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

Planet Fitness (NYSE:PLNT) had its price objective increased by equities researchers at Piper Sandler from $115.00 to $123.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Piper Sandler’s target price suggests a potential upside of 24.75% from the company’s current price.

Several other brokerages have also issued reports on PLNT. Macquarie reiterated a “neutral” rating and issued a $99.00 price target (up previously from $91.00) on shares of Planet Fitness in a report on Friday, November 8th. Raymond James lifted their price target on shares of Planet Fitness from $92.00 to $110.00 and gave the company a “strong-buy” rating in a research report on Friday, November 8th. DA Davidson upped their price objective on shares of Planet Fitness from $70.00 to $87.00 and gave the stock a “neutral” rating in a report on Friday, November 29th. Robert W. Baird lifted their price objective on shares of Planet Fitness from $92.00 to $110.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Finally, Royal Bank of Canada boosted their target price on shares of Planet Fitness from $110.00 to $120.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 17th. Five equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Planet Fitness presently has a consensus rating of “Moderate Buy” and an average target price of $96.13.

Planet Fitness Stock Down 2.7 %

Shares of PLNT stock opened at $98.60 on Monday. The firm has a 50 day moving average of $96.85 and a 200-day moving average of $85.06. The company has a market cap of $8.34 billion, a price-to-earnings ratio of 53.01, a price-to-earnings-growth ratio of 3.33 and a beta of 1.52. Planet Fitness has a 52 week low of $54.35 and a 52 week high of $102.90.

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

Insiders Place Their Bets

In other Planet Fitness news, insider Jennifer Simmons sold 11,453 shares of Planet Fitness stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $96.20, for a total value of $1,101,778.60. Following the sale, the insider now owns 19,110 shares of the company’s stock, valued at approximately $1,838,382. The trade was a 37.47 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 5.94% of the company’s stock.

Institutional Investors Weigh In On Planet Fitness

Large investors have recently modified their holdings of the stock. William Blair Investment Management LLC bought a new position in Planet Fitness during the second quarter valued at $166,978,000. Anomaly Capital Management LP purchased a new position in shares of Planet Fitness during the 2nd quarter valued at $106,795,000. Point72 Asset Management L.P. grew its stake in shares of 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 worth $96,985,000 after acquiring an additional 829,509 shares during the period. FMR LLC increased its holdings in Planet Fitness by 666.9% in the 3rd quarter. FMR LLC now owns 795,485 shares of the company’s stock worth $64,609,000 after acquiring an additional 691,761 shares during the last quarter. Finally, Dorsal Capital Management LP increased 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. Hedge funds and other institutional investors own 95.53% of the company’s stock.

Planet Fitness Company Profile

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.