Sequoia Financial Advisors LLC Makes New $54.38 Million Investment in Planet Fitness, Inc. (NYSE:PLNT)

Sequoia Financial Advisors LLC purchased a new position in Planet Fitness, Inc. (NYSE:PLNT - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 562,920 shares of the company's stock, valued at approximately $54,384,000. Sequoia Financial Advisors LLC owned 0.66% of Planet Fitness as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Corient Private Wealth LLC grew its position in shares of Planet Fitness by 2.1% during the 4th quarter. Corient Private Wealth LLC now owns 4,623 shares of the company's stock worth $457,000 after buying an additional 94 shares during the period. GAMMA Investing LLC boosted its stake in Planet Fitness by 7.4% during the first quarter. GAMMA Investing LLC now owns 2,245 shares of the company's stock worth $217,000 after acquiring an additional 155 shares in the last quarter. Truist Financial Corp grew its holdings in Planet Fitness by 1.3% in the fourth quarter. Truist Financial Corp now owns 12,632 shares of the company's stock worth $1,249,000 after purchasing an additional 161 shares during the period. ProShare Advisors LLC increased its stake in Planet Fitness by 6.8% in the fourth quarter. ProShare Advisors LLC now owns 3,939 shares of the company's stock valued at $389,000 after purchasing an additional 252 shares in the last quarter. Finally, State of Alaska Department of Revenue raised its holdings in shares of Planet Fitness by 2.8% during the first quarter. State of Alaska Department of Revenue now owns 9,865 shares of the company's stock valued at $953,000 after purchasing an additional 265 shares during the period. 95.53% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently commented on PLNT shares. Guggenheim restated a "buy" rating and issued a $110.00 target price on shares of Planet Fitness in a research note on Monday, May 12th. Macquarie reiterated a "neutral" rating and issued a $95.00 price target on shares of Planet Fitness in a report on Tuesday, May 13th. Stifel Nicolaus set a $120.00 price objective on Planet Fitness and gave the company a "buy" rating in a report on Thursday, May 22nd. Morgan Stanley increased their target price on Planet Fitness from $111.00 to $112.00 and gave the stock an "overweight" rating in a report on Friday, May 9th. Finally, Canaccord Genuity Group set a $126.00 price target on shares of Planet Fitness and gave the company a "buy" rating in a research report on Thursday, June 12th. Three research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $106.63.

Planet Fitness Trading Up 0.8%

Shares of PLNT traded up $0.83 during trading hours on Friday, reaching $108.73. 3,101,460 shares of the stock traded hands, compared to its average volume of 1,388,128. Planet Fitness, Inc. has a 52 week low of $68.75 and a 52 week high of $110.95. The company has a market cap of $9.15 billion, a price-to-earnings ratio of 51.29, a PEG ratio of 2.41 and a beta of 1.33. The stock has a fifty day simple moving average of $101.56 and a 200 day simple moving average of $100.26.

Planet Fitness (NYSE:PLNT - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported $0.59 EPS for the quarter, missing the consensus estimate of $0.62 by ($0.03). Planet Fitness had a net margin of 14.84% and a negative return on equity of 88.70%. The firm had revenue of $276.66 million during the quarter, compared to analysts' expectations of $279.80 million. During the same quarter last year, the business posted $0.53 EPS. The company's quarterly revenue was up 11.6% on a year-over-year basis. Analysts predict that Planet Fitness, Inc. will post 2.51 earnings per share for the current fiscal year.

Planet Fitness 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.