Planet Fitness (PLNT) Given New $75.00 Price Target at Robert W. Baird

Planet Fitness (NYSE:PLNT) had its price objective upped by investment analysts at Robert W. Baird from $70.00 to $75.00 in a report released on Tuesday, April 2nd, The Fly reports. The brokerage presently has a “positive” rating on the stock. Robert W. Baird’s price objective suggests a potential downside of 0.04% from the company’s previous close.

A number of other equities research analysts have also issued reports on the company. ValuEngine lowered Planet Fitness from a “strong-buy” rating to a “buy” rating in a research note on Friday, March 1st. Bank of America reaffirmed a “buy” rating and issued a $72.00 target price (up previously from $68.00) on shares of Planet Fitness in a research note on Thursday, February 28th. Roth Capital upped their target price on Planet Fitness from $55.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, February 27th. DA Davidson increased their price target on Planet Fitness to $70.00 and gave the stock a “buy” rating in a research note on Wednesday, February 27th. Finally, Wedbush increased their price target on Planet Fitness from $55.00 to $60.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 27th. Four investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $59.71.

PLNT stock traded up $1.92 during trading on Tuesday, hitting $75.03. The company had a trading volume of 1,508,559 shares, compared to its average volume of 1,377,484. Planet Fitness has a 1-year low of $36.72 and a 1-year high of $75.35. The stock has a market capitalization of $6.83 billion, a PE ratio of 61.50, a price-to-earnings-growth ratio of 2.57 and a beta of 0.74.

Planet Fitness (NYSE:PLNT) last released its earnings results on Tuesday, February 26th. The company reported $0.34 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.32 by $0.02. The company had revenue of $174.40 million for the quarter, compared to analysts’ expectations of $173.76 million. Planet Fitness had a negative return on equity of 67.65% and a net margin of 15.36%. The firm’s quarterly revenue was up 30.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.24 EPS. As a group, equities research analysts predict that Planet Fitness will post 1.54 earnings per share for the current year.

In other news, CEO Christopher Rondeau sold 15,500 shares of the firm’s stock in a transaction dated Wednesday, February 27th. The stock was sold at an average price of $60.53, for a total transaction of $938,215.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David P. Berg sold 6,291 shares of the firm’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $61.73, for a total value of $388,343.43. Following the sale, the director now owns 6,615 shares of the company’s stock, valued at $408,343.95. The disclosure for this sale can be found here. Over the last quarter, insiders sold 466,291 shares of company stock valued at $29,813,238. 14.52% of the stock is owned by insiders.

Several hedge funds have recently modified their holdings of the company. Swarthmore Group Inc. bought a new position in shares of Planet Fitness during the first quarter worth about $794,000. Oppenheimer Asset Management Inc. lifted its holdings in Planet Fitness by 50.6% in the first quarter. Oppenheimer Asset Management Inc. now owns 16,395 shares of the company’s stock worth $1,127,000 after acquiring an additional 5,511 shares during the last quarter. Pelham Capital Ltd. bought a new position in Planet Fitness in the first quarter worth about $44,047,000. Investec Asset Management PTY Ltd lifted its holdings in Planet Fitness by 2.2% in the first quarter. Investec Asset Management PTY Ltd now owns 46,403 shares of the company’s stock worth $3,169,000 after acquiring an additional 1,007 shares during the last quarter. Finally, Winslow Evans & Crocker Inc. bought a new position in Planet Fitness in the first quarter worth about $372,000. 94.95% of the stock is currently owned by institutional investors and hedge funds.

About Planet Fitness

Planet Fitness, Inc, together with its subsidiaries, franchises and operates fitness centers under the Planet Fitness name. It operates through three segments: Franchise, Corporate-Owned Stores, and Equipment. The Franchise segment is involved in franchising business in the United States, Puerto Rico, Canada, the Dominican Republic, and Panama.

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Analyst Recommendations for Planet Fitness (NYSE:PLNT)

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