Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp acquired a new stake in Fitbit Inc. (NYSE:FIT) during the third quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 148,180 shares of the company’s stock, valued at approximately $2,199,000.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Renaissance Technologies LLC purchased a new position in shares of Fitbit during the first quarter valued at about $12,075,000. LPL Financial LLC boosted its position in shares of Fitbit by 52.1% in the first quarter. LPL Financial LLC now owns 86,664 shares of the company’s stock valued at $1,309,000 after buying an additional 29,700 shares during the last quarter. Creative Planning boosted its position in shares of Fitbit by 304.6% in the second quarter. Creative Planning now owns 42,219 shares of the company’s stock valued at $516,000 after buying an additional 31,784 shares during the last quarter. Penn Davis Mcfarland Inc. purchased a new position in shares of Fitbit during the second quarter valued at about $4,395,000. Finally, Nordea Investment Management AB purchased a new position in shares of Fitbit during the second quarter valued at about $696,000. Hedge funds and other institutional investors own 64.78% of the company’s stock.
Fitbit Inc. (NYSE:FIT) traded down 1.29% during trading on Monday, reaching $8.40. The company’s stock had a trading volume of 6,674,428 shares. The company has a market capitalization of $1.88 billion, a PE ratio of 20.39 and a beta of 3.29. Fitbit Inc. has a 52 week low of $8.32 and a 52 week high of $34.68. The company has a 50 day moving average price of $11.27 and a 200-day moving average price of $13.52.
Fitbit (NYSE:FIT) last issued its earnings results on Wednesday, November 2nd. The company reported $0.19 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.19. The business earned $503.80 million during the quarter, compared to the consensus estimate of $506.93 million. Fitbit had a return on equity of 11.94% and a net margin of 4.67%. The company’s revenue for the quarter was up 23.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.24 EPS. Equities research analysts anticipate that Fitbit Inc. will post $0.58 earnings per share for the current year.
FIT has been the subject of several research analyst reports. Wedbush restated an “outperform” rating and issued a $18.00 price objective on shares of Fitbit in a research note on Monday, August 1st. Deutsche Bank AG raised their price objective on Fitbit from $28.00 to $29.00 and gave the stock a “buy” rating in a research note on Wednesday, August 3rd. Morgan Stanley reduced their price target on Fitbit from $32.00 to $31.00 and set an “overweight” rating for the company in a research report on Wednesday, August 3rd. Bank of America Corp. reiterated a “buy” rating and set a $24.00 price target (down from $29.00) on shares of Fitbit in a research report on Wednesday, August 3rd. Finally, Longbow Research reiterated a “buy” rating and set a $20.00 price target on shares of Fitbit in a research report on Wednesday, August 3rd. Five investment analysts have rated the stock with a sell rating, sixteen have given a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $15.75.
In other news, major shareholder Philip Douglas Black sold 50,000 shares of the stock in a transaction that occurred on Monday, November 7th. The stock was 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 available through the SEC website. Also, Director Steven Joseph Murray sold 151,912 shares of the stock in a transaction that occurred on Tuesday, August 30th. The stock was 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. Insiders own 37.29% 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.