Northern Trust Corp Grows Stake in Fitbit Inc (FIT)

(NYSE:FIT) will test short term resistance at around $6.27. Swiss National Bank now owns 339,800 shares of the scientific and technical instruments company's stock valued at $2,219,000 after purchasing an additional 34,300 shares in the last quarter.

Several other large investors have also added to or reduced their stakes in the company. Xact Kapitalforvaltning AB increased its position in shares of Fitbit by 69.7% during the 1st quarter. Commerzbank Aktiengesellschaft FI boosted its holdings in Fitbit by 2.8% during the second quarter. Private Advisor Group LLC boosted its position in shares of Fitbit by 60.4% during the third quarter. Finally, Swiss National Bank increased its holdings in shares of Fitbit by 11.2% during the 2nd quarter. Rhumbline Advisers now owns 208,891 shares of the scientific and technical instruments company's stock worth $1,364,000 after buying an additional 16,600 shares in the last quarter.

Large investors have recently bought and sold shares of the company. (NYSE:FIT) has 25% bullish analysts. Bank of America increased their price target on shares of Fitbit from $4.80 to $5.00 and gave the stock a "sell" rating in a report on Thursday, August 2nd. William Blair reaffirmed a market perform rating on shares of Fitbit in a report on Friday, September 21st. On Thursday, June 7 the rating was maintained by Wedbush with "Hold". MED upgraded Fitbit from a "neutral" rating to an "outperform" rating and set a $6.50 target price on the stock in a research report on Friday, October 12th. "Buy" rating has 1, "Sell" are 1, while 2 are "Hold". Four research analysts have rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the stock. The brokerage now has a sell rating on the scientific and technical instruments company's stock. Wall Street analysts covering the stock are projecting that the stock will reach $6.5 within the next 52-weeks. Commonly referred to as "market cap", it is calculated by multiplying a company's shares outstanding by the current market price of one share. Fitbit has a twelve month low of $4.23 and a twelve month high of $7.79.

Fitbit (NYSE:FIT) posted its earnings results on Wednesday. The scientific and technical instruments company reported $0.04 EPS for the quarter, beating analysts' consensus estimates of ($0.01) by $0.05, Briefing.com reports. Similarly, the company has Return on Assets of -25, Return on Equity of -46.2 and Return on Investment of -28.9. The firm's revenue for the quarter was up.3% on a year-over-year basis. During the same quarter a year ago, the company earned ($0.01) earnings per share.

According to analysts Fitbit Inc (NYSE:FIT)'s minimum EPS for the current quarter is at $0.04 and can go high up to $0.11. Also, EVP Andy Missan sold 7,500 shares of Fitbit stock in a transaction that occurred on Wednesday, October 10th. Following the completion of the transaction, the director now owns 42,332 shares of the company's stock, valued at $263,305.04. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The stock was sold at an average price of $5.43, for a total value of $54,300.00. Following the completion of the transaction, the executive vice president now directly owns 176,739 shares in the company, valued at $841,277.64. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,025,000 shares of company stock worth $6,354,550.

Many value shareholders look for stocks with a high percentage of insider ownership, under the theory that when administration is shareholders, they will act in its own self-interest, and create shareholder value in the long-term.

Fitbit, Inc, a technology company, provides health solutions in the United States and internationally.

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