Planet Fitness (NYSE:PLNT) Price Target Raised to $88.00

Planet Fitness (NYSE:PLNT) had its price objective raised by stock analysts at Robert W. Baird from $80.00 to $88.00 in a research report issued on Friday, Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Robert W. Baird’s price objective points to a potential upside of 34.76% from the company’s previous close.

A number of other equities analysts have also issued reports on PLNT. Piper Sandler upped their target price on Planet Fitness from $88.00 to $89.00 and gave the company an “overweight” rating in a research report on Thursday, January 11th. Royal Bank of Canada increased their price target on shares of Planet Fitness from $74.00 to $80.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 5th. StockNews.com upgraded Planet Fitness from a “sell” rating to a “hold” rating in a report on Wednesday. Stifel Nicolaus downgraded shares of Planet Fitness from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $80.00 to $70.00 in a report on Friday. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Planet Fitness from $75.00 to $72.00 and set a “neutral” rating on the stock in a research note on Monday, February 26th. Seven investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $71.14.

Planet Fitness Price Performance

Shares of NYSE:PLNT opened at $65.30 on Friday. The business has a 50-day moving average of $61.48 and a two-hundred day moving average of $65.21. Planet Fitness has a 12 month low of $44.13 and a 12 month high of $75.86. The firm has a market capitalization of $5.76 billion, a PE ratio of 40.31, a P/E/G ratio of 1.93 and a beta of 1.37.

Planet Fitness (NYSE:PLNT) last released its quarterly earnings data on Thursday, February 22nd. The company reported $0.60 EPS for the quarter, beating the consensus estimate of $0.58 by $0.02. Planet Fitness had a negative return on equity of 120.89% and a net margin of 12.91%. The company had revenue of $285.10 million for the quarter, compared to analyst estimates of $282.35 million. During the same period last year, the company posted $0.53 earnings per share. The firm’s revenue was up 1.4% compared to the same quarter last year. As a group, research analysts anticipate that Planet Fitness will post 2.48 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Picton Mahoney Asset Management acquired a new stake in shares of Planet Fitness during the first quarter worth approximately $1,786,000. State Board of Administration of Florida Retirement System increased its stake in shares of Planet Fitness by 4.4% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 92,400 shares of the company’s stock worth $5,787,000 after purchasing an additional 3,860 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its stake in shares of Planet Fitness by 4.6% in the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 125,696 shares of the company’s stock valued at $7,872,000 after purchasing an additional 5,535 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings in Planet Fitness by 8.4% in the first quarter. Russell Investments Group Ltd. now owns 13,587 shares of the company’s stock worth $851,000 after purchasing an additional 1,057 shares in the last quarter. Finally, Headlands Technologies LLC acquired a new position in Planet Fitness during the first quarter worth $148,000. 95.53% of the stock is 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.