Vanguard Group Inc Has $105.96 Million Stake in Fitbit Inc (FIT)
Vanguard Group Inc lifted its position in shares of Fitbit Inc (NYSE:FIT) by 12.6% during the third quarter, HoldingsChannel reports. The institutional investor owned 19,805,756 shares of the scientific and technical instruments company’s stock after purchasing an additional 2,211,848 shares during the period. Vanguard Group Inc owned approximately 0.09% of Fitbit worth $105,961,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp increased its holdings in Fitbit by 18.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,003,024 shares of the scientific and technical instruments company’s stock valued at $6,550,000 after acquiring an additional 156,922 shares during the last quarter. Schwab Charles Investment Management Inc. increased its holdings in Fitbit by 26.1% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,160,629 shares of the scientific and technical instruments company’s stock valued at $7,579,000 after acquiring an additional 240,290 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in Fitbit by 166.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,661,187 shares of the scientific and technical instruments company’s stock valued at $17,378,000 after acquiring an additional 1,662,496 shares during the last quarter. Capital Fund Management S.A. bought a new stake in Fitbit in the 2nd quarter valued at $377,000. Finally, Point72 Asset Management L.P. bought a new stake in Fitbit in the 2nd quarter valued at $3,050,000. Institutional investors own 63.34% of the company’s stock.
In related news, EVP Andy Missan sold 7,500 shares of Fitbit stock in a transaction dated Thursday, January 10th. The shares were sold at an average price of $5.66, for a total transaction of $42,450.00. Following the completion of the transaction, the executive vice president now directly owns 86,219 shares of the company’s stock, valued at approximately $487,999.54. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, 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 transaction of $6,190,000.00. Following the transaction, the director now directly owns 42,332 shares of the company’s stock, valued at $262,035.08. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,135,034 shares of company stock worth $6,876,616. Insiders own 19.84% of the company’s stock.
Fitbit (NYSE:FIT) last posted its earnings results on Wednesday, October 31st. The scientific and technical instruments company reported $0.04 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.05. Fitbit had a negative net margin of 16.32% and a negative return on equity of 24.69%. The firm had revenue of $393.60 million for the quarter, compared to the consensus estimate of $381.25 million. During the same period in the previous year, the firm posted ($0.01) EPS. The business’s quarterly revenue was up .3% on a year-over-year basis. On average, research analysts anticipate that Fitbit Inc will post -0.64 earnings per share for the current year.
A number of analysts have issued reports on FIT shares. Morgan Stanley set a $4.00 price target on shares of Fitbit and gave the company a “sell” rating in a report on Thursday, November 1st. Zacks Investment Research upgraded shares of Fitbit from a “hold” rating to a “buy” rating and set a $6.75 price target on the stock in a report on Monday. William Blair reiterated a “market perform” rating on shares of Fitbit in a report on Friday, September 21st. upgraded shares of Fitbit from a “neutral” rating to an “outperform” rating and set a $6.50 price target on the stock in a report on Friday, October 12th. Finally, Wedbush upgraded shares of Fitbit from a “neutral” rating to an “outperform” rating and set a $7.00 price target on the stock in a report on Friday, October 12th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Hold” and an average price target of $5.93.
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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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