Stifel Nicolaus Increases Planet Fitness (NYSE:PLNT) Price Target to $75.00

Planet Fitness (NYSE:PLNT) had its price objective lifted by analysts at Stifel Nicolaus from $70.00 to $75.00 in a note issued to investors on Wednesday, Benzinga reports. The firm currently has a “hold” rating on the stock. Stifel Nicolaus’ price objective would indicate a potential downside of 4.76% from the stock’s previous close.

Other equities research analysts have also issued research reports about the company. Royal Bank of Canada increased their price target on Planet Fitness from $77.00 to $87.00 and gave the company an “outperform” rating in a research report on Wednesday, August 7th. Robert W. Baird reaffirmed an “outperform” rating and issued a $92.00 price target on shares of Planet Fitness in a research report on Monday, August 26th. JPMorgan Chase & Co. increased their price objective on Planet Fitness from $78.00 to $80.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. TD Cowen upgraded Planet Fitness from a “hold” rating to a “buy” rating and increased their price objective for the company from $66.00 to $92.00 in a report on Monday, June 24th. Finally, Roth Mkm increased their price objective on Planet Fitness from $73.00 to $88.00 and gave the company a “buy” rating in a report on Wednesday, August 7th. Four analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $85.27.

Planet Fitness Price Performance

PLNT stock opened at $78.75 on Wednesday. The firm has a market capitalization of $6.94 billion, a P/E ratio of 45.26, a P/E/G ratio of 2.69 and a beta of 1.49. The business’s 50-day moving average is $81.22 and its two-hundred day moving average is $72.57. Planet Fitness has a 1 year low of $52.38 and a 1 year high of $85.08.

Planet Fitness (NYSE:PLNT) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.05. The company had revenue of $300.94 million for the quarter, compared to analyst estimates of $290.17 million. Planet Fitness had a negative return on equity of 121.99% and a net margin of 14.16%. Planet Fitness’s revenue for the quarter was up 5.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.65 EPS. On average, analysts expect that Planet Fitness will post 2.44 EPS for the current year.

Insider Buying and Selling

In related news, CAO Brian O’donnell sold 6,424 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $77.39, for a total transaction of $497,153.36. Following the transaction, the chief accounting officer now owns 6,778 shares in the company, valued at $524,549.42. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 5.94% of the stock is currently owned by company insiders.

Institutional Trading of Planet Fitness

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in shares of Planet Fitness by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 8,174,617 shares of the company’s stock valued at $511,976,000 after buying an additional 97,823 shares during the period. Dorsal Capital Management LP lifted its holdings in shares of Planet Fitness by 7.7% in the 2nd quarter. Dorsal Capital Management LP now owns 2,907,193 shares of the company’s stock valued at $213,940,000 after buying an additional 207,193 shares during the period. William Blair Investment Management LLC acquired a new stake in shares of Planet Fitness in the 2nd quarter valued at approximately $166,978,000. Price T Rowe Associates Inc. MD lifted its holdings in shares of Planet Fitness by 35.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,859,366 shares of the company’s stock valued at $116,453,000 after buying an additional 483,586 shares during the period. Finally, Anomaly Capital Management LP acquired a new stake in shares of Planet Fitness in the 2nd quarter valued at approximately $106,795,000. 95.53% of the stock is owned by institutional investors and hedge funds.

Planet Fitness Company Profile

Planet Fitness, Inc, together with its subsidiaries, franchises and operates fitness centers under the Planet Fitness brand. The company operates through three segments: Franchise, Corporate-Owned Stores, and Equipment. The company is involved in franchising business in the United States, Puerto Rico, Canada, Panama, Mexico, and Australia.