Van Berkom & Associates Inc. Cuts Stock Position in Planet Fitness, Inc. (NYSE:PLNT)

Key Points

• Van Berkom & Associates Inc. sold 76,125 shares of Planet Fitness, reducing their position by 9.2% and now holding 748,728 shares, which represents about 2.3% of its total holdings.
• Several institutional investors significantly increased their stakes in Planet Fitness, with First Horizon Advisors Inc. raising its holdings by 187.6% during the first quarter, and overall institutional ownership stands at 95.53%.
• Analysts maintain a positive outlook on Planet Fitness, with a majority issuing a "buy" rating and setting an average target price of $106.63 for the stock.

Van Berkom & Associates Inc. decreased its holdings in Planet Fitness, Inc. (NYSE:PLNT - Free Report) by 9.2% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 748,728 shares of the company's stock after selling 76,125 shares during the quarter. Planet Fitness comprises approximately 2.3% of Van Berkom & Associates Inc.'s portfolio, making the stock its 20th biggest position. Van Berkom & Associates Inc. owned 0.88% of Planet Fitness worth $72,335,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Renaissance Technologies LLC purchased a new position in shares of Planet Fitness in the 4th quarter worth $11,963,000. Freestone Grove Partners LP bought a new stake in shares of Planet Fitness during the 4th quarter valued at about $25,676,000. Jump Financial LLC bought a new stake in shares of Planet Fitness during the 4th quarter valued at about $965,000. B. Metzler seel. Sohn & Co. AG bought a new stake in shares of Planet Fitness during the 4th quarter valued at about $3,378,000. Finally, KBC Group NV grew its stake in shares of Planet Fitness by 13.7% during the 1st quarter. KBC Group NV now owns 3,503 shares of the company's stock valued at $338,000 after purchasing an additional 422 shares during the period. Hedge funds and other institutional investors own 95.53% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Stifel Nicolaus set a $120.00 price target on Planet Fitness and gave the company a "buy" rating in a research note on Thursday, May 22nd. Macquarie restated a "neutral" rating and set a $95.00 price target on shares of Planet Fitness in a research note on Tuesday, May 13th. Morgan Stanley boosted their price target on Planet Fitness from $111.00 to $112.00 and gave the company an "overweight" rating in a research note on Friday, May 9th. Guggenheim restated a "buy" rating and set a $110.00 price target on shares of Planet Fitness in a research note on Monday, May 12th. Finally, Canaccord Genuity Group set a $126.00 price target on Planet Fitness and gave the company a "buy" rating in a research note 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 stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $106.63.

Planet Fitness Price Performance

Planet Fitness stock traded up $1.01 during midday trading on Wednesday, reaching $111.46. The company's stock had a trading volume of 430,351 shares, compared to its average volume of 1,490,640. Planet Fitness, Inc. has a 52-week low of $68.75 and a 52-week high of $114.47. The stock has a market capitalization of $9.38 billion, a P/E ratio of 52.59, a PEG ratio of 2.49 and a beta of 1.33. The stock's 50-day simple moving average is $106.89 and its 200-day simple moving average is $101.66.

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 analysts' consensus estimates 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 business had revenue of $276.66 million during the quarter, compared to analysts' expectations of $279.80 million. During the same quarter last year, the firm earned $0.53 earnings per share. The firm's quarterly revenue was up 11.6% compared to the same quarter last year. As a group, equities research analysts expect 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.