Planet Fitness (NYSE:PLNT) Price Target Raised to $120.00

Planet Fitness (NYSE:PLNT) had its price target upped by stock analysts at Royal Bank of Canada from $110.00 to $120.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s price target suggests a potential upside of 18.44% from the stock’s current price.

A number of other analysts have also issued reports on PLNT. Deutsche Bank Aktiengesellschaft began coverage on shares of Planet Fitness in a research report on Friday, September 27th. They issued a “hold” rating and a $71.00 price target for the company. Bank of America raised their target price on Planet Fitness from $95.00 to $100.00 and gave the company a “buy” rating in a report on Friday, September 6th. DA Davidson boosted their price objective on shares of Planet Fitness from $70.00 to $87.00 and gave the stock a “neutral” rating in a research note on Friday, November 29th. JPMorgan Chase & Co. upped their price target on shares of Planet Fitness from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Finally, Morgan Stanley boosted their price objective on Planet Fitness from $84.00 to $89.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 29th. Five equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Planet Fitness currently has an average rating of “Moderate Buy” and a consensus target price of $94.00.

Planet Fitness Stock Performance

Shares of NYSE:PLNT traded up $2.30 during midday trading on Tuesday, reaching $101.32. The company had a trading volume of 123,481 shares, compared to its average volume of 1,483,228. The company has a fifty day simple moving average of $90.66 and a two-hundred day simple moving average of $81.64. The firm has a market cap of $8.57 billion, a price-to-earnings ratio of 54.30, a price-to-earnings-growth ratio of 3.33 and a beta of 1.53. Planet Fitness has a 1-year low of $54.35 and a 1-year high of $102.88.

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, beating analysts’ consensus estimates of $0.57 by $0.07. The business had revenue of $292.20 million for the quarter, compared to the consensus estimate 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 quarter in the previous year, the company posted $0.59 earnings per share. Analysts expect that Planet Fitness will post 2.5 EPS for the current year.

Insider Transactions at Planet Fitness

In other news, insider Jennifer Simmons sold 11,453 shares of the stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $96.20, for a total transaction 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. This represents a 37.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 5.94% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. M&T Bank Corp grew its position in shares of Planet Fitness by 2.6% during the 3rd quarter. M&T Bank Corp now owns 4,947 shares of the company’s stock worth $402,000 after buying an additional 124 shares during the period. Verdence Capital Advisors LLC grew its holdings in Planet Fitness by 4.5% during the 3rd quarter. Verdence Capital Advisors LLC now owns 3,047 shares of the company’s stock worth $247,000 after acquiring an additional 132 shares during the period. LRI Investments LLC raised its position in shares of Planet Fitness by 61.2% during the 2nd quarter. LRI Investments LLC now owns 403 shares of the company’s stock valued at $30,000 after acquiring an additional 153 shares during the last quarter. Creative Planning lifted its stake in shares of Planet Fitness by 2.1% in the 3rd quarter. Creative Planning now owns 9,144 shares of the company’s stock valued at $743,000 after purchasing an additional 192 shares during the period. Finally, Louisiana State Employees Retirement System boosted its position in shares of Planet Fitness by 0.8% in the 2nd quarter. Louisiana State Employees Retirement System now owns 24,800 shares of the company’s stock worth $1,825,000 after purchasing an additional 200 shares during the last quarter. Institutional investors and hedge funds 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.