Planet Fitness (NYSE:PLNT) Price Target Raised to $90.00

Planet Fitness (NYSE:PLNT) had its price target hoisted by Stifel Nicolaus from $85.00 to $90.00 in a research report sent to investors on Friday,Benzinga reports. The brokerage currently has a hold rating on the stock.

PLNT has been the topic of a number of other reports. DA Davidson boosted 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. Royal Bank of Canada reissued an “outperform” rating and issued a $120.00 target price on shares of Planet Fitness in a report on Wednesday, January 15th. Morgan Stanley raised their target price on shares of Planet Fitness from $84.00 to $89.00 and gave the company an “overweight” rating in a research note on Tuesday, October 29th. Raymond James boosted their price target on shares of Planet Fitness from $92.00 to $110.00 and gave the stock a “strong-buy” rating in a research note on Friday, November 8th. Finally, Piper Sandler raised their price objective on Planet Fitness from $115.00 to $123.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Five equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $97.69.

Planet Fitness Price Performance

PLNT opened at $104.47 on Friday. The company has a 50 day simple moving average of $100.01 and a two-hundred day simple moving average of $86.74. The firm has a market cap of $8.84 billion, a P/E ratio of 56.17, a PEG ratio of 2.87 and a beta of 1.52. Planet Fitness has a 1-year low of $54.35 and a 1-year high of $107.68.

Planet Fitness (NYSE:PLNT) last issued its 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. The company had revenue of $292.20 million during the quarter, compared to the consensus estimate of $283.79 million. Planet Fitness had a net margin of 14.23% and a negative return on equity of 107.97%. Planet Fitness’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.59 EPS. Equities analysts anticipate that Planet Fitness will post 2.5 earnings per share for the current year.

Insider Buying and Selling at Planet Fitness

In other news, insider Jennifer Simmons sold 11,453 shares of the company’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 transaction of $1,101,778.60. Following the transaction, the insider now owns 19,110 shares of the company’s stock, valued at approximately $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 can be accessed through this link. Company insiders own 0.83% of the company’s stock.

Hedge Funds Weigh In On Planet Fitness

Large investors have recently bought and sold shares of the business. Dorsal Capital Management LP lifted its position in shares of 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 last quarter. State Street Corp lifted its holdings in Planet Fitness by 1.5% during the 3rd quarter. State Street Corp now owns 2,524,764 shares of the company’s stock valued at $205,061,000 after buying an additional 37,236 shares in the last quarter. Anomaly Capital Management LP bought a new stake in Planet Fitness during the 2nd quarter valued at about $106,795,000. Point72 Asset Management L.P. boosted its position 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 buying an additional 829,509 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in shares of Planet Fitness by 18.7% during the second quarter. Dimensional Fund Advisors LP now owns 1,099,448 shares of the company’s stock worth $80,910,000 after acquiring an additional 173,536 shares during the period. Hedge funds and other institutional investors 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.