$285.92 Million in Sales Expected for Fitbit Inc (FIT) This Quarter

Equities analysts forecast that Fitbit Inc (NYSE:FIT) will post $285.92 million in sales for the current fiscal quarter, according to Zacks Investment Research. Eight analysts have made estimates for Fitbit’s earnings, with the highest sales estimate coming in at $288.40 million and the lowest estimate coming in at $282.00 million. Fitbit posted sales of $353.30 million in the same quarter last year, which suggests a negative year-over-year growth rate of 19.1%. The business is expected to announce its next quarterly earnings results on Wednesday, August 1st.

According to Zacks, analysts expect that Fitbit will report full year sales of $1.46 billion for the current fiscal year, with estimates ranging from $1.43 billion to $1.50 billion. For the next year, analysts expect that the company will report sales of $1.49 billion per share, with estimates ranging from $1.35 billion to $1.74 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research analysts that follow Fitbit.

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Fitbit (NYSE:FIT) last announced its earnings results on Wednesday, May 2nd. The scientific and technical instruments company reported ($0.17) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.20) by $0.03. Fitbit had a negative net margin of 19.05% and a negative return on equity of 19.17%. The business had revenue of $248.00 million for the quarter, compared to the consensus estimate of $247.35 million. During the same quarter in the prior year, the firm posted ($0.15) earnings per share. The business’s revenue for the quarter was down 17.1% on a year-over-year basis.

Several equities research analysts have recently weighed in on FIT shares. Roth Capital set a $8.00 target price on shares of Fitbit and gave the company a “buy” rating in a research note on Tuesday, May 1st. ValuEngine raised shares of Fitbit from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, June 12th. Craig Hallum started coverage on shares of Fitbit in a research note on Monday, March 19th. They issued a “buy” rating on the stock. Zacks Investment Research raised shares of Fitbit from a “sell” rating to a “hold” rating in a research note on Thursday, May 31st. Finally, Morgan Stanley set a $4.00 target price on shares of Fitbit and gave the company a “sell” rating in a research note on Tuesday, May 1st. Four research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $5.94.

In other Fitbit news, Director Steven Joseph Murray sold 260,572 shares of the stock in a transaction dated Wednesday, May 16th. The shares were sold at an average price of $5.20, for a total transaction of $1,354,974.40. Following the transaction, the director now directly owns 11,442 shares in the company, valued at approximately $59,498.40. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Andy Missan sold 5,000 shares of the stock in a transaction dated 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 owns 145,495 shares in the company, valued at $800,222.50. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,290,572 shares of company stock worth $6,587,024. Company insiders own 19.84% of the company’s stock.

A number of institutional investors have recently modified their holdings of the business. BlackRock Inc. grew its holdings in Fitbit by 23.4% during the 1st quarter. BlackRock Inc. now owns 15,875,489 shares of the scientific and technical instruments company’s stock worth $80,964,000 after acquiring an additional 3,013,819 shares in the last quarter. Allianz Asset Management GmbH grew its holdings in Fitbit by 11.1% during the 1st quarter. Allianz Asset Management GmbH now owns 6,751,296 shares of the scientific and technical instruments company’s stock worth $34,432,000 after acquiring an additional 672,285 shares in the last quarter. Renaissance Technologies LLC grew its holdings in Fitbit by 95.9% during the 4th quarter. Renaissance Technologies LLC now owns 2,975,500 shares of the scientific and technical instruments company’s stock worth $16,990,000 after acquiring an additional 1,456,424 shares in the last quarter. Bellevue Group AG bought a new position in Fitbit during the 1st quarter worth about $11,707,000. Finally, Northern Trust Corp grew its holdings in Fitbit by 3.6% during the 1st quarter. Northern Trust Corp now owns 2,168,106 shares of the scientific and technical instruments company’s stock worth $11,058,000 after acquiring an additional 75,327 shares in the last quarter. Institutional investors own 61.56% of the company’s stock.

Shares of FIT traded down $0.11 during midday trading on Tuesday, hitting $7.01. The stock had a trading volume of 10,046,925 shares, compared to its average volume of 11,441,599. Fitbit has a 1 year low of $4.51 and a 1 year high of $7.79. The company has a market cap of $1.50 billion, a P/E ratio of -10.78 and a beta of 1.88.

Fitbit Company 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.

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Earnings History and Estimates for Fitbit (NYSE:FIT)

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