Fitbit Inc (FIT) Shares Bought by Wells Fargo & Company MN

Wells Fargo & Company MN raised its holdings in Fitbit Inc (NYSE:FIT) by 40.4% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 236,922 shares of the scientific and technical instruments company’s stock after purchasing an additional 68,149 shares during the quarter. Wells Fargo & Company MN owned approximately 0.12% of Fitbit worth $1,649,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Vanguard Group Inc. raised its position in Fitbit by 13.9% in the 2nd quarter. Vanguard Group Inc. now owns 12,808,192 shares of the scientific and technical instruments company’s stock valued at $68,012,000 after purchasing an additional 1,567,672 shares during the last quarter. Sumitomo Mitsui Asset Management Company LTD raised its position in Fitbit by 27.9% in the 3rd quarter. Sumitomo Mitsui Asset Management Company LTD now owns 5,271,905 shares of the scientific and technical instruments company’s stock valued at $36,692,000 after purchasing an additional 1,149,580 shares during the last quarter. Renaissance Technologies LLC raised its position in Fitbit by 193.6% in the 2nd quarter. Renaissance Technologies LLC now owns 4,741,700 shares of the scientific and technical instruments company’s stock valued at $25,178,000 after purchasing an additional 3,126,706 shares during the last quarter. State Street Corp raised its position in Fitbit by 68.0% in the 2nd quarter. State Street Corp now owns 3,330,776 shares of the scientific and technical instruments company’s stock valued at $17,686,000 after purchasing an additional 1,348,058 shares during the last quarter. Finally, Artemis Investment Management LLP raised its position in Fitbit by 2.0% in the 3rd quarter. Artemis Investment Management LLP now owns 2,585,000 shares of the scientific and technical instruments company’s stock valued at $18,028,000 after purchasing an additional 50,000 shares during the last quarter. Hedge funds and other institutional investors own 58.25% of the company’s stock.

Several brokerages have issued reports on FIT. Vetr downgraded Fitbit from a “hold” rating to a “sell” rating and set a $6.67 price objective for the company. in a research report on Thursday, September 28th. Cleveland Research restated a “hold” rating on shares of Fitbit in a research report on Thursday, December 21st. Dougherty & Co restated a “neutral” rating on shares of Fitbit in a research report on Wednesday, September 27th. Zacks Investment Research upgraded Fitbit from a “hold” rating to a “buy” rating and set a $7.25 target price for the company in a research report on Tuesday, September 26th. Finally, Cowen set a $6.00 target price on Fitbit and gave the stock a “hold” rating in a research report on Monday, October 23rd. Five equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and nine have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $7.05.

Shares of Fitbit Inc (FIT) opened at $5.56 on Friday. The company has a market capitalization of $1,136.17, a PE ratio of -3.37 and a beta of 2.58. Fitbit Inc has a fifty-two week low of $4.90 and a fifty-two week high of $7.47.

Fitbit (NYSE:FIT) last released its quarterly earnings data on Wednesday, November 1st. The scientific and technical instruments company reported ($0.01) EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.03. The business had revenue of $392.50 million during the quarter, compared to the consensus estimate of $391.70 million. Fitbit had a negative return on equity of 28.33% and a negative net margin of 23.35%. The firm’s revenue was down 22.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.19 earnings per share. equities analysts expect that Fitbit Inc will post -0.49 earnings per share for the current fiscal year.

In related news, Director Steven Joseph Murray sold 966,641 shares of the company’s stock in a transaction dated Wednesday, November 15th. The stock was sold at an average price of $6.09, for a total value of $5,886,843.69. Following the completion of the sale, the director now owns 11,442 shares in the company, valued at $69,681.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jon Callaghan sold 15,000 shares of the company’s stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $6.81, for a total value of $102,150.00. The disclosure for this sale can be found here. Insiders sold 1,026,841 shares of company stock valued at $6,268,204 in the last quarter. 29.10% of the stock is currently owned by corporate insiders.

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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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Institutional Ownership by Quarter for Fitbit (NYSE:FIT)

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