Lord Abbett & CO. LLC Takes $27.16 Million Position in Planet Fitness, Inc. $PLNT

Key Points

• Lord Abbett & CO. LLC has acquired 281,137 shares of Planet Fitness, valued at approximately $27.16 million, representing a 0.33% stake in the company.
• Several institutional investors have also recently increased their positions in Planet Fitness, indicating strong interest in the stock, with 95.53% of the shares owned by institutions.
• Analysts have set an average target price of $107.38 for Planet Fitness, with most ratings reflecting a "Moderate Buy" stance from a mix of hold and buy ratings.

Lord Abbett & CO. LLC bought a new position in Planet Fitness, Inc. (NYSE:PLNT - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The fund bought 281,137 shares of the company's stock, valued at approximately $27,161,000. Lord Abbett & CO. LLC owned about 0.33% of Planet Fitness as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. T. Rowe Price Investment Management Inc. raised its stake in shares of Planet Fitness by 48.1% in 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 period. Invesco Ltd. grew its holdings in Planet Fitness by 358.0% during the 1st quarter. Invesco Ltd. now owns 2,211,139 shares of the company's stock worth $213,618,000 after acquiring an additional 1,728,407 shares in the last quarter. Ninety One UK Ltd grew its holdings in Planet Fitness by 61.1% during the 1st quarter. Ninety One UK Ltd now owns 2,124,679 shares of the company's stock worth $205,265,000 after acquiring an additional 806,023 shares in the last quarter. Sequoia Financial Advisors LLC bought a new position in Planet Fitness during the 1st quarter worth about $54,384,000. Finally, Artemis Investment Management LLP boosted its holdings in shares of Planet Fitness by 253.5% in the 1st quarter. Artemis Investment Management LLP now owns 671,073 shares of the company's stock valued at $64,832,000 after buying an additional 481,263 shares in the last quarter. 95.53% of the stock is currently owned by institutional investors.

Planet Fitness Trading Up 1.2%

PLNT traded up $1.2910 on Tuesday, hitting $108.1610. 544,204 shares of the company's stock were exchanged, compared to its average volume of 1,510,696. Planet Fitness, Inc. has a fifty-two week low of $77.77 and a fifty-two week high of $114.47. The firm has a 50-day moving average price of $107.92 and a 200-day moving average price of $101.86. The stock has a market cap of $9.11 billion, a price-to-earnings ratio of 48.10, a P/E/G ratio of 2.39 and a beta of 1.40.

Planet Fitness (NYSE:PLNT - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.86 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.07. The firm had revenue of $340.88 million for the quarter, compared to analysts' expectations of $329.59 million. Planet Fitness had a net margin of 15.11% and a negative return on equity of 110.18%. The company's revenue was up 13.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.71 EPS. On average, equities analysts predict that Planet Fitness, Inc. will post 2.51 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on PLNT shares. Morgan Stanley raised their price target on shares of Planet Fitness from $111.00 to $112.00 and gave the company an "overweight" rating in a report on Friday, May 9th. Canaccord Genuity Group set a $126.00 target price on shares of Planet Fitness and gave the stock a "buy" rating in a research note on Thursday, June 12th. Macquarie reiterated a "neutral" rating and issued a $95.00 target price on shares of Planet Fitness in a research note on Tuesday, May 13th. Stifel Nicolaus set a $120.00 target price on shares of Planet Fitness and gave the stock a "buy" rating in a research note on Thursday, May 22nd. Finally, Guggenheim reiterated a "buy" rating and issued a $110.00 target price on shares of Planet Fitness in a research note on Monday, May 12th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $107.38.

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.