TLW Wealth Management LLC Has $2.10 Million Position in Fitbit Inc (NYSE:FIT)

TLW Wealth Management LLC reduced its stake in Fitbit Inc (NYSE:FIT) by 3.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 477,736 shares of the scientific and technical instruments company’s stock after selling 15,450 shares during the period. Fitbit accounts for approximately 2.2% of TLW Wealth Management LLC’s investment portfolio, making the stock its 22nd biggest position. TLW Wealth Management LLC owned approximately 0.21% of Fitbit worth $2,102,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. Bank of New York Mellon Corp boosted its holdings in shares of Fitbit by 10.2% in the fourth quarter. Bank of New York Mellon Corp now owns 937,916 shares of the scientific and technical instruments company’s stock valued at $4,661,000 after acquiring an additional 86,757 shares in the last quarter. Northern Trust Corp boosted its holdings in Fitbit by 1.9% during the fourth quarter. Northern Trust Corp now owns 2,563,708 shares of the scientific and technical instruments company’s stock worth $12,742,000 after buying an additional 48,103 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Fitbit by 11.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 4,670,215 shares of the scientific and technical instruments company’s stock worth $23,212,000 after buying an additional 464,411 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Fitbit by 22.5% during the fourth quarter. Geode Capital Management LLC now owns 2,604,047 shares of the scientific and technical instruments company’s stock worth $12,942,000 after buying an additional 478,474 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in Fitbit by 36.4% during the fourth quarter. Principal Financial Group Inc. now owns 28,540 shares of the scientific and technical instruments company’s stock worth $142,000 after buying an additional 7,622 shares in the last quarter. Hedge funds and other institutional investors own 69.54% of the company’s stock.

NYSE:FIT traded down $0.08 during trading hours on Tuesday, reaching $3.12. 175,807 shares of the company’s stock were exchanged, compared to its average volume of 5,395,931. The stock has a market cap of $722.68 million, a P/E ratio of -5.22 and a beta of 1.48. Fitbit Inc has a 12 month low of $3.15 and a 12 month high of $6.96. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.87 and a quick ratio of 1.57. The stock has a 50-day moving average price of $4.28.

Fitbit (NYSE:FIT) last issued its quarterly earnings results on Wednesday, July 31st. The scientific and technical instruments company reported ($0.22) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.25) by $0.03. The business had revenue of $313.56 million during the quarter, compared to the consensus estimate of $311.59 million. Fitbit had a negative net margin of 8.69% and a negative return on equity of 15.25%. The firm’s quarterly revenue was up 4.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.22) EPS. On average, sell-side analysts forecast that Fitbit Inc will post -0.58 EPS for the current year.

A number of brokerages recently weighed in on FIT. Wedbush reduced their target price on shares of Fitbit from $5.00 to $4.00 and set a “neutral” rating for the company in a report on Thursday, August 1st. Citigroup reduced their target price on shares of Fitbit from $5.00 to $2.00 in a report on Thursday, August 1st. Zacks Investment Research upgraded shares of Fitbit from a “hold” rating to a “buy” rating and set a $5.75 target price for the company in a report on Wednesday, May 8th. Finally, ValuEngine upgraded shares of Fitbit from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company. Fitbit currently has a consensus rating of “Hold” and an average target price of $5.32.

In related news, EVP Andy Missan sold 7,500 shares of the company’s stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $4.99, for a total value of $37,425.00. Following the completion of the sale, the executive vice president now owns 116,914 shares in the company, valued at approximately $583,400.86. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In the last 90 days, insiders sold 15,094 shares of company stock valued at $72,897. 18.60% of the stock is 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 Charge 3, Fitbit Surge, Fitbit Blaze, Fitbit Charge 2, Alta HR, Alta, Fitbit Ace, Fitbit Flex 2, Fitbit One, and Fitbit Zip activity trackers; Fitbit Ionic and Fitbit Versa 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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