138,217 Shares in Fitbit Inc (FIT) Purchased by ING Groep NV

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ING Groep NV acquired a new stake in shares of Fitbit Inc (NYSE:FIT) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 138,217 shares of the scientific and technical instruments company’s stock, valued at approximately $903,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Commerzbank Aktiengesellschaft FI grew its position in shares of Fitbit by 2.8% during the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 358,767 shares of the scientific and technical instruments company’s stock valued at $2,343,000 after acquiring an additional 9,778 shares during the period. NumerixS Investment Technologies Inc acquired a new stake in shares of Fitbit during the 2nd quarter valued at about $191,000. Dimensional Fund Advisors LP grew its position in shares of Fitbit by 166.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,661,187 shares of the scientific and technical instruments company’s stock valued at $17,378,000 after acquiring an additional 1,662,496 shares during the period. Swiss National Bank grew its position in shares of Fitbit by 11.2% during the 2nd quarter. Swiss National Bank now owns 339,800 shares of the scientific and technical instruments company’s stock valued at $2,219,000 after acquiring an additional 34,300 shares during the period. Finally, Schwab Charles Investment Management Inc. grew its position in shares of Fitbit by 26.1% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,160,629 shares of the scientific and technical instruments company’s stock valued at $7,579,000 after acquiring an additional 240,290 shares during the period. Institutional investors and hedge funds own 61.58% of the company’s stock.

FIT stock opened at $5.83 on Wednesday. Fitbit Inc has a 12-month low of $4.51 and a 12-month high of $7.79. The stock has a market capitalization of $1.29 billion, a P/E ratio of -8.97 and a beta of 1.77.

Fitbit (NYSE:FIT) last posted its quarterly earnings data on Wednesday, August 1st. The scientific and technical instruments company reported ($0.22) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.24) by $0.02. Fitbit had a negative return on equity of 25.74% and a negative net margin of 23.70%. The company had revenue of $299.34 million for the quarter, compared to analysts’ expectations of $285.40 million. During the same period in the previous year, the firm posted ($0.08) EPS. Fitbit’s revenue was down 15.3% compared to the same quarter last year. equities research analysts anticipate that Fitbit Inc will post -0.7 earnings per share for the current year.

In related news, Director Steven Joseph Murray sold 1,000,000 shares of Fitbit stock in a transaction dated Monday, August 27th. The stock was sold at an average price of $6.22, for a total value of $6,220,000.00. Following the sale, the director now directly owns 42,332 shares in the company, valued at approximately $263,305.04. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Andy Missan sold 5,000 shares of Fitbit stock in a transaction dated Monday, July 2nd. The stock was sold at an average price of $6.48, for a total value of $32,400.00. Following the completion of the sale, the executive vice president now owns 164,759 shares in the company, valued at $1,067,638.32. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,020,000 shares of company stock worth $6,336,000. 19.84% of the stock is currently owned by insiders.

A number of equities research analysts have recently commented on the company. Zacks Investment Research upgraded Fitbit from a “sell” rating to a “hold” rating in a research report on Monday, July 2nd. ValuEngine cut Fitbit from a “buy” rating to a “hold” rating in a research report on Saturday. Stifel Nicolaus raised their target price on Fitbit from $5.50 to $6.00 and gave the company a “hold” rating in a research report on Thursday, August 2nd. Bank of America raised their target price on Fitbit from $4.80 to $5.00 and gave the company a “sell” rating in a research report on Thursday, August 2nd. Finally, Robert W. Baird restated a “hold” rating and set a $6.00 target price on shares of Fitbit in a research report on Thursday, August 2nd. Four analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the company. Fitbit has a consensus rating of “Hold” and a consensus price target of $6.12.

About Fitbit

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.

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Institutional Ownership by Quarter for Fitbit (NYSE:FIT)

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