Canada Pension Plan Investment Board acquired a new position in Planet Fitness Inc (NYSE:PLNT) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 169,100 shares of the company’s stock, valued at approximately $9,067,000. Canada Pension Plan Investment Board owned about 0.17% of Planet Fitness at the end of the most recent quarter.
Several other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Planet Fitness by 3.4% in the 3rd quarter. Vanguard Group Inc. now owns 8,597,408 shares of the company’s stock worth $464,518,000 after purchasing an additional 280,726 shares during the last quarter. Vanguard Group Inc lifted its position in Planet Fitness by 3.4% during the 3rd quarter. Vanguard Group Inc now owns 8,597,408 shares of the company’s stock worth $464,518,000 after buying an additional 280,726 shares in the last quarter. BlackRock Inc. lifted its position in Planet Fitness by 1.5% during the 3rd quarter. BlackRock Inc. now owns 6,120,786 shares of the company’s stock worth $330,705,000 after buying an additional 93,335 shares in the last quarter. FMR LLC lifted its position in Planet Fitness by 79.0% during the 3rd quarter. FMR LLC now owns 4,524,429 shares of the company’s stock valued at $244,456,000 after purchasing an additional 1,997,286 shares during the period. Finally, American Century Companies Inc. lifted its position in Planet Fitness by 587.6% during the 3rd quarter. American Century Companies Inc. now owns 1,942,277 shares of the company’s stock valued at $104,941,000 after purchasing an additional 1,659,806 shares during the period. Institutional investors and hedge funds own 94.04% of the company’s stock.
In other Planet Fitness news, CFO Dorvin D. Lively sold 100,000 shares of Planet Fitness stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $63.52, for a total value of $6,352,000.00. Following the transaction, the chief financial officer now owns 98,883 shares in the company, valued at $6,281,048.16. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Christopher Rondeau sold 6,000 shares of the company’s stock in a transaction on Friday, February 22nd. The shares were sold at an average price of $60.53, for a total value of $363,180.00. The disclosure for this sale can be found here. Insiders sold 466,291 shares of company stock worth $29,813,238 in the last 90 days. 16.38% of the stock is owned by company insiders.
PLNT has been the topic of a number of research reports. Bank of America restated a “neutral” rating and set a $68.00 target price (up from $62.00) on shares of Planet Fitness in a research report on Thursday, December 6th. Zacks Investment Research upgraded shares of Planet Fitness from a “hold” rating to a “buy” rating and set a $59.00 price target on the stock in a research report on Tuesday, January 1st. Jefferies Financial Group upgraded shares of Planet Fitness from a “hold” rating to a “buy” rating and increased their price target for the company from $49.00 to $75.00 in a research report on Friday, February 22nd. They noted that the move was a valuation call. Wedbush increased their target price on Planet Fitness from $55.00 to $60.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 27th. Finally, DA Davidson increased their target price on Planet Fitness to $70.00 and gave the stock a “buy” rating in a research note on Wednesday, February 27th. Four investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Planet Fitness currently has an average rating of “Buy” and an average price target of $58.36.
Shares of PLNT traded down $0.64 during midday trading on Wednesday, reaching $67.43. 1,025,100 shares of the stock were exchanged, compared to its average volume of 1,406,639. Planet Fitness Inc has a twelve month low of $35.92 and a twelve month high of $68.46. The company has a market capitalization of $6.26 billion, a P/E ratio of 55.27, a P/E/G ratio of 2.35 and a beta of 0.71.
Planet Fitness (NYSE:PLNT) last posted its earnings results on Tuesday, February 26th. The company reported $0.34 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.32 by $0.02. Planet Fitness had a negative return on equity of 67.65% and a net margin of 15.36%. The company had revenue of $174.40 million during the quarter, compared to the consensus estimate of $173.76 million. During the same quarter last year, the firm earned $0.24 earnings per share. The company’s revenue was up 30.1% on a year-over-year basis. As a group, sell-side analysts expect that Planet Fitness Inc will post 1.54 EPS for the current year.
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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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