Macquarie Cuts Planet Fitness (NYSE:PLNT) Price Target to $95.00

Planet Fitness (NYSE:PLNT) had its price target dropped by equities research analysts at Macquarie from $99.00 to $95.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Macquarie’s target price points to a potential upside of 3.57% from the stock’s previous close.

Several other analysts have also recently commented on the stock. Raymond James raised their price objective on shares of Planet Fitness from $92.00 to $110.00 and gave the company a “strong-buy” rating in a research note on Friday, November 8th. DA Davidson reaffirmed a “neutral” rating and issued a $87.00 target price on shares of Planet Fitness in a report on Tuesday, January 21st. Roth Mkm reissued a “buy” rating and set a $115.00 price target (up previously from $110.00) on shares of Planet Fitness in a research note on Wednesday. Robert W. Baird upped their price target on Planet Fitness from $92.00 to $110.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Finally, Stifel Nicolaus lifted their price objective on Planet Fitness from $85.00 to $90.00 and gave the stock a “hold” rating in a report on Friday, January 17th. Five investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $99.47.

Planet Fitness Price Performance

NYSE PLNT traded up $1.11 on Thursday, hitting $91.73. 1,055,725 shares of the company’s stock were exchanged, compared to its average volume of 1,600,039. The firm has a market cap of $7.76 billion, a price-to-earnings ratio of 49.37, a P/E/G ratio of 2.45 and a beta of 1.53. The firm’s 50-day moving average price is $102.44 and its two-hundred day moving average price is $92.24. Planet Fitness has a fifty-two week low of $54.35 and a fifty-two week high of $110.00.

Planet Fitness (NYSE:PLNT) last posted its quarterly earnings results on Tuesday, February 25th. The company reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.08. The firm had revenue of $340.50 million for the quarter, compared to the consensus estimate of $324.57 million. Planet Fitness had a negative return on equity of 107.97% and a net margin of 14.23%. The company’s revenue for the quarter was up 19.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.60 earnings per share. On average, research analysts predict that Planet Fitness will post 2.51 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Planet Fitness

A number of institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its stake in Planet Fitness by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 8,035,765 shares of the company’s stock worth $794,496,000 after acquiring an additional 39,928 shares during the period. T. Rowe Price Investment Management Inc. boosted its holdings in shares of Planet Fitness by 48.1% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 7,911,081 shares of the company’s stock worth $782,169,000 after purchasing an additional 2,570,826 shares during the last quarter. JPMorgan Chase & Co. grew its position in shares of Planet Fitness by 1.0% in the fourth quarter. JPMorgan Chase & Co. now owns 3,609,196 shares of the company’s stock valued at $356,841,000 after purchasing an additional 36,803 shares during the period. State Street Corp increased its stake in Planet Fitness by 1.5% in the third quarter. State Street Corp now owns 2,524,764 shares of the company’s stock valued at $205,061,000 after purchasing an additional 37,236 shares during the last quarter. Finally, Anomaly Capital Management LP lifted its position in Planet Fitness by 20.3% during the fourth quarter. Anomaly Capital Management LP now owns 1,772,593 shares of the company’s stock worth $175,256,000 after buying an additional 299,148 shares during the period. Institutional investors and hedge funds own 95.53% of the company’s stock.

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.