Envestnet Asset Management Inc. Decreases Stock Holdings in Planet Fitness, Inc. (NYSE:PLNT)

Envestnet Asset Management Inc. lowered its holdings in shares of Planet Fitness, Inc. (NYSE:PLNT) by 4.7% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 215,298 shares of the company’s stock after selling 10,735 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.24% of Planet Fitness worth $15,844,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. LRI Investments LLC increased its position in shares of Planet Fitness by 61.2% during the 2nd quarter. LRI Investments LLC now owns 403 shares of the company’s stock valued at $30,000 after purchasing an additional 153 shares during the last quarter. Janney Montgomery Scott LLC increased its position in shares of Planet Fitness by 1.1% during the 1st quarter. Janney Montgomery Scott LLC now owns 16,388 shares of the company’s stock valued at $1,026,000 after purchasing an additional 174 shares during the last quarter. Louisiana State Employees Retirement System increased its position in shares of Planet Fitness by 0.8% during the 2nd quarter. Louisiana State Employees Retirement System now owns 24,800 shares of the company’s stock valued at $1,825,000 after purchasing an additional 200 shares during the last quarter. Diversified Trust Co increased its position in shares of Planet Fitness by 1.5% during the 1st quarter. Diversified Trust Co now owns 20,564 shares of the company’s stock valued at $1,288,000 after purchasing an additional 308 shares during the last quarter. Finally, GAMMA Investing LLC increased its position in shares of Planet Fitness by 478.8% during the 2nd quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock valued at $28,000 after purchasing an additional 316 shares during the last quarter. Hedge funds and other institutional investors own 95.53% of the company’s stock.

Insider Activity

In other news, CAO Brian O’donnell sold 6,424 shares of the stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $77.39, for a total transaction of $497,153.36. Following the completion of the transaction, the chief accounting officer now directly owns 6,778 shares in the company, valued at approximately $524,549.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 5.94% of the company’s stock.

Analysts Set New Price Targets

PLNT has been the subject of several research reports. Morgan Stanley reaffirmed an “overweight” rating and set a $79.00 price target on shares of Planet Fitness in a research report on Friday, June 14th. Bank of America increased their target price on shares of Planet Fitness from $95.00 to $100.00 and gave the stock a “buy” rating in a report on Friday, September 6th. DA Davidson reissued a “neutral” rating and issued a $62.00 target price on shares of Planet Fitness in a report on Friday, June 14th. TD Cowen raised shares of Planet Fitness from a “hold” rating to a “buy” rating and increased their target price for the stock from $66.00 to $92.00 in a report on Monday, June 24th. Finally, Royal Bank of Canada increased their target price on shares of Planet Fitness from $77.00 to $87.00 and gave the stock an “outperform” rating in a report on Wednesday, August 7th. Three equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Planet Fitness presently has a consensus rating of “Moderate Buy” and an average target price of $85.93.

Planet Fitness Price Performance

PLNT stock opened at $83.51 on Wednesday. Planet Fitness, Inc. has a 1-year low of $44.13 and a 1-year high of $85.08. The company has a market capitalization of $7.36 billion, a price-to-earnings ratio of 47.99, a PEG ratio of 2.77 and a beta of 1.49. The business has a 50 day simple moving average of $79.08 and a two-hundred day simple moving average of $70.23.

Planet Fitness (NYSE:PLNT) last posted its earnings results on Tuesday, August 6th. The company reported $0.71 EPS for the quarter, beating analysts’ consensus estimates of $0.66 by $0.05. The firm had revenue of $300.94 million during the quarter, compared to the consensus estimate of $290.17 million. Planet Fitness had a negative return on equity of 121.99% and a net margin of 14.16%. The company’s quarterly revenue was up 5.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.65 EPS. Sell-side analysts anticipate that Planet Fitness, Inc. will post 2.44 EPS for the current fiscal 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.