Planet Fitness (NYSE:PLNT) Price Target Raised to $120.00 at Royal Bank of Canada

Planet Fitness (NYSE:PLNT) had its price target lifted by Royal Bank of Canada from $110.00 to $120.00 in a research report sent to investors on Tuesday,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the stock.

A number of other equities research analysts have also issued reports on PLNT. Stifel Nicolaus raised their price target on shares of Planet Fitness from $70.00 to $75.00 and gave the stock a “hold” rating in a report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft initiated coverage on Planet Fitness in a research note on Friday, September 27th. They issued a “hold” rating and a $71.00 target price on the stock. Robert W. Baird upped their price target on Planet Fitness from $92.00 to $110.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Bank of America lifted their price objective on Planet Fitness from $95.00 to $100.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Finally, JPMorgan Chase & Co. upped their target price on Planet Fitness from $80.00 to $90.00 and gave the company an “overweight” 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 given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $94.00.

Planet Fitness Trading Up 2.9 %

Shares of NYSE:PLNT opened at $101.88 on Tuesday. The stock has a market capitalization of $8.62 billion, a P/E ratio of 54.77, a price-to-earnings-growth ratio of 3.33 and a beta of 1.53. The stock’s 50-day moving average price is $90.66 and its 200-day moving average price is $81.64. Planet Fitness has a 12-month low of $54.35 and a 12-month high of $102.90.

Planet Fitness (NYSE:PLNT) last posted 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 business had revenue of $292.20 million for 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%. Planet Fitness’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same period last year, the company earned $0.59 EPS. As a group, research analysts predict that Planet Fitness will post 2.5 EPS for the current year.

Insiders Place Their Bets

In other news, insider Jennifer Simmons sold 11,453 shares of the business’s stock in a transaction that occurred 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 sale, the insider now directly owns 19,110 shares of the company’s stock, valued at $1,838,382. The trade was a 37.47 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 5.94% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. LRI Investments LLC grew its stake in shares of Planet Fitness by 61.2% in the second quarter. LRI Investments LLC now owns 403 shares of the company’s stock worth $30,000 after acquiring an additional 153 shares during the last quarter. Quarry LP boosted its stake in Planet Fitness by 174.7% in the 2nd quarter. Quarry LP now owns 500 shares of the company’s stock worth $37,000 after purchasing an additional 318 shares in the last quarter. V Square Quantitative Management LLC grew its position in Planet Fitness by 69.8% during the 3rd quarter. V Square Quantitative Management LLC now owns 489 shares of the company’s stock valued at $40,000 after purchasing an additional 201 shares during the last quarter. GAMMA Investing LLC increased its stake in Planet Fitness by 396.9% during the 3rd quarter. GAMMA Investing LLC now owns 1,898 shares of the company’s stock valued at $154,000 after purchasing an additional 1,516 shares in the last quarter. Finally, Point72 DIFC Ltd purchased a new position in Planet Fitness in the second quarter worth about $200,000. Institutional investors own 95.53% of the company’s stock.

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.