Planet Fitness, Inc. $PLNT Stock Acquired by Van Berkom & Associates Inc.

Key Points

• Van Berkom & Associates increased its Planet Fitness stake 9.4% in the third quarter, adding 118,054 shares to hold about 1.38 million shares, valued at $58.3 million. Institutional investors collectively own 95.53% of the stock.
• Analysts’ consensus rating is “Moderate Buy,” with an average price target of $71.87. Recent targets varied, including Wells Fargo raising its target to $75 and Baird lowering its target to $60.
• Planet Fitness beat quarterly estimates, reporting earnings of $0.83 per share versus $0.81 expected and revenue of $360 million, up 9% year over year.

Van Berkom & Associates Inc. boosted its position in Planet Fitness, Inc. (NYSE:PLNT - Free Report) by 9.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,379,902 shares of the company's stock after buying an additional 118,054 shares during the quarter. Planet Fitness makes up about 2.1% of Van Berkom & Associates Inc.'s investment portfolio, making the stock its 29th biggest holding. Van Berkom & Associates Inc. owned approximately 1.83% of Planet Fitness worth $58,259,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP increased its stake in Planet Fitness by 1.8% during the first quarter. Dimensional Fund Advisors LP now owns 1,238,129 shares of the company's stock valued at $92,091,000 after purchasing an additional 21,914 shares during the last quarter. Assenagon Asset Management S.A. bought a new position in shares of Planet Fitness in the 2nd quarter worth about $44,399,000. Bank of America Corp DE boosted its holdings in shares of Planet Fitness by 7.2% in the 1st quarter. Bank of America Corp DE now owns 779,251 shares of the company's stock valued at $57,961,000 after buying an additional 52,289 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Planet Fitness by 1.8% in the 1st quarter. Bank of New York Mellon Corp now owns 732,411 shares of the company's stock valued at $54,477,000 after buying an additional 13,089 shares during the period. Finally, WCM Investment Management LLC boosted its holdings in shares of Planet Fitness by 58.3% in the 1st quarter. WCM Investment Management LLC now owns 265,134 shares of the company's stock valued at $19,548,000 after buying an additional 97,697 shares during the period. 95.53% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

PLNT has been the topic of several research reports. Wells Fargo & Company increased their price objective on shares of Planet Fitness from $65.00 to $75.00 and gave the stock an "overweight" rating in a research note on Friday. Morgan Stanley upped their target price on Planet Fitness from $51.00 to $55.00 and gave the company an "equal weight" rating in a report on Tuesday, October 27th. Robert W. Baird dropped their price target on Planet Fitness from $72.00 to $60.00 and set an "outperform" rating on the stock in a research report on Monday, October 5th. Raymond James Financial reissued a "strong-buy" rating and issued a $72.00 price target on shares of Planet Fitness in a report on Thursday. Finally, UBS Group restated a "buy" rating on shares of Planet Fitness in a research note on Friday, October 9th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $71.87.

Insider Transactions at Planet Fitness

In other news, COO William Bode sold 7,000 shares of the firm's stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $51.22, for a total transaction of $358,540.00. Following the completion of the transaction, the chief operating officer owned 32,939 shares in the company, valued at approximately $1,687,135.58. This trade represents a 17.53% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Christopher Tanco acquired 2,328 shares of the stock in a transaction dated Monday, September 14th. The stock was acquired at an average cost of $51.23 per share, for a total transaction of $119,263.44. Following the purchase, the director directly owned 2,328 shares in the company, valued at approximately $119,263.44. The trade was a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 0.90% of the stock is currently owned by corporate insiders.

Planet Fitness Stock Performance

Shares of PLNT stock opened at $61.08 on Tuesday. Planet Fitness, Inc. has a 1 year low of $37.03 and a 1 year high of $114.26. The stock has a market cap of $4.61 billion, a PE ratio of 20.70, a price-to-earnings-growth ratio of 1.23 and a beta of 1.02. The business's fifty day moving average is $49.37 and its 200-day moving average is $61.16.

Planet Fitness (NYSE:PLNT - Get Free Report) last announced its quarterly earnings data on Thursday, November 5th. The company reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.81 by $0.02. Planet Fitness had a negative return on equity of 59.46% and a net margin of 16.88%. The business had revenue of $359.98 million during the quarter, compared to analyst estimates of $348.34 million. During the same quarter in the prior year, the firm posted $0.80 earnings per share. The company's revenue was up 9.0% on a year-over-year basis. Equities research analysts predict that Planet Fitness, Inc. will post 3.26 earnings per share for the current year.

Planet Fitness Profile

Planet Fitness, Inc is a fitness club franchisor and operator known for its low-cost membership model and “Judgement Free Zone” approach. Its clubs offer cardio and strength-training equipment, along with access to fitness training and other member services.

Founded in 1992, the company began franchising its clubs in 2003. Planet Fitness serves members primarily in the United States, as well as in several international markets, including Canada, Mexico and Australia.

Planet Fitness is headquartered in Hampton, New Hampshire.

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