Dorsal Capital Management LP Reduces Stock Holdings in Planet Fitness, Inc. (NYSE:PLNT)

Dorsal Capital Management LP lowered its position in shares of Planet Fitness, Inc. (NYSE:PLNT - Free Report) by 32.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,000,000 shares of the company's stock after selling 950,000 shares during the quarter. Planet Fitness makes up approximately 4.7% of Dorsal Capital Management LP's holdings, making the stock its 7th biggest holding. Dorsal Capital Management LP owned approximately 2.36% of Planet Fitness worth $197,740,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the business. UMB Bank n.a. grew its stake in Planet Fitness by 67.4% during the fourth quarter. UMB Bank n.a. now owns 390 shares of the company's stock worth $39,000 after buying an additional 157 shares during the period. R Squared Ltd acquired a new stake in Planet Fitness in the fourth quarter valued at $39,000. CoreCap Advisors LLC raised its holdings 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 worth $48,000 after purchasing an additional 450 shares during the period. Skandinaviska Enskilda Banken AB publ raised its holdings in shares of Planet Fitness by 1,139.5% during the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 533 shares of the company's stock worth $53,000 after purchasing an additional 490 shares during the period. Finally, Beaumont Financial Advisors LLC acquired a new stake in shares of Planet Fitness during the fourth quarter worth $202,000. Hedge funds and other institutional investors own 95.53% of the company's stock.

Analysts Set New Price Targets

Several research firms have commented on PLNT. BMO Capital Markets raised their target price on shares of Planet Fitness from $100.00 to $110.00 and gave the company an "outperform" rating in a research note on Monday, March 31st. Roth Mkm reissued a "buy" rating and set a $115.00 target price (up previously from $110.00) on shares of Planet Fitness in a research note on Wednesday, February 26th. DA Davidson reissued a "neutral" rating and set a $87.00 target price on shares of Planet Fitness in a research note on Tuesday, January 21st. Morgan Stanley raised their target price on shares of Planet Fitness from $111.00 to $112.00 and gave the company an "overweight" rating in a research note on Friday. Finally, Macquarie lowered their target price on shares of Planet Fitness from $99.00 to $95.00 and set a "neutral" rating on the stock in a research note on Thursday, February 27th. Four research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Planet Fitness presently has an average rating of "Moderate Buy" and an average price target of $103.00.

Planet Fitness Price Performance

PLNT traded up $0.77 during midday trading on Monday, hitting $93.58. 875,103 shares of the company's stock traded hands, compared to its average volume of 1,404,920. Planet Fitness, Inc. has a one year low of $60.56 and a one year high of $110.00. The company has a market cap of $7.92 billion, a PE ratio of 50.31, a price-to-earnings-growth ratio of 2.45 and a beta of 1.33. The stock's fifty day simple moving average is $96.30 and its 200-day simple moving average is $97.88.

Planet Fitness (NYSE:PLNT - Get Free Report) last released its quarterly earnings results 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 14.23% and a negative return on equity of 107.97%. The firm had revenue of $276.66 million during the quarter, compared to the consensus estimate of $279.80 million. During the same period in the prior year, the business earned $0.53 EPS. The company's revenue for the quarter was up 11.6% compared to the same quarter last year. On average, research analysts expect that Planet Fitness, Inc. will post 2.51 EPS for the current 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.