Planet Fitness (NYSE:PLNT) Price Target Raised to $126.00

Planet Fitness (NYSE:PLNT) had its price objective boosted by Canaccord Genuity Group from $120.00 to $126.00 in a report released on Thursday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

PLNT has been the topic of several other reports. Roth Mkm reiterated a “buy” rating and set a $115.00 price target (up from $110.00) on shares of Planet Fitness in a research note on Wednesday, February 26th. Stifel Nicolaus set a $120.00 price objective on Planet Fitness and gave the stock a “buy” rating in a report on Thursday, May 22nd. Guggenheim reiterated a “buy” rating and set a $110.00 target price on shares of Planet Fitness in a research report on Monday, May 12th. Macquarie reissued a “neutral” rating and issued a $95.00 target price on shares of Planet Fitness in a research report on Tuesday, May 13th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $120.00 price target on shares of Planet Fitness in a research note on Monday, February 24th. Three equities research analysts have rated the stock with a hold rating, thirteen 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 currently has a consensus rating of “Moderate Buy” and a consensus target price of $105.76.

Planet Fitness Trading Down 1.4%

NYSE:PLNT opened at $102.59 on Thursday. Planet Fitness has a 12-month low of $68.75 and a 12-month high of $110.00. The firm has a market cap of $8.64 billion, a PE ratio of 55.16, a price-to-earnings-growth ratio of 2.45 and a beta of 1.33. The stock has a fifty day moving average price of $99.14 and a 200 day moving average price of $99.78.

Planet Fitness (NYSE:PLNT) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.59 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.62 by ($0.03). The company had revenue of $276.66 million during the quarter, compared to analysts’ expectations of $279.80 million. Planet Fitness had a net margin of 14.23% and a negative return on equity of 107.97%. The business’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.53 EPS. Equities analysts forecast that Planet Fitness will post 2.51 EPS for the current year.

Hedge Funds Weigh In On Planet Fitness

Hedge funds have recently bought and sold shares of the stock. T. Rowe Price Investment Management Inc. boosted its stake in shares of Planet Fitness by 48.1% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 7,911,081 shares of the company’s stock valued at $782,169,000 after acquiring an additional 2,570,826 shares during the last quarter. Invesco Ltd. lifted its holdings in Planet Fitness by 358.0% in the 1st quarter. Invesco Ltd. now owns 2,211,139 shares of the company’s stock valued at $213,618,000 after purchasing an additional 1,728,407 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Planet Fitness by 62.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,289,606 shares of the company’s stock worth $317,810,000 after purchasing an additional 1,268,262 shares during the last quarter. Norges Bank purchased a new stake in shares of Planet Fitness during the fourth quarter worth about $100,009,000. Finally, Ninety One UK Ltd grew its holdings in shares of Planet Fitness by 61.1% during the first quarter. Ninety One UK Ltd now owns 2,124,679 shares of the company’s stock worth $205,265,000 after buying an additional 806,023 shares in the last quarter. Hedge funds and other institutional investors own 95.53% of the company’s stock.

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.