Zurcher Kantonalbank Zurich Cantonalbank Increases Holdings in Planet Fitness, Inc. (NYSE:PLNT)

Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Planet Fitness, Inc. (NYSE:PLNT) by 8.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,448 shares of the company’s stock after purchasing an additional 1,210 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Planet Fitness were worth $1,255,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. William Blair Investment Management LLC bought a new stake in shares of Planet Fitness in the second quarter valued at $166,978,000. Anomaly Capital Management LP purchased a new stake in Planet Fitness in the 2nd quarter worth about $106,795,000. Point72 Asset Management L.P. raised its stake in Planet Fitness by 169.8% in the 2nd quarter. Point72 Asset Management L.P. now owns 1,317,909 shares of the company’s stock valued at $96,985,000 after acquiring an additional 829,509 shares during the period. FMR LLC lifted its holdings in Planet Fitness by 666.9% during the third quarter. FMR LLC now owns 795,485 shares of the company’s stock valued at $64,609,000 after purchasing an additional 691,761 shares during the last quarter. Finally, Dorsal Capital Management LP boosted its position in Planet Fitness by 7.7% during the second quarter. Dorsal Capital Management LP now owns 2,907,193 shares of the company’s stock worth $213,940,000 after purchasing an additional 207,193 shares during the period. 95.53% of the stock is owned by hedge funds and other institutional investors.

Planet Fitness Stock Performance

Planet Fitness stock opened at $100.40 on Friday. Planet Fitness, Inc. has a fifty-two week low of $54.35 and a fifty-two week high of $102.81. The stock has a market cap of $8.49 billion, a P/E ratio of 53.98, a price-to-earnings-growth ratio of 3.30 and a beta of 1.53. The firm’s fifty day moving average price is $88.12 and its 200-day moving average price is $79.60.

Planet Fitness (NYSE:PLNT) last issued its quarterly earnings results on Thursday, November 7th. The company reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.07. The firm had revenue of $292.20 million during the quarter, compared to analyst estimates of $283.79 million. Planet Fitness had a negative return on equity of 107.97% and a net margin of 14.23%. The company’s revenue was up 5.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.59 earnings per share. On average, analysts predict that Planet Fitness, Inc. will post 2.5 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Jennifer Simmons sold 11,453 shares of the firm’s stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $96.20, for a total transaction of $1,101,778.60. Following the transaction, the insider now directly owns 19,110 shares of the company’s stock, valued at approximately $1,838,382. This trade represents a 37.47 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 5.94% of the company’s stock.

Analyst Ratings Changes

PLNT has been the topic of several research reports. Royal Bank of Canada boosted their price target on shares of Planet Fitness from $87.00 to $110.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Raymond James boosted their target price on shares of Planet Fitness from $92.00 to $110.00 and gave the company a “strong-buy” rating in a report on Friday, November 8th. DA Davidson raised their price target on Planet Fitness from $70.00 to $87.00 and gave the stock a “neutral” rating in a report on Friday, November 29th. Morgan Stanley boosted their price objective on Planet Fitness from $84.00 to $89.00 and gave the company an “overweight” rating in a research note on Tuesday, October 29th. Finally, JPMorgan Chase & Co. raised their target price on Planet Fitness from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Five equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Planet Fitness presently has a consensus rating of “Moderate Buy” and an average price target of $93.38.

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.