Raymond James & Associates raised its position in shares of Planet Fitness Inc (NYSE:PLNT) by 6.2% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 79,027 shares of the company’s stock after purchasing an additional 4,593 shares during the quarter. Raymond James & Associates’ holdings in Planet Fitness were worth $5,431,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Granite Investment Partners LLC purchased a new stake in Planet Fitness during the 4th quarter valued at $947,000. Bank of America Corp DE boosted its position in Planet Fitness by 0.3% during the 4th quarter. Bank of America Corp DE now owns 887,277 shares of the company’s stock valued at $47,576,000 after buying an additional 3,040 shares during the period. Vanguard Group Inc lifted its position in shares of Planet Fitness by 3.4% in the 3rd quarter. Vanguard Group Inc now owns 8,597,408 shares of the company’s stock worth $464,518,000 after purchasing an additional 280,726 shares during the period. Pelham Capital Ltd. purchased a new stake in shares of Planet Fitness in the 1st quarter worth about $44,047,000. Finally, Emerald Mutual Fund Advisers Trust lifted its position in shares of Planet Fitness by 9.3% in the 4th quarter. Emerald Mutual Fund Advisers Trust now owns 681,092 shares of the company’s stock worth $36,520,000 after purchasing an additional 57,730 shares during the period. 94.00% of the stock is owned by institutional investors and hedge funds.

Shares of Planet Fitness stock opened at $76.47 on Friday. The stock has a market capitalization of $7.03 billion, a P/E ratio of 57.68, a price-to-earnings-growth ratio of 2.26 and a beta of 0.76. Planet Fitness Inc has a 1 year low of $38.52 and a 1 year high of $81.76.

Planet Fitness (NYSE:PLNT) last issued its quarterly earnings results on Thursday, May 2nd. The company reported $0.35 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.34 by $0.01. The company had revenue of $148.82 million during the quarter, compared to analyst estimates of $153.41 million. Planet Fitness had a net margin of 15.91% and a negative return on equity of 53.73%. Planet Fitness’s quarterly revenue was up 22.7% compared to the same quarter last year. During the same period last year, the business earned $0.27 EPS. On average, analysts anticipate that Planet Fitness Inc will post 1.55 earnings per share for the current year.

Several research firms have recently commented on PLNT. Zacks Investment Research cut shares of Planet Fitness from a “buy” rating to a “hold” rating in a research report on Friday, May 10th. Macquarie raised shares of Planet Fitness from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $64.00 to $85.00 in a research report on Tuesday, May 7th. Jefferies Financial Group raised their target price on shares of Planet Fitness from $75.00 to $85.00 and gave the stock a “buy” rating in a research report on Friday, May 3rd. ValuEngine raised shares of Planet Fitness from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, May 1st. Finally, Bank of America reaffirmed a “buy” rating and issued a $86.00 target price (up from $72.00) on shares of Planet Fitness in a research report on Wednesday, May 1st. Four equities research 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 stock. The stock currently has an average rating of “Buy” and an average target price of $67.57.

In related news, CEO Christopher Rondeau sold 80,000 shares of the stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $63.18, for a total value of $5,054,400.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David P. Berg sold 6,291 shares of the stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $61.73, for a total transaction of $388,343.43. Following the completion of the transaction, the director now owns 6,615 shares of the company’s stock, valued at $408,343.95. The disclosure for this sale can be found here. Over the last quarter, insiders sold 386,291 shares of company stock valued at $24,966,743. 14.52% of the stock is owned by company insiders.

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Planet Fitness Company Profile

Planet Fitness, Inc, together with its subsidiaries, franchises and operates fitness centers under the Planet Fitness name. It operates through three segments: Franchise, Corporate-Owned Stores, and Equipment. The Franchise segment is involved in franchising business in the United States, Puerto Rico, Canada, the Dominican Republic, and Panama.

Further Reading: How Do Mutual Funds Work?

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Institutional Ownership by Quarter for Planet Fitness (NYSE:PLNT)

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