Planet Fitness (NYSE:PLNT) Price Target Increased to $75.00 by Analysts at Stifel Nicolaus

Planet Fitness (NYSE:PLNT) had its target price increased by Stifel Nicolaus from $70.00 to $75.00 in a report issued on Wednesday, Benzinga reports. The brokerage presently has a “hold” rating on the stock. Stifel Nicolaus’ price objective indicates a potential downside of 8.45% from the stock’s current price.

A number of other equities analysts also recently commented on PLNT. Robert W. Baird reaffirmed an “outperform” rating and set a $92.00 target price on shares of Planet Fitness in a research note on Monday, August 26th. Royal Bank of Canada increased their price objective on Planet Fitness from $77.00 to $87.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 7th. TD Cowen upgraded Planet Fitness from a “hold” rating to a “buy” rating and increased their price target for the stock from $66.00 to $92.00 in a report on Monday, June 24th. Bank of America boosted their price objective on shares of Planet Fitness from $95.00 to $100.00 and gave the company a “buy” rating in a report on Friday, September 6th. Finally, BMO Capital Markets reissued an “outperform” rating and issued a $87.00 price target (up from $80.00) on shares of Planet Fitness in a research note on Wednesday, August 7th. Four analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $85.27.

Planet Fitness Price Performance

PLNT traded down $0.85 on Wednesday, reaching $81.92. 88,676 shares of the company’s stock were exchanged, compared to its average volume of 1,556,118. The stock has a market cap of $7.22 billion, a PE ratio of 47.32, a P/E/G ratio of 2.69 and a beta of 1.49. Planet Fitness has a twelve month low of $52.38 and a twelve month high of $85.08. The stock’s fifty day moving average price is $81.12 and its 200-day moving average price is $72.47.

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 business had revenue of $300.94 million during 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%. The business’s revenue was up 5.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.65 earnings per share. As a group, research analysts predict that Planet Fitness will post 2.44 earnings per share for the current fiscal year.

Insider Activity at Planet Fitness

In other Planet Fitness news, CAO Brian O’donnell sold 6,424 shares of the business’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 approximately $524,549.42. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 5.94% of the stock is owned by insiders.

Institutional Trading of Planet Fitness

A number of institutional investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its position in shares of Planet Fitness by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 8,174,617 shares of the company’s stock worth $511,976,000 after purchasing an additional 97,823 shares in the last quarter. Dorsal Capital Management LP grew 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 buying an additional 207,193 shares during the period. William Blair Investment Management LLC purchased a new position in Planet Fitness in the second quarter valued at about $166,978,000. Price T Rowe Associates Inc. MD boosted its stake in shares of Planet Fitness by 35.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,859,366 shares of the company’s stock worth $116,453,000 after acquiring an additional 483,586 shares in the last quarter. Finally, Anomaly Capital Management LP purchased a new stake in Planet Fitness during the second quarter worth $106,795,000. 95.53% of the stock is currently owned by hedge funds and other institutional investors.

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.