Bob Peck's 5 Takeaways From Fitbit's Captivate Summit

SunTrust Robinson Humphrey analysts Robert "Bob" Peck, Rodney Hull and Matthew Thornton have provided key takeaways from Fitbit Inc (NYSE: FIT)'s Captivate Summit 2016. According to the analysts, there are five ways that the fitness tracker is changing corporate wellness.

The brokerage said based on a third-party research, Fitbit pointed out enterprises spent 60 percent more on corporate wellness initiatives in the last year compared to what they spent in the year 2010. The analysts think that while the initial forays were more short-term in nature, employees are taking more responsibility as they become better aware of their health-data and increase engagement via social networks.

Related Link: SunTrust's Bob Peck Applauds Fitbit's New Board Members

5 Transformations

The first of Fitbit's five ways of transforming the corporate wellness space was to transform Wearable devices into easier to use equipment and have the potential to keep users engaged. The second way is outside of work, increasing social network's prevalence by keeping employees motivated in maintaining healthier lifestyles. The third is the availability of dashboards providing enterprise HR teams access to data, which could help them enhance the programs' flexibly.

The brokerage said that the solutions available to the HR teams are easily scalable, and Fitbit's strong branding and broad product range fuels increased adoption and engagement.

The analysts said, "In our view, there are only a handful of fitness device and smartwatch manufacturers that can match Fitbit on its product range, battery lives, software capabilities, ecosystem effect (43 million devices sold to date), data security, and integration with third-party apps. Consequently, we think Fitbit may be able to maintain its competitive advantage within the corporate wellness market over the near- to mid-term."

At time of writing, Fitbit was down 1.47 percent at $14.10.