Stoneridge Investment Partners LLC Acquires Shares of 64,973 Fitbit, Inc. (FIT)
Stoneridge Investment Partners LLC acquired a new position in Fitbit, Inc. (NYSE:FIT) during the third quarter, Holdings Channel reports. The firm acquired 64,973 shares of the company’s stock, valued at approximately $964,000.
Several other large investors also recently modified their holdings of FIT. Vanguard Group Inc. raised its stake in shares of Fitbit by 22.8% in the second quarter. Vanguard Group Inc. now owns 8,371,908 shares of the company’s stock worth $102,305,000 after buying an additional 1,556,199 shares during the last quarter. BlackRock Advisors LLC raised its stake in shares of Fitbit by 1.2% in the second quarter. BlackRock Advisors LLC now owns 2,780,488 shares of the company’s stock worth $33,978,000 after buying an additional 33,971 shares during the last quarter. BlackRock Institutional Trust Company N.A. raised its stake in shares of Fitbit by 73.1% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 2,755,321 shares of the company’s stock worth $33,670,000 after buying an additional 1,163,567 shares during the last quarter. Coatue Management LLC raised its stake in shares of Fitbit by 85.2% in the second quarter. Coatue Management LLC now owns 2,501,722 shares of the company’s stock worth $30,571,000 after buying an additional 1,151,155 shares during the last quarter. Finally, BlackRock Group LTD raised its stake in shares of Fitbit by 7.4% in the second quarter. BlackRock Group LTD now owns 1,453,898 shares of the company’s stock worth $17,767,000 after buying an additional 99,662 shares during the last quarter. Institutional investors and hedge funds own 64.91% of the company’s stock.
Shares of Fitbit, Inc. (NYSE:FIT) traded down 0.27% during mid-day trading on Friday, hitting $7.44. 8,423,950 shares of the stock were exchanged. Fitbit, Inc. has a 52 week low of $7.20 and a 52 week high of $19.34. The stock has a market capitalization of $1.66 billion, a price-to-earnings ratio of 18.06 and a beta of 2.61. The stock’s 50-day moving average is $7.76 and its 200-day moving average is $12.12.
Fitbit (NYSE:FIT) last announced its earnings results on Wednesday, November 2nd. The company reported $0.19 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.19. The company earned $503.80 million during the quarter, compared to the consensus estimate of $506.93 million. Fitbit had a net margin of 4.67% and a return on equity of 11.94%. The firm’s revenue for the quarter was up 23.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.24 earnings per share. Analysts forecast that Fitbit, Inc. will post $0.58 earnings per share for the current fiscal year.
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A number of equities research analysts recently commented on FIT shares. Bank of America Corporation lowered shares of Fitbit from a “buy” rating to an “underperform” rating and set a $9.00 price objective on the stock. in a report on Thursday, November 3rd. Wells Fargo & Company reiterated a “market weight” rating and issued a $10.00 price target (down from $14.50) on shares of Fitbit in a research note on Friday, November 11th. Leerink Swann reiterated a “market perform” rating and issued a $9.00 price target (down from $16.00) on shares of Fitbit in a research note on Thursday, November 3rd. Mizuho set a $20.00 price target on shares of Fitbit and gave the company a “buy” rating in a research note on Thursday, September 29th. Finally, Pacific Crest reiterated a “sell” rating on shares of Fitbit in a research note on Thursday, November 3rd. Four research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. Fitbit currently has an average rating of “Hold” and an average target price of $13.51.
In related news, Director Jon Callaghan sold 15,000 shares of the firm’s stock in a transaction dated Thursday, December 1st. The shares were sold at an average price of $8.51, for a total transaction of $127,650.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder True Venture Partners Ii, L.L. sold 860,000 shares of the firm’s stock in a transaction dated Monday, December 5th. The stock was sold at an average price of $8.17, for a total transaction of $7,026,200.00. The disclosure for this sale can be found here. Corporate insiders own 37.29% of the company’s stock.
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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