Fitbit’s (FIT) “Buy” Rating Reaffirmed at SunTrust Banks Inc.
Fitbit Inc. (NYSE:FIT)‘s stock had its “buy” rating reissued by investment analysts at SunTrust Banks Inc. in a research report issued on Tuesday. They currently have a $17.00 target price on the stock. SunTrust Banks Inc.’s price target would indicate a potential upside of 29.77% from the stock’s previous close.
FIT has been the subject of a number of other reports. Zacks Investment Research cut Fitbit from a “hold” rating to a “sell” rating in a research report on Tuesday, July 12th. Citigroup Inc. set a $20.00 price objective on Fitbit and gave the company a “buy” rating in a research report on Wednesday, August 3rd. Leerink Swann cut their price objective on Fitbit from $18.00 to $16.00 and set a “market perform” rating for the company in a research report on Wednesday, August 3rd. Mizuho set a $20.00 price objective on Fitbit and gave the company a “buy” rating in a research report on Thursday, September 29th. Finally, Longbow Research set a $20.00 price objective on Fitbit and gave the company a “buy” rating in a research report on Tuesday, August 23rd. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $22.11.
Fitbit (NYSE:FIT) traded up 2.557% on Tuesday, hitting $13.435. The stock had a trading volume of 3,178,946 shares. Fitbit has a 12 month low of $11.65 and a 12 month high of $41.97. The company has a 50-day moving average of $15.03 and a 200 day moving average of $14.63. The company has a market cap of $2.98 billion, a PE ratio of 28.344 and a beta of 3.29.
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Fitbit (NYSE:FIT) last announced its quarterly earnings results on Tuesday, August 2nd. The company reported $0.12 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.01. The company earned $586.50 million during the quarter, compared to analysts’ expectations of $578.48 million. Fitbit had a return on equity of 14.55% and a net margin of 5.76%. Fitbit’s quarterly revenue was up 46.5% on a year-over-year basis. During the same period last year, the business earned $0.21 earnings per share. On average, analysts predict that Fitbit will post $1.18 EPS for the current fiscal year.
In other news, EVP Andy Missan sold 15,000 shares of the stock in a transaction dated Wednesday, August 3rd. The stock was sold at an average price of $15.00, for a total value of $225,000.00. Following the transaction, the executive vice president now owns 50,000 shares in the company, valued at approximately $750,000. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Steven Joseph Murray sold 848,088 shares of the stock in a transaction dated Wednesday, August 24th. The shares were sold at an average price of $15.14, for a total value of $12,840,052.32. The disclosure for this sale can be found here. Company insiders own 37.29% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Emerald Mutual Fund Advisers Trust increased 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 increased 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 increased 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 approximately $6,817,000. Finally, Sterling Ridge Capital Management LP acquired a new position in Fitbit during the first quarter worth approximately $1,324,000. Institutional investors and hedge funds 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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