State Treasurer State of Michigan held its position in Fitbit Inc. (NYSE:FIT) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 430,300 shares of the company’s stock at the end of the third quarter. State Treasurer State of Michigan owned 0.19% of Fitbit worth $6,386,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Rathbone Brothers plc increased its position in Fitbit by 6.1% in the second quarter. Rathbone Brothers plc now owns 14,850 shares of the company’s stock worth $181,000 after buying an additional 850 shares during the period. 1832 Asset Management L.P. raised its stake in shares of Fitbit by 7.6% in the second quarter. 1832 Asset Management L.P. now owns 17,000 shares of the company’s stock worth $208,000 after buying an additional 1,200 shares in the last quarter. IFC Holdings Incorporated FL raised its stake in shares of Fitbit by 14.2% in the third quarter. IFC Holdings Incorporated FL now owns 15,295 shares of the company’s stock worth $216,000 after buying an additional 1,896 shares in the last quarter. Diligent Investors LLC raised its stake in shares of Fitbit by 6.5% in the second quarter. Diligent Investors LLC now owns 35,718 shares of the company’s stock worth $436,000 after buying an additional 2,190 shares in the last quarter. Finally, Legal & General Group Plc raised its stake in shares of 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 in the last quarter. 61.63% of the stock is currently owned by institutional investors and hedge funds.
Fitbit Inc. (NYSE:FIT) traded down 1.96% on Friday, reaching $8.51. The company had a trading volume of 4,276,339 shares. Fitbit Inc. has a 12-month low of $8.32 and a 12-month high of $34.68. The stock’s 50 day moving average price is $11.43 and its 200-day moving average price is $13.56. The stock has a market capitalization of $1.90 billion, a PE ratio of 20.66 and a beta of 3.29.
Fitbit (NYSE:FIT) last posted its earnings results on Wednesday, November 2nd. The company reported $0.19 EPS for the quarter, hitting analysts’ consensus estimates of $0.19. Fitbit had a net margin of 4.67% and a return on equity of 11.94%. The business earned $503.80 million during the quarter, compared to the consensus estimate of $506.93 million. During the same quarter in the previous year, the firm posted $0.24 EPS. The firm’s revenue was up 23.1% on a year-over-year basis. Equities analysts expect that Fitbit Inc. will post $0.58 earnings per share for the current fiscal year.
A number of analysts have commented on FIT shares. Pacific Crest lowered Fitbit from a “sector weight” rating to an “underweight” rating and boosted their price objective for the stock from $15.88 to $16.70 in a report on Thursday, September 29th. Mizuho set a $20.00 price objective on Fitbit and gave the stock a “buy” rating in a report on Thursday, September 15th. Vetr raised Fitbit from a “buy” rating to a “strong-buy” rating and set a $17.63 price objective for the company in a report on Tuesday, August 9th. Wedbush reissued an “outperform” rating and set a $18.00 price objective on shares of Fitbit in a report on Thursday, October 27th. Finally, Longbow Research raised Fitbit to a “buy” rating and set a $20.00 price objective for the company in a report on Monday, September 19th. Five research analysts have rated the stock with a sell rating, sixteen have given a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $15.75.
In other news, major shareholder Philip Douglas Black sold 50,000 shares of the business’s stock in a transaction on Monday, November 7th. The shares were sold at an average price of $8.73, for a total transaction of $436,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Andy Missan sold 15,000 shares of the business’s stock in a transaction on Tuesday, September 6th. The shares were sold at an average price of $15.14, for a total transaction of $227,100.00. Following the sale, the executive vice president now directly owns 50,000 shares of the company’s stock, valued at approximately $757,000. The disclosure for this sale can be found here. 37.29% of the stock is currently owned by company insiders.