Fitbit, Inc. (FIT) Shares Bought by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company grew its position in shares of Fitbit, Inc. (NYSE:FIT) by 2,045.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 139,450 shares of the scientific and technical instruments company’s stock after buying an additional 132,949 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.06% of Fitbit worth $741,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently modified their holdings of the business. State Street Corp grew its stake in Fitbit by 68.0% during the second quarter. State Street Corp now owns 3,330,776 shares of the scientific and technical instruments company’s stock worth $17,686,000 after buying an additional 1,348,058 shares during the last quarter. Royal Bank of Canada grew its stake in Fitbit by 138.9% during the second quarter. Royal Bank of Canada now owns 303,155 shares of the scientific and technical instruments company’s stock worth $1,610,000 after buying an additional 176,267 shares during the last quarter. HighTower Advisors LLC grew its stake in Fitbit by 5.6% during the second quarter. HighTower Advisors LLC now owns 32,831 shares of the scientific and technical instruments company’s stock worth $174,000 after buying an additional 1,735 shares during the last quarter. PDT Partners LLC bought a new stake in Fitbit during the second quarter worth about $2,528,000. Finally, Summit Street Capital Management LLC grew its stake in Fitbit by 5.2% during the second quarter. Summit Street Capital Management LLC now owns 490,665 shares of the scientific and technical instruments company’s stock worth $2,605,000 after buying an additional 24,188 shares during the last quarter. 52.76% of the stock is currently owned by hedge funds and other institutional investors.

Fitbit, Inc. (NYSE:FIT) opened at $6.23 on Friday. Fitbit, Inc. has a 52 week low of $4.90 and a 52 week high of $9.05.

Fitbit (NYSE:FIT) last announced its quarterly earnings data on Wednesday, November 1st. The scientific and technical instruments company reported ($0.01) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.03. Fitbit had a negative net margin of 23.35% and a negative return on equity of 28.33%. The firm had revenue of $392.50 million for the quarter, compared to analysts’ expectations of $391.70 million. During the same period last year, the firm earned $0.19 earnings per share. The business’s revenue for the quarter was down 22.1% on a year-over-year basis. research analysts forecast that Fitbit, Inc. will post -0.49 earnings per share for the current fiscal year.

In other Fitbit news, Director Jon Callaghan sold 15,000 shares of the stock in a transaction on Friday, September 1st. The shares were sold at an average price of $5.90, for a total value of $88,500.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Steven Joseph Murray sold 966,641 shares of the stock in a transaction on Wednesday, November 15th. The stock was sold at an average price of $6.09, for a total transaction of $5,886,843.69. Following the completion of the sale, the director now owns 11,442 shares in the company, valued at $69,681.78. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,051,841 shares of company stock worth $6,444,704. Insiders own 29.10% of the company’s stock.

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Several analysts have weighed in on the stock. Stifel Nicolaus reaffirmed a “hold” rating and set a $6.00 price objective on shares of Fitbit in a research note on Friday, November 3rd. Zacks Investment Research raised shares of Fitbit from a “hold” rating to a “buy” rating and set a $6.75 price objective on the stock in a research note on Monday, October 30th. Cowen and Company set a $6.00 price objective on shares of Fitbit and gave the stock a “hold” rating in a research note on Monday, October 23rd. Morgan Stanley upped their price objective on shares of Fitbit from $6.50 to $7.00 and gave the stock an “equal weight” rating in a research note on Friday, October 20th. Finally, Vetr raised shares of Fitbit from a “hold” rating to a “buy” rating and set a $6.67 price objective on the stock in a research note on Thursday, October 19th. Four equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and eight have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $7.15.

About Fitbit

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.

Institutional Ownership by Quarter for Fitbit (NYSE:FIT)

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