S Squared Technology LLC maintained its position in shares of Fitbit, Inc. (NYSE:FIT) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 430,000 shares of the scientific and technical instruments company’s stock at the end of the second quarter. Fitbit makes up 2.0% of S Squared Technology LLC’s holdings, making the stock its 21st biggest holding. S Squared Technology LLC owned 0.23% of Fitbit worth $2,283,000 as of its most recent SEC filing.
Other institutional investors also recently added to or reduced their stakes in the company. Principal Financial Group Inc. acquired a new position in shares of Fitbit in the second quarter valued at approximately $114,000. Kissinger Financial Services LLC acquired a new position in shares of Fitbit in the second quarter valued at approximately $153,000. Capital Fund Management S.A. acquired a new position in shares of Fitbit in the second quarter valued at approximately $157,000. Croft Leominster Inc. acquired a new position in shares of Fitbit in the first quarter valued at approximately $166,000. Finally, HighTower Advisors LLC acquired a new position in shares of Fitbit in the first quarter valued at approximately $185,000. Institutional investors own 56.04% of the company’s stock.
Several research analysts have recently weighed in on the stock. Vetr cut shares of Fitbit from a “strong-buy” rating to a “hold” rating and set a $6.72 price target for the company. in a report on Thursday. Oppenheimer Holdings, Inc. reiterated an “outperform” rating and issued a $8.00 price target on shares of Fitbit in a report on Tuesday, August 29th. Zacks Investment Research upgraded shares of Fitbit from a “hold” rating to a “buy” rating and set a $6.50 price target for the company in a report on Tuesday, August 29th. Deutsche Bank AG reiterated a “hold” rating and issued a $5.50 price target on shares of Fitbit in a report on Wednesday, August 9th. Finally, Robert W. Baird reiterated a “neutral” rating and issued a $6.00 price target on shares of Fitbit in a report on Tuesday, September 5th. Six analysts have rated the stock with a sell rating, fifteen have given a hold rating and six have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $7.97.
Shares of Fitbit, Inc. (FIT) traded up 0.238% during trading on Monday, hitting $6.305. 2,198,461 shares of the stock traded hands. The stock has a 50 day moving average price of $5.63 and a 200-day moving average price of $5.63. The stock’s market cap is $1.47 billion. Fitbit, Inc. has a 1-year low of $4.90 and a 1-year high of $17.18.
Fitbit (NYSE:FIT) last issued its quarterly earnings results on Wednesday, August 2nd. The scientific and technical instruments company reported ($0.08) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.15) by $0.07. The company had revenue of $353.30 million for the quarter, compared to the consensus estimate of $341.24 million. Fitbit had a negative net margin of 13.79% and a negative return on equity of 20.67%. The firm’s quarterly revenue was down 39.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.12 EPS. Equities analysts forecast that Fitbit, Inc. will post ($0.31) EPS for the current year.
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In related news, Director Steven Joseph Murray sold 500,000 shares of the business’s stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $5.73, for a total value of $2,865,000.00. Following the transaction, the director now directly owns 11,442 shares of the company’s stock, valued at approximately $65,562.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Jon Callaghan sold 15,000 shares of the business’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $5.31, for a total transaction of $79,650.00. The disclosure for this sale can be found here. Insiders sold a total of 555,000 shares of company stock worth $3,167,450 over the last three months. 29.10% of the stock is owned by insiders.
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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