Planet Fitness, Inc. $PLNT Shares Bought by Fred Alger Management LLC

Key Points

• Fred Alger Management LLC acquired an additional 108,024 shares of Planet Fitness, increasing its holdings by 24.7% during the first quarter, bringing its total to 546,200 shares worth approximately $52.8 million.
• Several institutional investors, including Brooklyn Investment Group and PNC Financial Services Group Inc., also increased their positions in Planet Fitness, resulting in 95.53% of the stock being owned by institutional investors and hedge funds.
• Analysts have set a consensus target price for Planet Fitness at $108.64, with most ratings being either "Buy" or "Strong Buy," indicating positive sentiment towards the stock.

Fred Alger Management LLC raised its holdings in Planet Fitness, Inc. (NYSE:PLNT - Free Report) by 24.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 546,200 shares of the company's stock after buying an additional 108,024 shares during the period. Fred Alger Management LLC owned about 0.65% of Planet Fitness worth $52,768,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Brooklyn Investment Group increased its position in shares of Planet Fitness by 57.8% during the first quarter. Brooklyn Investment Group now owns 322 shares of the company's stock worth $31,000 after purchasing an additional 118 shares in the last quarter. PNC Financial Services Group Inc. increased its position in shares of Planet Fitness by 4.1% during the first quarter. PNC Financial Services Group Inc. now owns 3,235 shares of the company's stock worth $313,000 after purchasing an additional 126 shares in the last quarter. GAMMA Investing LLC increased its position in shares of 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 purchasing an additional 155 shares in the last quarter. Xponance Inc. increased its position in shares of Planet Fitness by 1.1% during the first quarter. Xponance Inc. now owns 13,767 shares of the company's stock worth $1,330,000 after purchasing an additional 156 shares in the last quarter. Finally, State of Michigan Retirement System increased its position in shares of Planet Fitness by 1.0% during the first quarter. State of Michigan Retirement System now owns 20,100 shares of the company's stock worth $1,942,000 after purchasing an additional 200 shares in the last quarter. 95.53% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have recently commented on PLNT. Canaccord Genuity Group set a $126.00 target price on Planet Fitness and gave the stock a "buy" rating in a research report on Thursday, June 12th. Guggenheim reaffirmed a "buy" rating and set a $110.00 price objective on shares of Planet Fitness in a research report on Monday, May 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. Raymond James Financial restated a "strong-buy" rating on shares of Planet Fitness in a research note on Thursday, August 7th. Finally, Stifel Nicolaus set a $120.00 price target on Planet Fitness and gave the stock a "buy" rating in a report on Thursday, May 22nd. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, Planet Fitness presently has a consensus rating of "Moderate Buy" and an average target price of $108.64.

Planet Fitness Trading Up 1.4%

Shares of PLNT stock opened at $104.44 on Monday. The company has a market cap of $8.80 billion, a price-to-earnings ratio of 46.42, a price-to-earnings-growth ratio of 2.33 and a beta of 1.37. The stock has a 50 day simple moving average of $107.79 and a 200-day simple moving average of $101.98. Planet Fitness, Inc. has a 12-month low of $77.77 and a 12-month high of $114.47.

Planet Fitness (NYSE:PLNT - Get Free Report) last released its quarterly earnings data 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. Planet Fitness had a negative return on equity of 110.18% and a net margin of 15.11%.The firm had revenue of $340.88 million during the quarter, compared to the consensus estimate of $329.59 million. During the same period last year, the business posted $0.71 EPS. Planet Fitness's quarterly revenue was up 13.3% on a year-over-year basis. On average, equities analysts forecast that Planet Fitness, Inc. will post 2.51 earnings per share for the current fiscal year.

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.

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