Zions Bancorporation National Association UT Acquires Shares of 24,778 Planet Fitness, Inc. (NYSE:PLNT)

Key Points

• Zions Bancorporation National Association UT has acquired a new stake in Planet Fitness, purchasing 24,778 shares valued at approximately $2.4 million during the first quarter.
• Multiple hedge funds, including Deutsche Bank AG and Vanguard Group Inc., have also increased their stakes in Planet Fitness, contributing to an overall institutional ownership of 95.53% of the company's stock.
• Planet Fitness reported an EPS of $0.86 for the last quarter, exceeding expectations, with a revenue increase of 13.3% year-over-year, amounting to $340.88 million.

Zions Bancorporation National Association UT bought a new stake in Planet Fitness, Inc. (NYSE:PLNT - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 24,778 shares of the company's stock, valued at approximately $2,394,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. O Shaughnessy Asset Management LLC acquired a new stake in Planet Fitness in the fourth quarter valued at about $235,000. Trexquant Investment LP purchased a new stake in Planet Fitness during the 4th quarter worth $571,000. Wells Fargo & Company MN lifted its holdings in Planet Fitness by 111.4% in the 4th quarter. Wells Fargo & Company MN now owns 183,784 shares of the company's stock worth $18,171,000 after buying an additional 96,841 shares in the last quarter. FMR LLC increased its position in shares of Planet Fitness by 24.4% in the 4th quarter. FMR LLC now owns 989,642 shares of the company's stock worth $97,846,000 after purchasing an additional 194,157 shares during the last quarter. Finally, Invesco Ltd. grew its position in shares of Planet Fitness by 199.7% during the 4th quarter. Invesco Ltd. now owns 482,732 shares of the company's stock valued at $47,728,000 after buying an additional 321,644 shares during the last quarter. Institutional investors and hedge funds own 95.53% of the company's stock.

Analysts Set New Price Targets

Several analysts recently commented on PLNT shares. Macquarie reissued a "neutral" rating and set a $95.00 target price on shares of Planet Fitness in a research note on Tuesday, May 13th. Guggenheim reiterated a "buy" rating and set a $110.00 target price on shares of Planet Fitness in a research report on Monday, May 12th. 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. Raymond James Financial reissued a "strong-buy" rating on shares of Planet Fitness in a research note on Thursday. Finally, Morgan Stanley boosted their price objective 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. Three investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $107.38.

Planet Fitness Trading Up 1.3%

PLNT stock traded up $1.37 during mid-day trading on Friday, hitting $106.75. The stock had a trading volume of 1,561,159 shares, compared to its average volume of 1,545,313. Planet Fitness, Inc. has a 52 week low of $77.36 and a 52 week high of $114.47. The firm has a market capitalization of $8.99 billion, a P/E ratio of 47.45, a P/E/G ratio of 2.37 and a beta of 1.40. The firm has a fifty day simple moving average of $107.73 and a 200 day simple moving average of $101.86.

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

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.