Wells Fargo & Company MN Raises Position in Planet Fitness, Inc. (NYSE:PLNT)

Wells Fargo & Company MN increased its position in shares of Planet Fitness, Inc. (NYSE:PLNT - Free Report) by 111.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 183,784 shares of the company's stock after purchasing an additional 96,841 shares during the period. Wells Fargo & Company MN owned approximately 0.22% of Planet Fitness worth $18,171,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of PLNT. Vanguard Group Inc. increased its position in Planet Fitness by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 8,035,765 shares of the company's stock valued at $794,496,000 after purchasing an additional 39,928 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of Planet Fitness by 1.0% during the 4th quarter. JPMorgan Chase & Co. now owns 3,609,196 shares of the company's stock worth $356,841,000 after acquiring an additional 36,803 shares in the last quarter. Ninety One UK Ltd acquired a new position in Planet Fitness in the 4th quarter worth about $130,376,000. Norges Bank acquired a new stake in Planet Fitness in the fourth quarter valued at approximately $100,009,000. Finally, American Century Companies Inc. lifted its position in shares of Planet Fitness by 36.4% during the 4th quarter. American Century Companies Inc. now owns 546,664 shares of the company's stock valued at $54,049,000 after buying an additional 145,799 shares in the last quarter. Hedge funds and other institutional investors own 95.53% of the company's stock.

Planet Fitness Stock Down 0.6 %

Shares of NYSE PLNT traded down $0.57 during midday trading on Friday, hitting $93.91. The company had a trading volume of 1,037,277 shares, compared to its average volume of 1,436,545. The firm has a market capitalization of $7.95 billion, a price-to-earnings ratio of 50.49, a price-to-earnings-growth ratio of 2.45 and a beta of 1.39. Planet Fitness, Inc. has a twelve month low of $57.64 and a twelve month high of $110.00. The business has a 50-day simple moving average of $96.46 and a two-hundred day simple moving average of $96.02.

Planet Fitness (NYSE:PLNT - Get Free Report) last posted its quarterly earnings results on Tuesday, February 25th. The company reported $0.70 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.62 by $0.08. The company had revenue of $340.50 million during the quarter, compared to the consensus estimate of $324.57 million. Planet Fitness had a net margin of 14.23% and a negative return on equity of 107.97%. The company's revenue for the quarter was up 19.4% on a year-over-year basis. During the same period last year, the firm earned $0.60 EPS. On average, equities analysts forecast that Planet Fitness, Inc. will post 2.51 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Piper Sandler upped their price objective on shares of Planet Fitness from $115.00 to $123.00 and gave the stock an "overweight" rating in a research report on Monday, January 6th. Royal Bank of Canada reissued an "outperform" rating and issued a $120.00 price objective on shares of Planet Fitness in a report on Monday, February 24th. JPMorgan Chase & Co. lifted their price target on shares of Planet Fitness from $90.00 to $100.00 and gave the company an "overweight" rating in a research report on Friday, January 17th. BMO Capital Markets upped their price objective on shares of Planet Fitness from $100.00 to $110.00 and gave the stock an "outperform" rating in a report on Monday, March 31st. Finally, Stifel Nicolaus cut their target price on Planet Fitness from $90.00 to $82.00 and set a "hold" rating on the stock in a research report on Friday, February 28th. Five investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $101.72.

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.