLC now owns 35,718 shares of the company’s stock valued at $436,000 after buying an additional 2,190 shares in the last quarter. IFC Holdings Incorporated FL increased its stake in Fitbit by 25.4% in the second quarter. IFC Holdings Incorporated FL now owns 13,399 shares of the company’s stock valued at $157,000 after buying an additional 2,710 shares in the last quarter. Geode Capital Management LLC increased its stake in Fitbit by 1.8% in the first quarter. Geode Capital Management LLC now owns 300,747 shares of the company’s stock valued at $4,555,000 after buying an additional 5,264 shares in the last quarter. Finally, BlackRock Institutional Trust Company N.A. increased its stake in Fitbit by 0.4% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,591,754 shares of the company’s stock valued at $24,115,000 after buying an additional 7,022 shares in the last quarter. 55.41% of the stock is owned by institutional investors and hedge funds.

Fitbit Inc. (NYSE:FIT) traded up 2.26% during trading on Monday, hitting $16.31. 11,914,993 shares of the stock traded hands. The company has a 50-day moving average price of $14.73 and a 200 day moving average price of $14.41. Fitbit Inc. has a one year low of $11.65 and a one year high of $42.04. The stock has a market cap of $3.62 billion, a PE ratio of 34.41 and a beta of 3.30.

Fitbit (NYSE:FIT) last released its quarterly earnings results on Tuesday, August 2nd. The company reported $0.12 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.11 by $0.01. Fitbit had a return on equity of 14.55% and a net margin of 5.76%. The business earned $586.50 million during the quarter, compared to analysts’ expectations of $578.48 million. During the same period in the previous year, the business posted $0.21 earnings per share. The firm’s revenue for the quarter was up 46.5% compared to the same quarter last year. Analysts expect that Fitbit Inc. will post $1.18 earnings per share for the current year.

Several equities research analysts have issued reports on FIT shares. Mizuho set a $20.00 price objective on shares of Fitbit and gave the stock a “buy” rating in a research note on Thursday. Zacks Investment Research downgraded shares of Fitbit from a “hold” rating to a “sell” rating in a research note on Tuesday, July 26th. Vetr upgraded shares of Fitbit from a “buy” rating to a “strong-buy” rating and set a $17.63 price objective for the company in a research note on Tuesday, August 9th. Wells Fargo & Co. started coverage on shares of Fitbit in a research note on Tuesday, July 12th. They set a “market perform” rating and a $13.58 price objective for the company. Finally, Citigroup Inc. reiterated a “buy” rating and set a $20.00 price objective (down from $30.00) on shares of Fitbit in a research note on Tuesday, July 5th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $22.66.

In related news, Director Steven Joseph Murray sold 848,088 shares of Fitbit stock in a transaction dated Wednesday, August 24th. The stock was sold at an average price of $15.14, for a total value of $12,840,052.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Andy Missan sold 15,000 shares of Fitbit stock in a transaction dated Tuesday, September 6th. The stock was sold at an average price of $15.14, for a total value of $227,100.00. Following the completion of the sale, the executive vice president now owns 50,000 shares of the company’s stock, valued at $757,000. The disclosure for this sale can be found here. 37.29% of the stock is owned by corporate insiders.

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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