Planet Fitness (NYSE:PLNT) Price Target Raised to $110.00

Planet Fitness (NYSE:PLNT) had its price target boosted by Royal Bank of Canada from $87.00 to $110.00 in a research report report published on Friday morning,Benzinga reports. They currently have an outperform rating on the stock.

A number of other equities analysts have also issued reports on PLNT. Piper Sandler increased their price objective on Planet Fitness from $80.00 to $89.00 and gave the stock an “overweight” rating in a report on Thursday, July 11th. BNP Paribas raised shares of Planet Fitness from a “neutral” rating to an “outperform” rating and set a $97.00 target price on the stock in a research note on Thursday, September 5th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Planet Fitness in a research note on Friday, September 27th. They issued a “hold” rating and a $71.00 price target for the company. Robert W. Baird lifted their target price on Planet Fitness from $92.00 to $110.00 and gave the stock an “outperform” rating in a report on Friday. Finally, BMO Capital Markets reissued an “outperform” rating and set a $87.00 price target (up from $80.00) on shares of Planet Fitness in a research report on Wednesday, August 7th. Five analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $91.81.

Planet Fitness Stock Performance

NYSE:PLNT opened at $95.19 on Friday. The stock has a 50-day simple moving average of $82.03 and a 200 day simple moving average of $75.22. Planet Fitness has a one year low of $54.35 and a one year high of $98.59. The company has a market capitalization of $8.11 billion, a price-to-earnings ratio of 51.18, a price-to-earnings-growth ratio of 3.18 and a beta of 1.49.

Planet Fitness (NYSE:PLNT) last posted its quarterly earnings results on Thursday, November 7th. The company reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.07. Planet Fitness had a net margin of 14.23% and a negative return on equity of 107.97%. The company had revenue of $292.20 million for the quarter, compared to the consensus estimate of $283.79 million. During the same period last year, the firm posted $0.59 EPS. The company’s revenue for the quarter was up 5.3% on a year-over-year basis. On average, equities research analysts forecast that Planet Fitness will post 2.47 EPS for the current fiscal year.

Institutional Investors Weigh In On Planet Fitness

A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in shares of Planet Fitness by 1.2% in the first quarter. Vanguard Group Inc. now owns 8,174,617 shares of the company’s stock worth $511,976,000 after acquiring an additional 97,823 shares during the last quarter. Dorsal Capital Management LP raised its position in shares of Planet Fitness by 7.7% during the second quarter. Dorsal Capital Management LP now owns 2,907,193 shares of the company’s stock valued at $213,940,000 after buying an additional 207,193 shares during the last quarter. William Blair Investment Management LLC bought a new stake in shares of Planet Fitness in the second quarter valued at about $166,978,000. Price T Rowe Associates Inc. MD grew its position in Planet Fitness by 35.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,859,366 shares of the company’s stock worth $116,453,000 after buying an additional 483,586 shares in the last quarter. Finally, Anomaly Capital Management LP bought a new position in Planet Fitness during the second quarter valued at about $106,795,000. 95.53% of the stock is currently owned by 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.