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

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

Several other hedge funds and other institutional investors have also recently made changes to their positions in PLNT. Corient Private Wealth LLC grew its position in Planet Fitness by 2.1% during the fourth quarter. Corient Private Wealth LLC now owns 4,623 shares of the company’s stock valued at $457,000 after buying an additional 94 shares during the period. Cetera Trust Company N.A grew its position in shares of Planet Fitness by 5.2% during the 4th quarter. Cetera Trust Company N.A now owns 2,710 shares of the company’s stock valued at $268,000 after acquiring an additional 135 shares during the period. UMB Bank n.a. increased its stake in shares of Planet Fitness by 67.4% in the 4th quarter. UMB Bank n.a. now owns 390 shares of the company’s stock worth $39,000 after purchasing an additional 157 shares in the last quarter. Truist Financial Corp raised its holdings in Planet Fitness by 1.3% in the 4th quarter. Truist Financial Corp now owns 12,632 shares of the company’s stock worth $1,249,000 after purchasing an additional 161 shares during the period. Finally, GAMMA Investing LLC lifted its position in Planet Fitness by 10.1% during the fourth quarter. GAMMA Investing LLC now owns 2,090 shares of the company’s stock valued at $207,000 after purchasing an additional 192 shares in the last quarter. Hedge funds and other institutional investors own 95.53% of the company’s stock.

Analyst Upgrades and Downgrades

PLNT has been the subject of a number of analyst reports. Royal Bank of Canada restated an “outperform” rating and issued a $120.00 price target on shares of Planet Fitness in a research report on Monday, February 24th. Guggenheim raised their target price on shares of Planet Fitness from $105.00 to $110.00 and gave the stock a “buy” rating in a research note on Monday, April 14th. JPMorgan Chase & Co. upped their price target on shares of Planet Fitness from $90.00 to $100.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. DA Davidson restated a “neutral” rating and set a $87.00 target price on shares of Planet Fitness in a research note on Tuesday, January 21st. Finally, Canaccord Genuity Group initiated coverage on Planet Fitness in a research report on Thursday, March 13th. They set a “buy” rating and a $120.00 target price for the company. Five equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $101.72.

Planet Fitness Stock Up 0.4 %

PLNT stock opened at $96.15 on Tuesday. The firm’s fifty day simple moving average is $95.77 and its two-hundred day simple moving average is $96.81. The stock has a market capitalization of $8.14 billion, a price-to-earnings ratio of 51.69, a price-to-earnings-growth ratio of 2.45 and a beta of 1.39. Planet Fitness, Inc. has a twelve month low of $58.51 and a twelve month high of $110.00.

Planet Fitness (NYSE:PLNT) last posted its quarterly earnings data on Tuesday, February 25th. The company reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $324.57 million. During the same period in the prior year, the company posted $0.60 EPS. The firm’s revenue for the quarter was up 19.4% on a year-over-year basis. As a group, equities research analysts expect that Planet Fitness, Inc. will post 2.51 EPS for the current 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.