Fitbit Company Profile (NYSE:FIT)

Fitbit trades on the New York Stock Exchange (NYSE) under the ticker symbol "FIT."

Fitbit, Inc. (NYSE:FIT) issued its earnings results on Wednesday, May, 3rd. The company reported ($0.15) earnings per share (EPS) for the quarter, topping the Zacks' consensus estimate of ($0.25) by $0.10. The business earned $298.94 million during the quarter, compared to analysts' expectations of $277.48 million. Fitbit had a negative return on equity of 14.57% and a negative net margin of 8.86%. View Fitbit's Earnings History.

Fitbit issued an update on its FY17 earnings guidance on Wednesday, May, 3rd. The company provided earnings per share guidance of ($0.44)-($0.22) for the period, compared to the Thomson Reuters consensus earnings per share estimate of ($0.35). The company issued revenue guidance of 1.5-1.7 billion, compared to the consensus revenue estimate of $1.58 billion.Fitbit also updated its Q2 guidance to ($0.17)-($0.14) EPS.

22 analysts have issued 12-month price objectives for Fitbit's stock. Their forecasts range from $5.00 to $20.00. On average, they expect Fitbit's stock price to reach $8.48 in the next twelve months. View Analyst Ratings for Fitbit.

Here are some recent quotes from research analysts about Fitbit stock:

• 1. According to Zacks Investment Research, "Fitbit Inc. is a manufacturer of wearable fitness tracking devices. The company reported first-quarter 2017 adjusted loss of 25 cents per share, in line with the Zacks Consensus Estimate. Over the last one year, the stock has underperformed the Zacks characterised Electronic Measuring Instruments Industry. Fitbit’s growth has been slowing down with smartwatches outshining the fitness wearable category, influx of new wearables, lack of upgrades among existing users and lackluster growth in the Asia Pacific region. Management has taken some recovery initiatives that include executive shakeup and cost structuring." (5/9/2017)
• 2. Dougherty & Co analysts commented, "Based on the sell-through indicators we track, the activity tracker market and Fitbit appeared to contract ~15% Y/Y in February. Monthly Google searches for the Fitbit brand were down 15% Y/Y globally in February (vs. -16% Y/Y in January). In the U.S., searches were -28% Y/Y in February vs. -29% Y/Y in January. If we look at searches for all activity tracker brands (including Garmin, Xiaomi, etc.), they were down 15% Y/Y globally in December vs. -19 Y/Y in January. Our sense was that January results may have been distorted by a lack of product announcements for the category at CES, but February showed the contraction to indeed be a trend. Looking at app store rankings, Fitbit appeared comp negatively Y/Y on Valentine's Day, but comp positively most of the balance of the month in the U.S. on both iPhone and Android devices." (3/7/2017)
• 3. FIX analysts commented, "Following Fitbit's pre-announcement of a 4Q16 worse-than-already-low expectations, the company has taken the first steps in fixing its problems: admitting past failures, shrinking product offering, relaunching software, and finding new markets. Mgm't noted that 4Q's weak sales stemmed from poor inventory management and faster than expected low-end market saturation, not from share loss. Sales going forward will result from: 1) capturing the replacements of the mgmt. estimated 40-80M early adopters and 2) expanding the market through new products/services. We expect 2017 will bring higher end products, more digital health announcements, and most likely another round of expense reductions. We note the out-of-favor name and investor skepticism, but with FIT trading well below 1x EV/sales' We believe the stock currently prices in a near worst-case scenario. It's worth a flyer; maintain Outperform and PT of $8." (2/23/2017)
• 4. Mizuho analysts commented, "We are further reducing our below consensus 4Q and FY17 estimates and lowering our PT to $6.50 from $9 to reflect surprisingly sharp end user demand slowdown. The stock is now trading at ~0.5x EV/Sales, akin to GPRO's multiple at the height of its struggles in 2016. Despite FIT's leading position within wearables and projected $2.70 cash/share at 4Q-end, slowing category growth, potential domestic saturation, and weak adoption abroad suggest declining unit demand and pressure on ASP for the foreseeable future. Furthermore, while opex cuts and indications to pursue smart watch business are encouraging, we believe lack of topline visibility will continue to pressure the stock." (1/30/2017)
• 5. Deutsche Bank AG analysts commented, "pause" in demand, as consumers who were interested in buying a device have already done so, while consumers sitting on the sidelines haven't found a compelling enough device to buy. This trend could improve, and Fitbit's focus on the health segment could increase adoption, but it will do so at a slower pace.Pebble Acquisition Not MaterialCommenting on Fitbit's acquisition of some of Pebble's assets, including personnel and IP-related to software and firmware development, the analyst noted it is a "positive" (12/8/2016)

Some companies that are related to Fitbit include Amkor Technology (AMKR), Vishay Intertechnology (VSH), Cree (CREE), HubSpot (HUBS), Paylocity Holding Corporation (PCTY), Scientific Games Corp (SGMS), Okta (OKTA), New Relic (NEWR), Tower Semiconductor (TSEM), 2U (TWOU), Generac Holdlings (GNRC), Power Integrations (POWI), TiVo Corporation (TIVO), Bitauto Holdings Limited (BITA), Electronics for Imaging (EFII), WebMD Health Corp (WBMD), MicroStrategy Incorporated (MSTR) and Watts Water Technologies (WTS).

Fitbit's management team includes the folowing people:

• James Park, Chairman of the Board, President, Chief Executive Officer
• William R. Zerella, Chief Financial Officer
• Andrew Missan, Executive Vice President, General Counsel
• Jeffrey L. Devine, Executive Vice President - Operations
• Eric N. Friedman, Chief Technology Officer, Director
• Laura J. Alber, Independent Director
• Jonathan D. Callaghan, Lead Independent Director
• Glenda J. Flanagan, Independent Director
• Steven Joseph Murray, Independent Director
• Christopher B. Paisley, Independent Director

(FIT) raised $448 million in an IPO on Thursday, June 18th 2015. The company issued 29,900,000 shares at $14.00-$16.00 per share. Morgan Stanley, Deutsche Bank Securities and BofAMerrill Lynch served as the underwriters for the IPO and Barclays, SunTrust Robinson Humphrey, Piper Jaffray, Raymond James, Stifel and William Blair were co-managers.

Fitbit's stock is owned by a number of of institutional and retail investors. Top institutional investors include Vanguard Group Inc. (4.97%), DnB Asset Management AS (4.58%), Sumitomo Mitsui Asset Management Company LTD (1.82%), Amerigo Asset Management (1.04%), Gluskin Sheff & Assoc Inc. (0.81%) and Morgan Stanley (0.74%). Company insiders that own Fitbit stock include Andy Missan, Christopher B Paisley, Edward M Scal, Eric N Friedman, Group Select Fund LP Foundry, Hansgregory C Hartmann, James Park, Jon Callaghan, Philip Douglas Black, Steven Joseph Murray, Timothy M Roberts, True Venture Partners Ii, LL and William Zerella. View Institutional Ownership Trends for Fitbit.

Fitbit's stock was sold by a variety of institutional investors in the last quarter, including Morgan Stanley, Ameriprise Financial Inc., Wells Fargo & Company MN, UBS Group AG, Laurion Capital Management LP, KCG Holdings Inc., State of Wisconsin Investment Board and TIAA CREF Investment Management LLC. Company insiders that have sold Fitbit stock in the last year include Andy Missan, Jon Callaghan, Philip Douglas Black, Steven Joseph Murray, Timothy M Roberts and True Venture Partners Ii, LL. View Insider Buying and Selling for Fitbit.

Fitbit's stock was bought by a variety of institutional investors in the last quarter, including DnB Asset Management AS, Sumitomo Mitsui Asset Management Company LTD, Amerigo Asset Management, Gluskin Sheff & Assoc Inc., Guardian Life Insurance Co. of America, JPMorgan Chase & Co., FIL Ltd and Vanguard Group Inc.. View Insider Buying and Selling for Fitbit.

Shares of Fitbit can be purchased through any online brokerage account. Popular online brokerages include Vanguard Brokerage Services, TD Ameritrade, E*TRADE, Scottrade, Fidelity and Charles Schwab.

One share of Fitbit stock can currently be purchased for approximately $5.31.