Fred Alger Management LLC Trims Position in Planet Fitness, Inc. (NYSE:PLNT)

Fred Alger Management LLC trimmed its position in Planet Fitness, Inc. (NYSE:PLNT) by 0.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 368,390 shares of the company’s stock after selling 472 shares during the quarter. Fred Alger Management LLC’s holdings in Planet Fitness were worth $29,921,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of PLNT. Verdence Capital Advisors LLC increased its holdings in Planet Fitness by 4.5% during the 3rd quarter. Verdence Capital Advisors LLC now owns 3,047 shares of the company’s stock worth $247,000 after acquiring an additional 132 shares during the period. LRI Investments LLC increased its holdings in shares of Planet Fitness by 61.2% in the second quarter. LRI Investments LLC now owns 403 shares of the company’s stock worth $30,000 after purchasing an additional 153 shares during the period. Creative Planning raised its position in shares of Planet Fitness by 2.1% in the third quarter. Creative Planning now owns 9,144 shares of the company’s stock worth $743,000 after buying an additional 192 shares in the last quarter. Louisiana State Employees Retirement System boosted its stake in Planet Fitness by 0.8% during the second quarter. Louisiana State Employees Retirement System now owns 24,800 shares of the company’s stock valued at $1,825,000 after buying an additional 200 shares during the period. Finally, V Square Quantitative Management LLC grew its position in Planet Fitness by 69.8% during the third quarter. V Square Quantitative Management LLC now owns 489 shares of the company’s stock worth $40,000 after buying an additional 201 shares in the last quarter. 95.53% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have weighed in on PLNT. Royal Bank of Canada raised their price target on Planet Fitness from $87.00 to $110.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Morgan Stanley lifted their target price on shares of Planet Fitness from $84.00 to $89.00 and gave the company an “overweight” rating in a research report on Tuesday, October 29th. Roth Mkm increased their price target on shares of Planet Fitness from $73.00 to $88.00 and gave the stock a “buy” rating in a report on Wednesday, August 7th. 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 report on Friday, November 8th. Finally, JPMorgan Chase & Co. upped their target price on shares of Planet Fitness from $80.00 to $90.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Five equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $93.38.

Insider Activity

In other news, insider Jennifer Simmons sold 11,453 shares of the business’s stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $96.20, for a total transaction of $1,101,778.60. Following the transaction, the insider now directly owns 19,110 shares of the company’s stock, valued at approximately $1,838,382. The trade was a 37.47 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 5.94% of the company’s stock.

Planet Fitness Price Performance

Shares of Planet Fitness stock opened at $99.55 on Friday. Planet Fitness, Inc. has a one year low of $54.35 and a one year high of $102.81. The business’s 50 day simple moving average is $86.45 and its two-hundred day simple moving average is $78.41. The stock has a market capitalization of $8.42 billion, a P/E ratio of 53.52, a price-to-earnings-growth ratio of 3.36 and a beta of 1.49.

Planet Fitness (NYSE:PLNT) last issued its earnings results on Thursday, November 7th. The company reported $0.64 EPS for the quarter, topping the consensus estimate of $0.57 by $0.07. The company had revenue of $292.20 million for the quarter, compared to the consensus estimate of $283.79 million. Planet Fitness had a net margin of 14.23% and a negative return on equity of 107.97%. The firm’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.59 earnings per share. Sell-side analysts expect that Planet Fitness, Inc. will post 2.5 earnings per share for the current fiscal 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.