Equities analysts forecast that Fitbit Inc (NYSE:FIT) will announce $589.38 million in sales for the current fiscal quarter, Zacks Investment Research reports. Six analysts have issued estimates for Fitbit’s earnings, with the lowest sales estimate coming in at $583.30 million and the highest estimate coming in at $598.00 million. Fitbit reported sales of $573.78 million during the same quarter last year, which indicates a positive year over year growth rate of 2.7%. The business is expected to announce its next earnings report on Wednesday, February 28th.

On average, analysts expect that Fitbit will report full year sales of $589.38 million for the current financial year, with estimates ranging from $1.63 billion to $1.64 billion. For the next financial year, analysts anticipate that the business will report sales of $1.76 billion per share, with estimates ranging from $1.63 billion to $1.92 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Fitbit.

Fitbit (NYSE:FIT) last released its earnings results on Wednesday, November 1st. The scientific and technical instruments company reported ($0.01) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.04) by $0.03. The firm had revenue of $392.50 million during the quarter, compared to analyst estimates of $391.70 million. Fitbit had a negative return on equity of 28.33% and a negative net margin of 23.35%. The business’s quarterly revenue was down 22.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.19 earnings per share.

Several equities analysts recently commented on the company. Vetr lowered Fitbit from a “hold” rating to a “sell” rating and set a $6.67 target price for the company. in a research note on Thursday, September 28th. Zacks Investment Research upgraded Fitbit from a “hold” rating to a “buy” rating and set a $7.25 target price for the company in a research note on Tuesday, September 26th. Dougherty & Co reiterated a “neutral” rating on shares of Fitbit in a research note on Wednesday, September 27th. Cowen set a $6.00 target price on Fitbit and gave the company a “hold” rating in a research note on Monday, October 23rd. Finally, Stifel Nicolaus reiterated a “hold” rating and issued a $6.00 target price on shares of Fitbit in a research note on Thursday, September 14th. Four research analysts have rated the stock with a sell rating, ten have given a hold rating and eight have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $6.94.

In other Fitbit news, Director Steven Joseph Murray sold 966,641 shares of the business’s stock in a transaction dated Wednesday, November 15th. The stock was sold at an average price of $6.09, for a total transaction of $5,886,843.69. Following the completion of the sale, the director now owns 11,442 shares of the company’s stock, valued at $69,681.78. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Jon Callaghan sold 15,000 shares of the business’s stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $6.81, for a total value of $102,150.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,051,841 shares of company stock valued at $6,462,854. 29.10% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Fitbit by 13.9% in the second quarter. Vanguard Group Inc. now owns 12,808,192 shares of the scientific and technical instruments company’s stock worth $68,012,000 after buying an additional 1,567,672 shares during the period. Allianz Asset Management GmbH boosted its position in shares of Fitbit by 25.2% in the third quarter. Allianz Asset Management GmbH now owns 5,440,776 shares of the scientific and technical instruments company’s stock worth $37,868,000 after buying an additional 1,096,000 shares during the period. Sumitomo Mitsui Asset Management Company LTD boosted its position in shares of Fitbit by 27.9% in the third quarter. Sumitomo Mitsui Asset Management Company LTD now owns 5,271,905 shares of the scientific and technical instruments company’s stock worth $36,692,000 after buying an additional 1,149,580 shares during the period. Renaissance Technologies LLC boosted its position in shares of Fitbit by 193.6% in the second quarter. Renaissance Technologies LLC now owns 4,741,700 shares of the scientific and technical instruments company’s stock worth $25,178,000 after buying an additional 3,126,706 shares during the period. Finally, State Street Corp boosted its position in shares of Fitbit by 68.0% in the second quarter. State Street Corp now owns 3,330,776 shares of the scientific and technical instruments company’s stock worth $17,686,000 after buying an additional 1,348,058 shares during the period. 58.36% of the stock is owned by institutional investors.

Fitbit (NYSE:FIT) traded down $0.20 during trading on Thursday, reaching $6.82. The company had a trading volume of 4,639,950 shares, compared to its average volume of 7,526,791. Fitbit has a 52-week low of $4.90 and a 52-week high of $8.40.

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About Fitbit

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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