Analysts predict that Fitbit Inc (NYSE:FIT) will post sales of $588.60 million for the current quarter, according to Zacks. Seven analysts have issued estimates for Fitbit’s earnings, with estimates ranging from $583.30 million to $598.00 million. Fitbit reported sales of $573.78 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 2.6%. The company is expected to announce its next earnings results on Wednesday, February 28th.

According to Zacks, analysts expect that Fitbit will report full-year sales of $588.60 million for the current year, with estimates ranging from $1.62 billion to $1.64 billion. For the next fiscal year, analysts anticipate that the company will report sales of $1.76 billion per share, with estimates ranging from $1.62 billion to $1.92 billion. Zacks’ sales calculations are an average based on a survey of analysts that follow Fitbit.

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

A number of research firms recently weighed in on FIT. Vetr downgraded Fitbit from a “hold” rating to a “sell” rating and set a $6.67 price objective for the company. in a report on Thursday, September 28th. Zacks Investment Research upgraded Fitbit from a “hold” rating to a “buy” rating and set a $7.25 price objective for the company in a report on Tuesday, September 26th. Dougherty & Co restated a “neutral” rating on shares of Fitbit in a report on Wednesday, September 27th. Cowen set a $6.00 price objective on Fitbit and gave the company a “hold” rating in a report on Monday, October 23rd. Finally, Morgan Stanley set a $6.00 price objective on Fitbit and gave the company a “hold” rating in a report on Friday, January 5th. Five equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and nine have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $7.05.

Fitbit (FIT) traded up $0.12 during midday trading on Wednesday, reaching $5.63. The company had a trading volume of 6,768,853 shares, compared to its average volume of 5,410,000. The firm has a market capitalization of $1,330.00 and a P/E ratio of -3.41. Fitbit has a 1-year low of $4.90 and a 1-year high of $7.59.

In other Fitbit news, Director Steven Joseph Murray sold 966,641 shares of the 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 directly owns 11,442 shares in the company, valued at approximately $69,681.78. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Andy Missan sold 5,000 shares of the stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $6.29, for a total value of $31,450.00. Following the sale, the executive vice president now owns 109,475 shares of the company’s stock, valued at $688,597.75. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,026,841 shares of company stock valued at $6,268,204. Company insiders own 29.10% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the company. Schwab Charles Investment Management Inc. boosted its position in shares of Fitbit by 6.6% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 822,342 shares of the scientific and technical instruments company’s stock worth $4,696,000 after purchasing an additional 50,718 shares in the last quarter. DnB Asset Management AS boosted its position in shares of Fitbit by 21.6% during the 4th quarter. DnB Asset Management AS now owns 17,685,592 shares of the scientific and technical instruments company’s stock worth $100,985,000 after purchasing an additional 3,145,026 shares in the last quarter. Public Employees Retirement System of Ohio bought a new position in shares of Fitbit during the 3rd quarter worth about $396,000. Cubist Systematic Strategies LLC bought a new position in shares of Fitbit during the 3rd quarter worth about $1,020,000. Finally, Crestline Management LP bought a new position in shares of Fitbit during the 3rd quarter worth about $2,029,000. 58.25% of the stock is currently owned by institutional investors.

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Fitbit Company Profile

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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