Fitbit Inc. (NYSE:FIT) Receives Average Recommendation of “Buy” from Brokerages

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Shares of Fitbit Inc. (NYSE:FIT) have been assigned a consensus recommendation of “Buy” from the twenty-eight research firms that are covering the firm. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $23.82.
In related news, major shareholder Philip Douglas Black sold 50,000 shares of the stock in a transaction dated Thursday, August 4th. The shares were sold at an average price of $15.62, for a total value of $781,000.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Steven Joseph Murray sold 848,088 shares of the stock in a transaction dated Wednesday, August 24th. The stock was sold at an average price of $15.14, for a total transaction of $12,840,052.32. The disclosure for this sale can be found here. 37.29% of the stock is currently owned by corporate insiders.
Several equities research analysts have recently issued reports on FIT shares. Morgan Stanley reissued an “overweight” rating and issued a $31.00 price objective on shares of Fitbit in a research report on Wednesday, August 31st. Leerink Swann reissued a “market perform” rating and issued a $16.00 price objective on shares of Fitbit in a research report on Tuesday, August 30th. Wedbush reissued an “outperform” rating and issued a $18.00 price objective on shares of Fitbit in a research report on Wednesday, August 31st. Piper Jaffray Cos. reissued a “neutral” rating and issued a $14.00 price objective on shares of Fitbit in a research report on Wednesday, August 31st. Finally, Raymond James Financial reissued a “buy” rating on shares of Fitbit in a research report on Wednesday, June 22nd.

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Shares of Fitbit (NYSE:FIT) traded down 1.65% during midday trading on Wednesday, reaching $14.86. 8,455,440 shares of the company traded hands. Fitbit has a 12 month low of $11.65 and a 12 month high of $42.04. The company has a 50 day moving average of $14.47 and a 200 day moving average of $14.36. The firm has a market capitalization of $3.30 billion and a P/E ratio of 31.35.
Fitbit (NYSE:FIT) last released its quarterly earnings data on Tuesday, August 2nd. The company reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.01. During the same period in the previous year, the company earned $0.21 EPS. The business earned $586.50 million during the quarter, compared to analyst estimates of $578.48 million. Fitbit’s revenue was up 46.5% on a year-over-year basis. On average, equities research analysts predict that Fitbit will post $1.18 earnings per share for the current fiscal year.
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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