Analysts Viewpoints: Fitbit Inc (FIT)

Henrietta Strickland
April 3, 2018

Morgan Stanley has decreased Fitbit (NYSE:FIT) stock to a Sell in an analyst report revealed to investors on Monday morning, and has set a 12-month PT at $4.0000. They now have a $4.00 price objective on the scientific and technical instruments company's stock, down from their previous price objective of $5.00. Brokerage firms on the street have price targets on the name ranging from $4.5 to $10 based on 11 opinions.

A number of hedge funds and other institutional investors have recently modified their holdings of FIT. Analysts on average have given a price target of $6.22 to Fitbit Inc. stock. (NYSE:FIT) on Thursday, November 3 to "Neutral" rating. Roth Capital began coverage on shares of Fitbit in a research report on Friday, January 5th. They set a "buy" rating and a $10.00 target price on the stock. Finally, Piper Jaffray Cos. restated a neutral rating and issued a $14.00 target price on shares of Fitbit in a report on Tuesday, November 1st. Momo given 9 buy-equivalent recommendations, 0 sells and 1 holds. Price Target plays a critical role when it comes to the analysis of a Stock. Also, Fitbit, Inc. (FIT) needs to overturn a -13.12% decrease it experienced over the past twelve months. The company's beta value is at 0. Fitbit has a 52-week low of $4.67 and a 52-week high of $7.32. However the company reported $-0.15 earnings per share for the same quarter during past year. The scientific and technical instruments company reported ($0.12) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.06). The company earned $503.80 million during the quarter, compared to the consensus estimate of $506.93 million. Analysts expect that Fitbit will post $0.58 EPS for the current fiscal year. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Andy Missan sold 5,000 shares of the firm's stock in a transaction that occurred on Tuesday, January 2nd.

On 2/1/2018 Jon Callaghan, Director, sold 15,000 with an average share price of $5.17 per share and the total transaction amounting to $77,550.00. Creative Planning now owns 42,219 shares of the company's stock worth $516,000 after buying an additional 31,784 shares during the last quarter. The disclosure for this sale can be found here. Currently, 16.5% of the shares of the stock are short sold. (MOMO) stock brought in a $1.77 rise to $37.38. Fitbit had a net margin of 4.67% and a return on equity of 12.22%. Commerzbank Aktiengesellschaft FI raised its position in shares of Fitbit by 16.8% in the second quarter. Its book value per share for the most recent quarter is $3.5 while its price to book ratio for the same period is 1.46, as for as the company's cash per share for the most recent quarter is $2.77, however its price to cash per share ratio for the same period is 1.84. Allianz Asset Management GmbH grew its position in Fitbit by 25.2% in the 3rd quarter. The stock has a market capitalization of $1.16 Billion however its outstanding shares are 227.96 Million. Sumitomo Mitsui Asset Management Company LTD now owns 5,743,980 shares of the scientific and technical instruments company's stock valued at $32,798,000 after acquiring an additional 472,075 shares in the last quarter. Stone Ridge Asset Management LLC purchased a new stake in Fitbit in the fourth quarter worth $139,000. DnB Asset Management AS now owns 17,685,592 shares of the scientific and technical instruments company's stock valued at $100,985,000 after buying an additional 3,145,026 shares during the last quarter.

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San Francisco-based Fitbit has attempted to revive sales with new products such as its Ionic watch, with a screen for workout videos and other health monitoring features, as well as Bluetooth earphones, a new Aria fitness tracker and an upgrade to its subscription-based fitness-coaching product.

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