Macquarie Group Ltd. bought a new stake in shares of Fitbit Inc (NYSE:FIT) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 6,700 shares of the scientific and technical instruments company’s stock, valued at approximately $33,000.
A number of other hedge funds have also recently made changes to their positions in the stock. Stone Ridge Asset Management LLC boosted its stake in Fitbit by 5.0% during the fourth quarter. Stone Ridge Asset Management LLC now owns 52,883 shares of the scientific and technical instruments company’s stock valued at $263,000 after buying an additional 2,495 shares in the last quarter. Hsbc Holdings PLC boosted its stake in Fitbit by 8.5% during the fourth quarter. Hsbc Holdings PLC now owns 61,812 shares of the scientific and technical instruments company’s stock valued at $307,000 after buying an additional 4,831 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Fitbit by 46.5% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 18,443 shares of the scientific and technical instruments company’s stock valued at $92,000 after purchasing an additional 5,854 shares during the last quarter. Legal & General Group Plc lifted its holdings in shares of Fitbit by 10.7% during the fourth quarter. Legal & General Group Plc now owns 78,236 shares of the scientific and technical instruments company’s stock valued at $388,000 after purchasing an additional 7,578 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in shares of Fitbit by 36.4% during the fourth quarter. Principal Financial Group Inc. now owns 28,540 shares of the scientific and technical instruments company’s stock valued at $142,000 after purchasing an additional 7,622 shares during the last quarter. 65.28% of the stock is owned by institutional investors and hedge funds.
Several brokerages have recently commented on FIT. Zacks Investment Research raised Fitbit from a “hold” rating to a “buy” rating and set a $7.00 target price for the company in a report on Friday, January 25th. ValuEngine downgraded Fitbit from a “buy” rating to a “hold” rating in a report on Monday, April 15th. Finally, William Blair reaffirmed a “market perform” rating on shares of Fitbit in a report on Monday, March 11th. Two analysts have rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $6.28.
Shares of NYSE FIT opened at $5.38 on Friday. Fitbit Inc has a 12 month low of $4.23 and a 12 month high of $7.79.
Fitbit (NYSE:FIT) last announced its earnings results on Wednesday, February 27th. The scientific and technical instruments company reported $0.07 EPS for the quarter. The business had revenue of $571.20 million during the quarter, compared to the consensus estimate of $569.30 million. Fitbit had a negative return on equity of 19.03% and a negative net margin of 12.29%. Fitbit’s revenue was up .1% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.02) earnings per share. Equities research analysts anticipate that Fitbit Inc will post -0.43 earnings per share for the current fiscal year.
In related news, EVP Andy Missan sold 7,500 shares of the stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $5.84, for a total value of $43,800.00. Following the completion of the sale, the executive vice president now directly owns 91,640 shares of the company’s stock, valued at approximately $535,177.60. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last three months, insiders sold 30,000 shares of company stock valued at $186,975. Company insiders own 19.84% of the company’s stock.
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Fitbit, Inc, a technology company, provides health solutions in the United States and internationally. The company offers a line of devices, including Fitbit Charge 3, Fitbit Surge, Fitbit Blaze, Fitbit Charge 2, Alta HR, Alta, Fitbit Ace, Fitbit Flex 2, Fitbit One, and Fitbit Zip activity trackers; Fitbit Ionic and Fitbit Versa smartwatches; Fitbit Aria 2 Wi-Fi smart scales; and a range of accessories, such as bands and frames for its devices, as well as Fitbit Flyer, a wireless headphone designed for fitness.
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