Planet Fitness (NYSE:PLNT) Price Target Raised to $123.00 at Piper Sandler

Planet Fitness (NYSE:PLNT) had its price target increased by stock analysts at Piper Sandler from $115.00 to $123.00 in a research note issued on Monday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Piper Sandler’s price objective points to a potential upside of 24.75% from the stock’s previous close.

PLNT has been the subject of several other research reports. JPMorgan Chase & Co. boosted their price objective on shares of Planet Fitness from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Morgan Stanley upped their price target on shares of Planet Fitness from $84.00 to $89.00 and gave the stock an “overweight” rating in a report on Tuesday, October 29th. Deutsche Bank Aktiengesellschaft assumed coverage on Planet Fitness in a research note on Friday, September 27th. They set a “hold” rating and a $71.00 price objective for the company. Robert W. Baird upped their target price on Planet Fitness from $92.00 to $110.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Finally, DA Davidson lifted their price target on Planet Fitness from $70.00 to $87.00 and gave the company a “neutral” rating in a research report on Friday, November 29th. Five investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $96.13.

Planet Fitness Price Performance

Planet Fitness stock opened at $98.60 on Monday. Planet Fitness has a one year low of $54.35 and a one year high of $102.90. The firm has a market capitalization of $8.34 billion, a P/E ratio of 53.01, a PEG ratio of 3.33 and a beta of 1.52. The business has a fifty day moving average price of $96.85 and a 200-day moving average price of $85.06.

Planet Fitness (NYSE:PLNT) last issued its earnings results on Thursday, November 7th. The company reported $0.64 EPS for the quarter, topping the consensus estimate of $0.57 by $0.07. Planet Fitness had a negative return on equity of 107.97% and a net margin of 14.23%. The business had revenue of $292.20 million during the quarter, compared to the consensus estimate of $283.79 million. During the same quarter last year, the company earned $0.59 EPS. The firm’s revenue was up 5.3% compared to the same quarter last year. Sell-side analysts expect that Planet Fitness will post 2.5 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Jennifer Simmons sold 11,453 shares of Planet Fitness stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $96.20, for a total value of $1,101,778.60. Following the transaction, the insider now owns 19,110 shares in the company, valued at approximately $1,838,382. The trade was a 37.47 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 5.94% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Planet Fitness

Several institutional investors and hedge funds have recently bought and sold shares of PLNT. William Blair Investment Management LLC purchased a new stake in shares of Planet Fitness during the second quarter valued at approximately $166,978,000. Anomaly Capital Management LP bought a new stake in Planet Fitness during the 2nd quarter valued at $106,795,000. Point72 Asset Management L.P. raised its holdings in Planet Fitness by 169.8% during the 2nd quarter. Point72 Asset Management L.P. now owns 1,317,909 shares of the company’s stock valued at $96,985,000 after buying an additional 829,509 shares during the last quarter. FMR LLC boosted its position in Planet Fitness by 666.9% during the 3rd quarter. FMR LLC now owns 795,485 shares of the company’s stock valued at $64,609,000 after buying an additional 691,761 shares during the period. Finally, Dorsal Capital Management LP grew its holdings in Planet Fitness by 7.7% in the 2nd quarter. Dorsal Capital Management LP now owns 2,907,193 shares of the company’s stock worth $213,940,000 after acquiring an additional 207,193 shares during the last quarter. 95.53% of the stock is currently owned by 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.