Raymond James Financial Forecasts Strong Price Appreciation for Planet Fitness (NYSE:PLNT) Stock

Key Points

• Raymond James Financial has raised its price target for Planet Fitness stock from $110.00 to $122.00, indicating a potential upside of 15.77% based on the company's current price and maintaining a "strong-buy" rating.
• Multiple firms have also adjusted their price targets, with the average consensus among analysts currently being a "Moderate Buy" rating and a price target of $107.38.
• Planet Fitness reported a 13.3% increase in revenue year-over-year, achieving earnings per share of $0.86, surpassing the consensus estimate of $0.79.

Planet Fitness (NYSE:PLNT - Get Free Report) had its price objective hoisted by analysts at Raymond James Financial from $110.00 to $122.00 in a report released on Thursday,Benzinga reports. The firm presently has a "strong-buy" rating on the stock. Raymond James Financial's target price indicates a potential upside of 15.77% from the company's current price.

A number of other research firms have also recently commented on PLNT. Morgan Stanley boosted their price target on shares of Planet Fitness from $111.00 to $112.00 and gave the stock an "overweight" rating in a research note on Friday, May 9th. Macquarie reissued a "neutral" rating and issued a $95.00 price target on shares of Planet Fitness in a research note on Tuesday, May 13th. Stifel Nicolaus set a $120.00 price target on shares of Planet Fitness and gave the stock a "buy" rating in a research note on Thursday, May 22nd. Guggenheim restated a "buy" rating and issued a $110.00 price objective on shares of Planet Fitness in a report on Monday, May 12th. Finally, Canaccord Genuity Group set a $126.00 price objective on shares of Planet Fitness and gave the stock a "buy" rating in a report on Thursday, June 12th. Three equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $107.38.

Planet Fitness Stock Performance

NYSE PLNT opened at $105.39 on Thursday. Planet Fitness has a 52-week low of $75.55 and a 52-week high of $114.47. The company has a 50-day simple moving average of $107.60 and a 200 day simple moving average of $101.92. The company has a market capitalization of $8.87 billion, a PE ratio of 50.31, a price-to-earnings-growth ratio of 2.44 and a beta of 1.40.

Planet Fitness (NYSE:PLNT - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported $0.86 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.07. The firm had revenue of $340.88 million during the quarter, compared to the consensus estimate of $329.59 million. Planet Fitness had a net margin of 14.84% and a negative return on equity of 88.70%. The company's revenue was up 13.3% on a year-over-year basis. During the same quarter last year, the company earned $0.71 earnings per share. As a group, analysts forecast that Planet Fitness will post 2.51 EPS for the current fiscal year.

Institutional Investors Weigh In On Planet Fitness

A number of institutional investors have recently added to or reduced their stakes in the stock. T. Rowe Price Investment Management Inc. grew its holdings in Planet Fitness by 6.3% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 8,407,128 shares of the company's stock valued at $812,213,000 after buying an additional 496,047 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Planet Fitness by 0.8% in the first quarter. Vanguard Group Inc. now owns 8,098,481 shares of the company's stock valued at $782,394,000 after purchasing an additional 62,716 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Planet Fitness by 62.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,289,606 shares of the company's stock valued at $317,810,000 after purchasing an additional 1,268,262 shares in the last quarter. Ninety One UK Ltd grew its holdings in shares of Planet Fitness by 35.7% in the second quarter. Ninety One UK Ltd now owns 2,883,906 shares of the company's stock valued at $314,490,000 after purchasing an additional 759,227 shares in the last quarter. Finally, Invesco Ltd. lifted its position in Planet Fitness by 358.0% in the first quarter. Invesco Ltd. now owns 2,211,139 shares of the company's stock worth $213,618,000 after buying an additional 1,728,407 shares during the last quarter. 95.53% of the stock is owned by hedge funds and other institutional investors.

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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