Equities research analysts expect that Fitbit, Inc. (NYSE:FIT) will announce sales of $340.56 million for the current quarter, according to Zacks Investment Research. Ten analysts have made estimates for Fitbit’s earnings. The lowest sales estimate is $331.74 million and the highest is $350.45 million. Fitbit reported sales of $586.53 million during the same quarter last year, which indicates a negative year over year growth rate of 41.9%. The company is scheduled to report its next earnings report on Tuesday, August 1st.

On average, analysts expect that Fitbit will report full-year sales of $340.56 million for the current year, with estimates ranging from $1.53 billion to $1.70 billion. For the next year, analysts forecast that the firm will report sales of $1.77 billion per share, with estimates ranging from $1.53 billion to $2.13 billion. Zacks’ sales calculations are a mean average based on a survey of analysts that cover Fitbit.

Fitbit (NYSE:FIT) last issued its quarterly earnings results on Wednesday, May 3rd. The scientific and technical instruments company reported ($0.15) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.25) by $0.10. Fitbit had a negative return on equity of 14.57% and a negative net margin of 8.86%. The business had revenue of $298.94 million for the quarter, compared to analyst estimates of $277.48 million.

FIT has been the topic of a number of research reports. Dougherty & Co reiterated a “neutral” rating on shares of Fitbit in a research report on Tuesday, February 21st. SunTrust Banks, Inc. reiterated a “hold” rating and set a $7.00 price target on shares of Fitbit in a research report on Wednesday, February 22nd. FIX restated an “outperform” rating and issued a $8.00 target price on shares of Fitbit in a research report on Thursday, February 23rd. Pacific Crest restated an “equal weight” rating on shares of Fitbit in a research report on Friday, February 24th. Finally, Raymond James Financial, Inc. restated an “outperform” rating and issued a $9.00 target price on shares of Fitbit in a research report on Monday, February 27th. Five analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $8.92.

In related news, Director Steven Joseph Murray sold 500,000 shares of the stock in a transaction on Friday, May 26th. The stock was sold at an average price of $5.33, for a total transaction of $2,665,000.00. Following the completion of the sale, the director now directly owns 11,442 shares in the company, valued at $60,985.86. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Christopher B. Paisley acquired 25,000 shares of the business’s stock in a transaction that occurred on Monday, June 5th. The shares were purchased at an average price of $5.39 per share, with a total value of $134,750.00. Following the completion of the acquisition, the director now owns 36,442 shares of the company’s stock, valued at approximately $196,422.38. The disclosure for this purchase can be found here. 29.10% of the stock is owned by corporate insiders.

Several hedge funds have recently made changes to their positions in the company. Guggenheim Capital LLC raised its stake in shares of Fitbit by 6.7% in the fourth quarter. Guggenheim Capital LLC now owns 36,211 shares of the scientific and technical instruments company’s stock valued at $266,000 after buying an additional 2,264 shares in the last quarter. Raymond James Financial Services Advisors Inc. raised its stake in shares of Fitbit by 14.5% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 33,666 shares of the scientific and technical instruments company’s stock valued at $199,000 after buying an additional 4,271 shares in the last quarter. UBS Asset Management Americas Inc. raised its stake in shares of Fitbit by 5.8% in the first quarter. UBS Asset Management Americas Inc. now owns 86,177 shares of the scientific and technical instruments company’s stock valued at $510,000 after buying an additional 4,732 shares in the last quarter. Oppenheimer & Co. Inc. raised its stake in shares of Fitbit by 18.3% in the first quarter. Oppenheimer & Co. Inc. now owns 35,913 shares of the scientific and technical instruments company’s stock valued at $213,000 after buying an additional 5,550 shares in the last quarter. Finally, Intellectus Partners LLC raised its stake in shares of Fitbit by 6.2% in the first quarter. Intellectus Partners LLC now owns 155,096 shares of the scientific and technical instruments company’s stock valued at $918,000 after buying an additional 9,100 shares in the last quarter. Institutional investors and hedge funds own 56.32% of the company’s stock.

Shares of Fitbit (FIT) opened at 5.06 on Friday. The stock’s market cap is $1.16 billion. Fitbit has a 52 week low of $4.99 and a 52 week high of $17.18. The stock’s 50 day moving average price is $5.58 and its 200-day moving average price is $6.29.

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Fitbit Company Profile

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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