Franklin Resources Inc. lowered its stake in Planet Fitness, Inc. (NYSE:PLNT – Get Rating) by 1.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,311,617 shares of the company’s stock after selling 20,121 shares during the period. Franklin Resources Inc. owned approximately 1.44% of Planet Fitness worth $89,204,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. BlackRock Inc. grew its position in Planet Fitness by 34.8% in the first quarter. BlackRock Inc. now owns 7,184,140 shares of the company’s stock worth $606,915,000 after acquiring an additional 1,852,867 shares in the last quarter. Federated Hermes Inc. grew its position in Planet Fitness by 2.8% in the first quarter. Federated Hermes Inc. now owns 2,000,228 shares of the company’s stock worth $168,979,000 after acquiring an additional 55,118 shares in the last quarter. Invesco Ltd. grew its position in Planet Fitness by 38.9% in the first quarter. Invesco Ltd. now owns 1,700,236 shares of the company’s stock worth $143,636,000 after acquiring an additional 476,578 shares in the last quarter. Champlain Investment Partners LLC boosted its position in shares of Planet Fitness by 38.3% during the first quarter. Champlain Investment Partners LLC now owns 1,640,235 shares of the company’s stock valued at $138,567,000 after buying an additional 454,341 shares during the period. Finally, State Street Corp boosted its position in shares of Planet Fitness by 4.3% during the first quarter. State Street Corp now owns 1,253,432 shares of the company’s stock valued at $105,890,000 after buying an additional 51,290 shares during the period. Hedge funds and other institutional investors own 95.15% of the company’s stock.
Wall Street Analysts Forecast Growth
PLNT has been the subject of several recent analyst reports. DA Davidson boosted their target price on Planet Fitness from $90.00 to $99.00 and gave the company a “buy” rating in a research report on Friday, November 11th. Cowen boosted their target price on Planet Fitness from $80.00 to $90.00 and gave the company an “outperform” rating in a research report on Wednesday, November 16th. Morgan Stanley dropped their target price on Planet Fitness from $93.00 to $88.00 and set an “overweight” rating for the company in a research report on Monday, November 14th. Raymond James boosted their target price on Planet Fitness from $84.00 to $92.00 in a research report on Wednesday, November 16th. Finally, Piper Sandler upgraded Planet Fitness from a “neutral” rating to an “overweight” rating and dropped their target price for the company from $73.00 to $70.00 in a research report on Tuesday, October 25th. Three investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Planet Fitness presently has a consensus rating of “Moderate Buy” and an average price target of $90.23.
Planet Fitness Stock Performance
About Planet Fitness
Planet Fitness, Inc, together with its subsidiaries, franchises and operates fitness centers under the Planet Fitness brand. It operates through Franchise, Corporate-Owned Stores, and Equipment segments. The Franchise segment is involved in franchising business in the United States, Puerto Rico, Canada, Panama, Mexico, and Australia.
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