Planet Fitness (PLNT) Price Target Raised to $84.00 at Piper Jaffray Companies

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Planet Fitness (NYSE:PLNT) had its target price upped by Piper Jaffray Companies from $70.00 to $84.00 in a research report report published on Monday, April 29th, The Fly reports. The firm currently has an overweight rating on the stock. The analysts noted that the move was a valuation call.

PLNT has been the subject of several other reports. Bank of America restated a buy rating and set a $72.00 price target (up from $68.00) on shares of Planet Fitness in a research note on Thursday, February 28th. Jefferies Financial Group upgraded Planet Fitness from a hold rating to a buy rating and increased their target price for the company from $49.00 to $75.00 in a research note on Friday, February 22nd. They noted that the move was a valuation call. Zacks Investment Research lowered Planet Fitness from a buy rating to a hold rating in a research note on Friday, February 15th. DA Davidson increased their target price on Planet Fitness to $70.00 and gave the company a buy rating in a research note on Wednesday, February 27th. Finally, Wedbush increased their target price on Planet Fitness from $55.00 to $60.00 and gave the company a neutral rating in a research note on Wednesday, February 27th. Four equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of Buy and an average price target of $67.57.

Planet Fitness stock opened at $78.76 on Monday. The firm has a market capitalization of $7.03 billion, a P/E ratio of 64.56, a price-to-earnings-growth ratio of 2.26 and a beta of 0.76. Planet Fitness has a 52 week low of $38.32 and a 52 week high of $79.42.

Planet Fitness (NYSE:PLNT) last announced its quarterly earnings results on Thursday, May 2nd. The company reported $0.35 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.34 by $0.01. The company had revenue of $148.82 million during the quarter, compared to analyst estimates of $153.41 million. Planet Fitness had a negative return on equity of 53.73% and a net margin of 15.91%. The firm’s revenue was up 22.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.27 earnings per share. Equities analysts predict that Planet Fitness will post 1.55 EPS for the current fiscal year.

In other Planet Fitness news, CFO Dorvin D. Lively sold 100,000 shares of the stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $63.52, for a total transaction of $6,352,000.00. Following the transaction, the chief financial officer now owns 98,883 shares of the company’s stock, valued at approximately $6,281,048.16. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Christopher Rondeau sold 6,000 shares of the firm’s stock in a transaction that occurred on Friday, February 22nd. The stock was sold at an average price of $60.53, for a total value of $363,180.00. The disclosure for this sale can be found here. Insiders sold 466,291 shares of company stock valued at $29,813,238 in the last three months. 14.52% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. US Bancorp DE lifted its holdings in shares of Planet Fitness by 28.7% in the 1st quarter. US Bancorp DE now owns 645 shares of the company’s stock worth $44,000 after purchasing an additional 144 shares during the last quarter. Prudential Financial Inc. lifted its holdings in shares of Planet Fitness by 2.2% in the 4th quarter. Prudential Financial Inc. now owns 9,627 shares of the company’s stock worth $516,000 after purchasing an additional 203 shares during the last quarter. Bessemer Group Inc. increased its position in Planet Fitness by 30.6% in the 4th quarter. Bessemer Group Inc. now owns 1,127 shares of the company’s stock valued at $60,000 after acquiring an additional 264 shares during the period. ETRADE Capital Management LLC increased its position in Planet Fitness by 4.0% in the 4th quarter. ETRADE Capital Management LLC now owns 6,864 shares of the company’s stock valued at $368,000 after acquiring an additional 267 shares during the period. Finally, Commonwealth Equity Services LLC increased its position in Planet Fitness by 1.2% in the 1st quarter. Commonwealth Equity Services LLC now owns 22,839 shares of the company’s stock valued at $1,569,000 after acquiring an additional 273 shares during the period. 96.21% of the stock is currently owned by institutional investors and hedge funds.

About Planet Fitness

Planet Fitness, Inc, together with its subsidiaries, franchises and operates fitness centers under the Planet Fitness name. It operates through three segments: Franchise, Corporate-Owned Stores, and Equipment. The Franchise segment is involved in franchising business in the United States, Puerto Rico, Canada, the Dominican Republic, and Panama.

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The Fly

Analyst Recommendations for Planet Fitness (NYSE:PLNT)

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