Planet Fitness (NYSE:PLNT) Price Target Raised to $87.00

Planet Fitness (NYSE:PLNT) had its price target upped by DA Davidson from $70.00 to $87.00 in a research note issued to investors on Friday,Benzinga reports. DA Davidson currently has a neutral rating on the stock.

A number of other brokerages also recently issued reports on PLNT. Morgan Stanley increased their price target on shares of Planet Fitness from $84.00 to $89.00 and gave the stock an “overweight” rating in a report on Tuesday, October 29th. Deutsche Bank Aktiengesellschaft initiated coverage on Planet Fitness in a report on Friday, September 27th. They issued a “hold” rating and a $71.00 price target for the company. Robert W. Baird boosted their price objective on Planet Fitness from $92.00 to $110.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Roth Mkm lifted their price target on shares of Planet Fitness from $73.00 to $88.00 and gave the company a “buy” rating in a research note on Wednesday, August 7th. Finally, Royal Bank of Canada increased their price objective on shares of Planet Fitness from $87.00 to $110.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Five investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $93.38.

Planet Fitness Stock Performance

Shares of PLNT stock opened at $99.55 on Friday. Planet Fitness has a fifty-two week low of $54.35 and a fifty-two week high of $102.81. The firm has a market capitalization of $8.42 billion, a PE ratio of 53.52, a P/E/G ratio of 3.31 and a beta of 1.49. The stock’s 50-day simple moving average is $86.75 and its 200-day simple moving average is $78.73.

Planet Fitness (NYSE:PLNT) last issued its quarterly earnings results on Thursday, November 7th. The company reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.07. Planet Fitness had a net margin of 14.23% and a negative return on equity of 107.97%. The company had revenue of $292.20 million for the quarter, compared to the consensus estimate of $283.79 million. During the same quarter in the prior year, the company earned $0.59 EPS. Planet Fitness’s quarterly revenue was up 5.3% on a year-over-year basis. Sell-side analysts forecast that Planet Fitness will post 2.5 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Jennifer Simmons sold 11,453 shares of the stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $96.20, for a total value of $1,101,778.60. Following the transaction, the insider now owns 19,110 shares of the company’s stock, valued at $1,838,382. This represents a 37.47 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 5.94% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Planet Fitness

Several hedge funds and other institutional investors have recently made changes to their positions in PLNT. Tidal Investments LLC increased its stake in Planet Fitness by 71.3% in the first quarter. Tidal Investments LLC now owns 4,941 shares of the company’s stock valued at $309,000 after purchasing an additional 2,056 shares during the last quarter. Virtu Financial LLC raised its stake in Planet Fitness by 72.2% during the 1st quarter. Virtu Financial LLC now owns 5,611 shares of the company’s stock worth $351,000 after acquiring an additional 2,352 shares in the last quarter. Cetera Investment Advisers raised its stake in Planet Fitness by 74.5% during the 1st quarter. Cetera Investment Advisers now owns 58,699 shares of the company’s stock worth $3,676,000 after acquiring an additional 25,054 shares in the last quarter. Cetera Advisors LLC lifted its position in Planet Fitness by 568.8% in the first quarter. Cetera Advisors LLC now owns 25,320 shares of the company’s stock valued at $1,586,000 after acquiring an additional 21,534 shares during the last quarter. Finally, GAMMA Investing LLC boosted its stake in Planet Fitness by 478.8% in the second quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock valued at $28,000 after acquiring an additional 316 shares in the last quarter. Institutional investors and hedge funds own 95.53% of the company’s stock.

About Planet Fitness

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.