DA Davidson Increases Planet Fitness (NYSE:PLNT) Price Target to $87.00

Planet Fitness (NYSE:PLNT) had its price target lifted by analysts at DA Davidson from $70.00 to $87.00 in a report released on Friday,Benzinga reports. The firm currently has a “neutral” rating on the stock. DA Davidson’s price objective suggests a potential downside of 13.55% from the company’s current price.

A number of other equities research analysts have also commented on the company. Stifel Nicolaus raised their price target on Planet Fitness from $70.00 to $75.00 and gave the stock a “hold” rating in a research note on Wednesday, October 16th. Bank of America upped their price objective on shares of Planet Fitness from $95.00 to $100.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Planet Fitness in a research note on Friday, September 27th. They set a “hold” rating and a $71.00 price target on the stock. Robert W. Baird increased their price objective 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, JPMorgan Chase & Co. lifted their price objective on Planet Fitness from $80.00 to $90.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. Five investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $93.38.

Planet Fitness Stock Down 0.4 %

Planet Fitness stock traded down $0.38 during trading hours on Friday, hitting $100.64. 50,727 shares of the company traded hands, compared to its average volume of 1,520,060. Planet Fitness has a 1-year low of $54.35 and a 1-year high of $102.81. The firm has a market cap of $8.51 billion, a P/E ratio of 54.11, a P/E/G ratio of 3.36 and a beta of 1.49. The firm’s 50-day simple moving average is $86.45 and its two-hundred day simple moving average is $78.41.

Planet Fitness (NYSE:PLNT) last issued its earnings results on Thursday, November 7th. The company reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $283.79 million. During the same period in the previous year, the firm posted $0.59 EPS. The company’s quarterly revenue was up 5.3% on a year-over-year basis. On average, equities research analysts predict that Planet Fitness will post 2.5 earnings per share for the current year.

Insider Activity

In other news, insider Jennifer Simmons sold 11,453 shares of the company’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $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 can be accessed through this link. Insiders own 5.94% of the company’s stock.

Institutional Investors Weigh In On Planet Fitness

Institutional investors have recently made changes to their positions in the stock. Dorsal Capital Management LP increased its stake in Planet Fitness by 7.7% in the second quarter. Dorsal Capital Management LP now owns 2,907,193 shares of the company’s stock valued at $213,940,000 after acquiring an additional 207,193 shares during the last quarter. State Street Corp raised its holdings in shares of Planet Fitness by 1.5% during the 3rd quarter. State Street Corp now owns 2,524,764 shares of the company’s stock worth $205,061,000 after buying an additional 37,236 shares in the last quarter. William Blair Investment Management LLC bought a new stake in shares of Planet Fitness during the 2nd quarter worth $166,978,000. Anomaly Capital Management LP acquired a new stake in Planet Fitness in the second quarter valued at about $106,795,000. Finally, Point72 Asset Management L.P. lifted its holdings in shares of Planet Fitness by 169.8% in the second quarter. Point72 Asset Management L.P. now owns 1,317,909 shares of the company’s stock worth $96,985,000 after acquiring an additional 829,509 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.