Raymond James Financial Inc. Invests $2.99 Million in Planet Fitness, Inc. (NYSE:PLNT)

Raymond James Financial Inc. bought a new stake in Planet Fitness, Inc. (NYSE:PLNT) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 30,223 shares of the company’s stock, valued at approximately $2,988,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. UMB Bank n.a. lifted its holdings in shares of Planet Fitness by 67.4% during the fourth quarter. UMB Bank n.a. now owns 390 shares of the company’s stock valued at $39,000 after acquiring an additional 157 shares during the period. R Squared Ltd acquired a new stake in shares of Planet Fitness during the 4th quarter worth about $39,000. Proficio Capital Partners LLC bought a new position in Planet Fitness during the 4th quarter valued at about $51,000. Point72 Hong Kong Ltd acquired a new position in Planet Fitness in the third quarter valued at about $200,000. Finally, Beaumont Financial Advisors LLC bought a new stake in Planet Fitness during the fourth quarter worth about $202,000. Institutional investors and hedge funds own 95.53% of the company’s stock.

Planet Fitness Price Performance

PLNT opened at $96.18 on Friday. The firm has a 50 day simple moving average of $100.46 and a 200 day simple moving average of $94.63. Planet Fitness, Inc. has a fifty-two week low of $57.64 and a fifty-two week high of $110.00. The company has a market cap of $8.14 billion, a price-to-earnings ratio of 51.71, a price-to-earnings-growth ratio of 2.45 and a beta of 1.54.

Planet Fitness (NYSE:PLNT) last issued its earnings results on Tuesday, February 25th. The company reported $0.70 EPS for the quarter, beating the consensus estimate of $0.62 by $0.08. Planet Fitness had a net margin of 14.23% and a negative return on equity of 107.97%. The company had revenue of $340.50 million during the quarter, compared to analysts’ expectations of $324.57 million. During the same quarter in the previous year, the company posted $0.60 EPS. The business’s revenue for the quarter was up 19.4% compared to the same quarter last year. As a group, analysts expect that Planet Fitness, Inc. will post 2.51 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on PLNT shares. JPMorgan Chase & Co. lifted their target price on shares of Planet Fitness from $90.00 to $100.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. Roth Mkm reiterated a “buy” rating and issued a $115.00 price objective (up previously from $110.00) on shares of Planet Fitness in a research report on Wednesday, February 26th. Stifel Nicolaus reduced their price objective on Planet Fitness from $90.00 to $82.00 and set a “hold” rating on the stock in a research note on Friday, February 28th. Piper Sandler raised their target price on Planet Fitness from $115.00 to $123.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Finally, Macquarie reduced their price target on shares of Planet Fitness from $99.00 to $95.00 and set a “neutral” rating on the stock in a research report on Thursday, February 27th. Five research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Planet Fitness has a consensus rating of “Moderate Buy” and an average price target of $100.17.

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.