Vanguard Group Inc. Buys 62,716 Shares of Planet Fitness, Inc. (NYSE:PLNT)

Key Points

• Vanguard Group Inc. has increased its stake in Planet Fitness, owning approximately 9.56% of the company after purchasing an additional 62,716 shares, bringing its total shareholding to 8,098,481.
• Planet Fitness recently reported a quarterly earnings per share of $0.86, exceeding analysts' expectations of $0.79, alongside a revenue increase of 13.3% compared to the previous year.
• Several analysts have set new price targets for Planet Fitness stock, with a consensus price target of $107.38 and major firms recommending a "buy" rating.

Vanguard Group Inc. increased its position in shares of Planet Fitness, Inc. (NYSE:PLNT - Free Report) by 0.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,098,481 shares of the company's stock after acquiring an additional 62,716 shares during the quarter. Vanguard Group Inc. owned about 9.56% of Planet Fitness worth $782,394,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. First Horizon Advisors Inc. lifted its stake in shares of Planet Fitness by 187.6% during the first quarter. First Horizon Advisors Inc. now owns 371 shares of the company's stock valued at $36,000 after acquiring an additional 242 shares during the period. CoreCap Advisors LLC lifted its stake in shares of Planet Fitness by 1,250.0% during the fourth quarter. CoreCap Advisors LLC now owns 486 shares of the company's stock valued at $48,000 after acquiring an additional 450 shares during the period. Farther Finance Advisors LLC lifted its stake in Planet Fitness by 291.0% in the first quarter. Farther Finance Advisors LLC now owns 520 shares of the company's stock valued at $50,000 after buying an additional 387 shares during the period. Lazard Asset Management LLC acquired a new position in Planet Fitness in the fourth quarter valued at about $57,000. Finally, New Age Alpha Advisors LLC acquired a new position in Planet Fitness in the first quarter valued at about $65,000. Institutional investors and hedge funds own 95.53% of the company's stock.

Planet Fitness Stock Up 2.6%

Shares of NYSE:PLNT traded up $2.71 during mid-day trading on Friday, reaching $107.55. 1,014,645 shares of the stock were exchanged, compared to its average volume of 1,500,286. The company has a market cap of $9.05 billion, a P/E ratio of 47.80, a P/E/G ratio of 2.33 and a beta of 1.40. Planet Fitness, Inc. has a one year low of $77.77 and a one year high of $114.47. The stock's 50 day simple moving average is $107.83 and its 200-day simple moving average is $101.95.

Planet Fitness (NYSE:PLNT - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $0.86 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.79 by $0.07. The business had revenue of $340.88 million during the quarter, compared to the consensus estimate of $329.59 million. Planet Fitness had a negative return on equity of 110.18% and a net margin of 15.11%. Planet Fitness's quarterly revenue was up 13.3% on a year-over-year basis. During the same period last year, the company earned $0.71 earnings per share. Analysts anticipate that Planet Fitness, Inc. will post 2.51 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

PLNT has been the topic of several analyst reports. Macquarie reissued a "neutral" rating and issued a $95.00 target price on shares of Planet Fitness in a research note on Tuesday, May 13th. Raymond James Financial reissued a "strong-buy" rating on shares of Planet Fitness in a research note on Thursday, August 7th. Canaccord Genuity Group set a $126.00 target price on Planet Fitness and gave the company a "buy" rating in a research note on Thursday, June 12th. Morgan Stanley increased their target price on Planet Fitness from $111.00 to $112.00 and gave the company an "overweight" rating in a research note on Friday, May 9th. Finally, Guggenheim reissued a "buy" rating and issued a $110.00 target price on shares of Planet Fitness in a research note on Monday, May 12th. Three investment 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's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $107.38.

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.