Fitbit Inc (NYSE:FIT), the leader in the connected health and fitness market, today announced that it supports HIPAA compliance, enabling Fitbit Wellness to more effectively integrate with HIPAA-covered entities, including corporate wellness partners, health plans and self-insured employers. The U.S. Health Insurance Portability and Accountability Act (HIPAA) is the primary U.S. law governing the security and privacy of personal health information used by health insurance plans and other covered entities.
“We prioritize protecting our consumers’ privacy and keeping their data secure,” said James Park, CEO and Co-Founder, Fitbit. “Our compliance with HIPAA safeguards formalizes this commitment, and, more importantly, it creates opportunities for more effective relationships with corporate wellness customers.”
A Big Step Forward for Fitbit Wellness
Fitbit’s HIPAA compliance program provides added value to new and existing customers for Fitbit Wellness, the company’s business-to-business offering that provides turnkey software and services to help organizations drive engaging, effective and motivating wellness programs.
- The HIPAA compliance program will enable Fitbit Wellness to better support HIPAA-covered entities that are looking to improve the health and wellness of their members and employees.
- Fitbit Wellness will be able to expand integration opportunities with health plans and self-insured employers by its ability to enter into Business Associate Agreements with HIPAA-covered entities.
“By allowing a greater level of integration with HIPAA-covered entities, Fitbit Wellness can better serve our clients and partners, and their members and employees. We are excited about this new initiative and believe it will allow Fitbit Wellness to serve a broader market, and is another step forward in achieving Fitbit’s goal of empowering users to lead healthier, more active lives,” saidAmy McDonough, Vice President and General Manager of Fitbit Wellness. (Original Source)
Shares of Fitbit Inc. closed yesterday at $33.04. FIT has a 1-year high of $51.90 and a 1-year low of $29.50. The stock’s 50-day moving average is $39.89 and its 200-day moving average is $40.07.
On the ratings front, Fitbit has been the subject of a number of recent research reports. In a report released yesterday, Pacific Crest analyst Brad Erickson initiated coverage with a Buy rating on FIT and a price target of $47, which represents a potential upside of 42.3% from where the stock is currently trading. Separately, on the same day, Robert W. Baird’s William Power reiterated a Buy rating on the stock and has a price target of $54.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Brad Erickson and William Power have a total average return of 3.8% and 9.5% respectively. Erickson has a success rate of 55.0% and is ranked #1645 out of 3759 analysts, while Power has a success rate of 55.7% and is ranked #519.
Overall, 5 research analysts have assigned a Hold rating and 10 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $51.29 which is 55.2% above where the stock closed yesterday.
Fitbit Inc providesfitness tracking devices, wearable devices, and the health and fitness industry. Itprovides platform to combine connected health and fitness devices with software and services.