Trade Report: Today, First Trust Advisors LP Reached $18,844,000 position of Fitbit Inc. (FIT)

Today, First Trust Advisors LP Reached $18,844,000 position  of Fitbit Inc. (FIT)

First Trust Advisors LP increased its position in shares of Fitbit Inc. (NYSE:FIT) by 76.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,269,811 shares of the company’s stock after buying an additional 548,126 shares during the period. First Trust Advisors LP owned approximately 0.57% of Fitbit worth $18,844,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Metropolitan Life Insurance Co. NY raised its stake in Fitbit by 233.9% in the second quarter. Metropolitan Life Insurance Co. NY now owns 8,420 shares of the company’s stock worth $103,000 after buying an additional 5,898 shares during the period. Commonwealth Equity Services Inc acquired a new stake in Fitbit during the second quarter worth about $129,000. Legal & General Group Plc raised its stake in Fitbit by 71.1% in the second quarter. Legal & General Group Plc now owns 10,967 shares of the company’s stock worth $134,000 after buying an additional 4,558 shares during the period. Greenwich Wealth Management LLC acquired a new stake in Fitbit during the second quarter worth about $135,000. Finally, Wedbush Securities Inc. acquired a new stake in Fitbit during the second quarter worth about $140,000. 61.63% of the stock is currently owned by institutional investors and hedge funds.

Fitbit Inc. (NYSE:FIT) opened at 8.51 on Friday. The firm has a 50-day moving average price of $11.43 and a 200 day moving average price of $13.56. The company has a market cap of $1.90 billion, a P/E ratio of 20.66 and a beta of 3.29. Fitbit Inc. has a 12 month low of $8.32 and a 12 month high of $34.68.

Fitbit (NYSE:FIT) last posted its earnings results on Wednesday, November 2nd. The company reported $0.19 EPS for the quarter, meeting the consensus estimate of $0.19. Fitbit had a return on equity of 11.94% and a net margin of 4.67%. The company had revenue of $503.80 million for the quarter, compared to the consensus estimate of $506.93 million. During the same quarter in the prior year, the business earned $0.24 earnings per share. The firm’s revenue for the quarter was up 23.1% on a year-over-year basis. On average, equities analysts expect that Fitbit Inc. will post $0.58 earnings per share for the current year.

A number of research firms have issued reports on FIT. Pacific Crest lowered Fitbit from a “sector weight” rating to an “underweight” rating and raised their target price for the company from $15.88 to $16.70 in a report on Thursday, September 29th. Vetr raised Fitbit from a “buy” rating to a “strong-buy” rating and set a $19.15 target price on the stock in a report on Monday, October 3rd. Piper Jaffray Cos. lowered Fitbit from a “neutral” rating to an “underweight” rating and lowered their target price for the company from $14.00 to $8.00 in a report on Thursday, November 3rd. Oppenheimer Holdings Inc. reaffirmed an “outperform” rating and issued a $25.00 target price on shares of Fitbit in a report on Wednesday, November 2nd. Finally, Wedbush lowered Fitbit from an “outperform” rating to a “neutral” rating and lowered their target price for the company from $18.00 to $10.00 in a report on Thursday, November 3rd. Five research analysts have rated the stock with a sell rating, sixteen have given a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $15.75.

In other news, EVP Andy Missan sold 15,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 6th. The stock was sold at an average price of $15.14, for a total value of $227,100.00. Following the transaction, the executive vice president now owns 50,000 shares of the company’s stock, valued at $757,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Steven Joseph Murray sold 151,912 shares of the company’s stock in a transaction that occurred on Tuesday, August 30th. The shares were sold at an average price of $15.07, for a total value of $2,289,313.84. The disclosure for this sale can be found here. 37.29% of the stock is owned by insiders.

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