Fitbit Inc (NYSE:FIT), the leader in the connected health and fitness market, continues to show strong growth in its business-to-business offering, Fitbit Wellness, with the introduction of more than 20 new enterprise customers in the last four months, including Aon Service Corporation, Barclays, BMC Software, Boston College, Emory University and Emory Healthcare, GoDaddy.com and Gonzaga University. In addition, the company will launch Fitbit Corporate Challenges as part of its Fitbit Wellness offering, a premium software feature to help drive employee engagement.
Most recently, Barclays PLC has announced that the company will roll out its Global Wellness Program on November 2nd. As part of this, more than 75,000 employees in the U.S. and UK across their Investment Bank, Barclaycard, Personal and Corporate Bank, Corporate Functions, and Operations and Technology team will be able to purchase a subsidized device. Overall, the company plans to roll the program out to all 140,000 Barclays employees worldwide, as Fitbit Wellness’ international capabilities continue to expand.
“We’re thrilled to be working with Fitbit on this key part of our health and wellbeing strategy,” said Dominic Johnson, Director of Employee Relations and Global Head of Wellbeing at Barclays. “Running activity challenges across our business units and between teams will be an important part of our strategy to encourage more activity and fun in the workplace.”
In addition to Barclays, new Fitbit Wellness customer wins across financial services, healthcare, higher education, retail and technology verticals underscore the increasing importance of employee health and wellness in the workplace. These developments come on the heels of Target Corporation’s announcement in September 2015 to make free and subsidized Fitbitdevices available for more than 330,000 U.S. employees.
Expanded product portfolio for new and existing customers
Fitbit Wellness is also making enhancements to its product portfolio with the introduction of Fitbit Corporate Challenges. Available in Q4 2015 on iOS and Windows Mobile to both new and existing corporate customers of Fitbit Wellness, Fitbit Corporate Challenges allows organizations to design, create and run custom activity challenges within the Fitbit Program Management Dashboard. With in-app mobile functionality, program administrators can easily alert employees of challenge launches and motivate teams along the way with status updates and real-time rankings.
For employees, Fitbit Corporate Challenges brings a new level of collaboration and friendly competition to wellness programs, providing users with the right tools to build healthy habits together as a community. Mobile messaging, real time dashboards, and a gamified experience help employees work together, support one another and share their successes.
“In 2015, we’ve seen companies of all sizes and industries turn to Fitbit Wellness to support the development of their wellness programs,” said Amy McDonough, Vice President and General Manager of Fitbit Wellness. “This not only points to Fitbit’s credibility and leadership in the corporate wellness space, but also serves as an indicator that organizations are making corporate wellness a top business priority.” (Original Source)
Shares of Fitbit Inc. closed yesterday at $37.41 . 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 $36.09 and its 200-day moving average is $39.30.
On the ratings front, Fitbit has been the subject of a number of recent research reports. In a report released today, Leerink Swann analyst Steven Wardell reiterated a Buy rating on FIT, with a price target of $79, which implies an upside of 111.2% from current levels. Separately, yesterday, Pacific Crest’s Brad Erickson reiterated a Buy rating on the stock and has a price target of $47.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Steven Wardell and Brad Erickson have a total average return of -1.0% and -2.4% respectively. Wardell has a success rate of 50.0% and is ranked #2700 out of 3793 analysts, while Erickson has a success rate of 56.5% and is ranked #2916.
The street is mostly Bullish on FIT stock. Out of 14 analysts who cover the stock, 10 suggest a Buy rating and 4 recommend to Hold the stock. The 12-month average price target assigned to the stock is $51.29, which represents a potential upside of 37.1% from where the stock is currently trading.
Fitbit Inc provides fitness tracking devices, wearable devices, and the health and fitness industry. It provides platform to combine connected health and fitness devices with software and services.