Allianz Asset Management GmbH lowered its position in shares of Fitbit Inc (NYSE:FIT) by 41.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,721,985 shares of the scientific and technical instruments company’s stock after selling 2,622,906 shares during the quarter. Allianz Asset Management GmbH’s holdings in Fitbit were worth $19,913,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Point72 Hong Kong Ltd purchased a new position in Fitbit during the second quarter valued at $127,000. Private Advisor Group LLC lifted its position in Fitbit by 60.4% during the third quarter. Private Advisor Group LLC now owns 25,392 shares of the scientific and technical instruments company’s stock valued at $136,000 after buying an additional 9,562 shares during the period. GWM Advisors LLC purchased a new position in Fitbit during the third quarter valued at $144,000. NumerixS Investment Technologies Inc purchased a new position in Fitbit during the second quarter valued at $191,000. Finally, Advisory Services Network LLC lifted its position in Fitbit by 3,952.3% during the second quarter. Advisory Services Network LLC now owns 32,418 shares of the scientific and technical instruments company’s stock valued at $194,000 after buying an additional 31,618 shares during the period. 63.34% of the stock is owned by institutional investors and hedge funds.

In other news, Director Steven Joseph Murray sold 1,000,000 shares of Fitbit stock in a transaction dated Tuesday, November 6th. The stock was sold at an average price of $6.19, for a total value of $6,190,000.00. Following the completion of the transaction, the director now owns 42,332 shares of the company’s stock, valued at approximately $262,035.08. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Andy Missan sold 7,500 shares of Fitbit stock in a transaction dated Monday, November 12th. The stock was sold at an average price of $5.77, for a total value of $43,275.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,025,034 shares of company stock valued at $6,327,741. 19.84% of the stock is owned by insiders.

FIT has been the subject of several recent research reports. Morgan Stanley set a $4.00 price objective on Fitbit and gave the company a “sell” rating in a research report on Thursday, November 1st. Zacks Investment Research reissued a “buy” rating and set a $6.50 price objective on shares of Fitbit in a research report on Tuesday, November 13th. William Blair reissued a “market perform” rating on shares of Fitbit in a research report on Friday, September 21st. MED raised Fitbit from a “neutral” rating to an “outperform” rating and set a $6.50 price objective for the company in a research report on Friday, October 12th. Finally, ValuEngine raised Fitbit from a “hold” rating to a “buy” rating in a research report on Monday, August 20th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $5.90.

FIT opened at $5.15 on Friday. The stock has a market capitalization of $1.13 billion, a PE ratio of -7.92 and a beta of 1.71. Fitbit Inc has a 1 year low of $4.23 and a 1 year high of $7.79.

Fitbit (NYSE:FIT) last posted its quarterly earnings results on Wednesday, October 31st. The scientific and technical instruments company reported $0.04 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.01) by $0.05. The firm had revenue of $393.60 million during the quarter, compared to analyst estimates of $381.25 million. Fitbit had a negative return on equity of 24.69% and a negative net margin of 16.32%. Fitbit’s quarterly revenue was up .3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.01) EPS. As a group, research analysts expect that Fitbit Inc will post -0.64 earnings per share for the current year.

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Fitbit Company Profile

Fitbit, Inc, a technology company, provides health solutions in the United States and internationally. The company offers a line of devices, including Fitbit Surge, Fitbit Blaze, Fitbit Charge 2, Alta HR, Alta, Fitbit Flex 2, Fitbit One, and Fitbit Zip activity trackers; Fitbit Ionic smartwatches; Fitbit Aria 2 Wi-Fi smart scales; and a range of accessories, such as bands and frames for its devices, as well as Fitbit Flyer, a wireless headphone designed for fitness.

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Institutional Ownership by Quarter for Fitbit (NYSE:FIT)

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