Fitbit Inc. (FIT) Given Buy Rating at SunTrust Banks Inc.
Fitbit Inc. (NYSE:FIT)‘s stock had its “buy” rating reissued by stock analysts at SunTrust Banks Inc. in a research note issued on Tuesday. They presently have a $17.00 target price on the stock. SunTrust Banks Inc.’s price objective points to a potential upside of 29.77% from the company’s current price.
Other equities analysts have also issued reports about the stock. Leerink Swann reduced their target price 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. Bank of America Corp. reiterated a “buy” rating and set a $24.00 price objective (down from $29.00) on shares of Fitbit in a research note on Wednesday, August 3rd. Longbow Research restated a “buy” rating and issued a $20.00 target price on shares of Fitbit in a research note on Wednesday, August 3rd. Vetr downgraded shares of Fitbit from a “strong-buy” rating to a “buy” rating and set a $16.51 target price for the company. in a research note on Wednesday, August 3rd. Finally, Zacks Investment Research downgraded shares of Fitbit from a “hold” rating to a “sell” rating in a research note on Tuesday, July 12th. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $22.11.
Shares of Fitbit (NYSE:FIT) traded up 2.52% during mid-day trading on Tuesday, hitting $13.43. The stock had a trading volume of 3,032,479 shares. The stock has a market cap of $2.98 billion, a P/E ratio of 28.33 and a beta of 3.29. The company’s 50 day moving average is $15.03 and its 200-day moving average is $14.63. Fitbit has a 52-week low of $11.65 and a 52-week high of $41.97.
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Fitbit (NYSE:FIT) last posted its quarterly earnings data on Tuesday, August 2nd. The company reported $0.12 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.11 by $0.01. Fitbit had a net margin of 5.76% and a return on equity of 14.55%. The company had revenue of $586.50 million for the quarter, compared to analyst estimates of $578.48 million. During the same period in the prior year, the company posted $0.21 EPS. The firm’s revenue for the quarter was up 46.5% on a year-over-year basis. On average, equities research analysts anticipate that Fitbit will post $1.18 earnings per share for the current fiscal year.
In related news, EVP Andy Missan sold 10,000 shares of the business’s stock in a transaction dated Thursday, October 6th. The shares were sold at an average price of $14.60, for a total transaction of $146,000.00. Following the transaction, the executive vice president now directly owns 45,000 shares in the company, valued at $657,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Philip Douglas Black sold 50,000 shares of the business’s stock in a transaction dated Thursday, August 4th. The stock was sold at an average price of $15.62, for a total transaction of $781,000.00. The disclosure for this sale can be found here. Corporate insiders own 37.29% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the company. Emerald Mutual Fund Advisers Trust raised its position in Fitbit by 1,264.8% in the second quarter. Emerald Mutual Fund Advisers Trust now owns 171,315 shares of the company’s stock worth $2,093,000 after buying an additional 158,763 shares during the last quarter. Edmond DE Rothschild Italia SGR SPA raised its position in Fitbit by 92.7% in the first quarter. Edmond DE Rothschild Italia SGR SPA now owns 565,504 shares of the company’s stock worth $8,567,000 after buying an additional 271,978 shares during the last quarter. Commerzbank Aktiengesellschaft FI raised its position in Fitbit by 16.8% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 55,323 shares of the company’s stock worth $676,000 after buying an additional 7,969 shares during the last quarter. Friess Associates LLC acquired a new position in Fitbit during the first quarter worth $6,817,000. Finally, Sterling Ridge Capital Management LP acquired a new position in Fitbit during the first quarter worth $1,324,000. Hedge funds and other institutional investors own 55.54% of the company’s stock.
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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