California Public Employees Retirement System cut its stake in shares of Fitbit, Inc. (NYSE:FIT) by 4.1% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 477,000 shares of the scientific and technical instruments company’s stock after selling 20,600 shares during the period. California Public Employees Retirement System owned about 0.21% of Fitbit worth $2,824,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently made changes to their positions in the stock. Guggenheim Capital LLC raised its position in shares of Fitbit by 6.7% in the fourth quarter. Guggenheim Capital LLC now owns 36,211 shares of the scientific and technical instruments company’s stock valued at $266,000 after buying an additional 2,264 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its position in shares of Fitbit by 14.5% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 33,666 shares of the scientific and technical instruments company’s stock valued at $199,000 after buying an additional 4,271 shares during the last quarter. UBS Asset Management Americas Inc. raised its position in shares of Fitbit by 5.8% in the first quarter. UBS Asset Management Americas Inc. now owns 86,177 shares of the scientific and technical instruments company’s stock valued at $510,000 after buying an additional 4,732 shares during the last quarter. Intellectus Partners LLC raised its position in shares of Fitbit by 6.2% in the first quarter. Intellectus Partners LLC now owns 155,096 shares of the scientific and technical instruments company’s stock valued at $918,000 after buying an additional 9,100 shares during the last quarter. Finally, Allianz Asset Management AG acquired a new position in shares of Fitbit during the fourth quarter valued at about $146,000. 55.71% of the stock is owned by hedge funds and other institutional investors.
Fitbit, Inc. (NYSE FIT) opened at 5.64 on Friday. The stock has a 50 day moving average price of $5.46 and a 200-day moving average price of $5.70. Fitbit, Inc. has a 52 week low of $4.90 and a 52 week high of $17.18. The firm’s market capitalization is $1.30 billion.
Fitbit (NYSE:FIT) last posted its earnings results on Wednesday, August 2nd. The scientific and technical instruments company reported ($0.08) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.15) by $0.07. The company had revenue of $353.30 million for the quarter, compared to analysts’ expectations of $341.24 million. Fitbit had a negative return on equity of 20.15% and a negative net margin of 13.79%. Fitbit’s quarterly revenue was down 39.8% on a year-over-year basis. During the same period last year, the firm earned $0.12 earnings per share. Analysts anticipate that Fitbit, Inc. will post ($0.31) EPS for the current fiscal year.
Several equities analysts have recently issued reports on the company. Deutsche Bank AG reiterated a “hold” rating and issued a $5.50 price target on shares of Fitbit in a research note on Wednesday. Zacks Investment Research upgraded Fitbit from a “hold” rating to a “buy” rating and set a $6.50 price target on the stock in a research note on Tuesday. Oppenheimer Holdings, Inc. restated an “outperform” rating and set a $8.00 price objective on shares of Fitbit in a research report on Friday, August 4th. Benchmark Co. restated a “buy” rating on shares of Fitbit in a research report on Thursday, August 3rd. Finally, Longbow Research restated a “hold” rating on shares of Fitbit in a research report on Thursday, August 3rd. Six equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. Fitbit presently has a consensus rating of “Hold” and a consensus target price of $7.93.
In related news, Director Steven Joseph Murray sold 500,000 shares of the firm’s stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $5.73, for a total value of $2,865,000.00. Following the sale, the director now directly owns 11,442 shares of the company’s stock, valued at $65,562.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Andy Missan sold 10,000 shares of the firm’s stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $5.57, for a total value of $55,700.00. Following the completion of the sale, the executive vice president now directly owns 62,702 shares in the company, valued at $349,250.14. The disclosure for this sale can be found here. Insiders sold 1,045,000 shares of company stock worth $5,770,100 over the last three months. 29.10% of the stock is owned by insiders.
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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