Schwab Charles Investment Management Inc. Acquires 97,997 Shares of Fitbit Inc (FIT)

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Schwab Charles Investment Management Inc. raised its holdings in Fitbit Inc (NYSE:FIT) by 11.9% during the 1st quarter, HoldingsChannel reports. The firm owned 920,339 shares of the scientific and technical instruments company’s stock after purchasing an additional 97,997 shares during the quarter. Schwab Charles Investment Management Inc.’s holdings in Fitbit were worth $4,694,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in FIT. Teacher Retirement System of Texas lifted its holdings in shares of Fitbit by 339.4% in the fourth quarter. Teacher Retirement System of Texas now owns 56,281 shares of the scientific and technical instruments company’s stock valued at $321,000 after purchasing an additional 43,472 shares in the last quarter. Swiss National Bank lifted its holdings in shares of Fitbit by 8.0% in the fourth quarter. Swiss National Bank now owns 284,300 shares of the scientific and technical instruments company’s stock valued at $1,623,000 after purchasing an additional 21,000 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Fitbit by 10.0% in the fourth quarter. The Manufacturers Life Insurance Company now owns 150,340 shares of the scientific and technical instruments company’s stock valued at $858,000 after purchasing an additional 13,616 shares in the last quarter. Raymond James Financial Services Advisors Inc. lifted its holdings in shares of Fitbit by 32.7% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 86,233 shares of the scientific and technical instruments company’s stock valued at $492,000 after purchasing an additional 21,265 shares in the last quarter. Finally, BlackRock Inc. lifted its holdings in shares of Fitbit by 17.9% in the fourth quarter. BlackRock Inc. now owns 12,861,670 shares of the scientific and technical instruments company’s stock valued at $73,441,000 after purchasing an additional 1,956,979 shares in the last quarter. 61.56% of the stock is currently owned by institutional investors.

Shares of Fitbit opened at $6.77 on Tuesday, according to Marketbeat.com. The company has a market cap of $1.47 billion, a P/E ratio of -10.42 and a beta of 1.88. Fitbit Inc has a 1 year low of $4.51 and a 1 year high of $7.79.

Fitbit (NYSE:FIT) last posted its quarterly earnings results on Wednesday, May 2nd. The scientific and technical instruments company reported ($0.17) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.20) by $0.03. The company had revenue of $248.00 million for the quarter, compared to the consensus estimate of $247.35 million. Fitbit had a negative net margin of 19.05% and a negative return on equity of 19.17%. Fitbit’s revenue was down 17.1% on a year-over-year basis. During the same quarter last year, the firm posted ($0.15) earnings per share. research analysts forecast that Fitbit Inc will post -0.64 EPS for the current fiscal year.

Several analysts have issued reports on FIT shares. Roth Capital set a $8.00 price target on shares of Fitbit and gave the company a “buy” rating in a report on Tuesday, May 1st. Morgan Stanley downgraded shares of Fitbit from an “equal weight” rating to an “underweight” rating and reduced their price target for the company from $5.00 to $4.00 in a report on Monday, April 2nd. ValuEngine downgraded shares of Fitbit from a “buy” rating to a “hold” rating in a research note on Tuesday, May 8th. Wedbush set a $6.00 price objective on shares of Fitbit and gave the company a “hold” rating in a research note on Saturday, June 9th. Finally, Bank of America reissued an “underperform” rating on shares of Fitbit in a research note on Tuesday, February 27th. Four research analysts have rated the stock with a sell rating, twelve have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $5.94.

In other Fitbit news, Director Steven Joseph Murray sold 500,000 shares of the stock in a transaction that occurred on Monday, May 7th. The shares were sold at an average price of $4.97, for a total transaction of $2,485,000.00. Following the transaction, the director now owns 11,442 shares of the company’s stock, valued at $56,866.74. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Andy Missan sold 5,000 shares of the stock in a transaction that occurred on Friday, June 1st. The stock was sold at an average price of $5.50, for a total transaction of $27,500.00. Following the transaction, the executive vice president now directly owns 145,495 shares in the company, valued at approximately $800,222.50. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,290,572 shares of company stock worth $6,587,024. 19.84% of the stock is currently owned by insiders.

Fitbit Profile

Fitbit, Inc, a technology company, provides health solutions in the United States and internationally. The company offers a line of devices, including Fitbit Surge, Fitbit Blaze, Fitbit Charge 2, Alta HR, Alta, Fitbit Flex 2, Fitbit One, and Fitbit Zip activity trackers; Fitbit Ionic 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.

Want to see what other hedge funds are holding FIT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fitbit Inc (NYSE:FIT).

Institutional Ownership by Quarter for Fitbit (NYSE:FIT)

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