Jennison Associates LLC reduced its position in Planet Fitness Inc (NYSE:PLNT) by 19.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,269,464 shares of the company’s stock after selling 313,604 shares during the quarter. Jennison Associates LLC owned approximately 1.36% of Planet Fitness worth $91,960,000 at the end of the most recent quarter.
Other institutional investors have also recently made changes to their positions in the company. PNC Financial Services Group Inc. increased its holdings in Planet Fitness by 4,557.1% in the first quarter. PNC Financial Services Group Inc. now owns 652 shares of the company’s stock valued at $45,000 after buying an additional 638 shares during the last quarter. Synovus Financial Corp boosted its stake in Planet Fitness by 228.3% in the first quarter. Synovus Financial Corp now owns 719 shares of the company’s stock valued at $49,000 after acquiring an additional 500 shares during the period. Quantamental Technologies LLC acquired a new position in Planet Fitness in the first quarter valued at approximately $73,000. Meeder Asset Management Inc. boosted its stake in Planet Fitness by 88.8% in the first quarter. Meeder Asset Management Inc. now owns 1,076 shares of the company’s stock valued at $74,000 after acquiring an additional 506 shares during the period. Finally, FNY Investment Advisers LLC acquired a new position in Planet Fitness in the second quarter valued at approximately $80,000. 88.05% of the stock is owned by hedge funds and other institutional investors.
Shares of NYSE PLNT traded down $0.52 during midday trading on Friday, hitting $66.72. 1,043,507 shares of the company’s stock were exchanged, compared to its average volume of 1,292,839. The stock’s 50 day moving average price is $74.72 and its 200-day moving average price is $71.60. The firm has a market cap of $6.23 billion, a P/E ratio of 54.69, a PEG ratio of 1.97 and a beta of 0.59. Planet Fitness Inc has a twelve month low of $44.97 and a twelve month high of $81.90.
A number of brokerages have commented on PLNT. ValuEngine downgraded Planet Fitness from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 17th. Piper Jaffray Companies lifted their target price on Planet Fitness from $70.00 to $84.00 and gave the company an “overweight” rating in a research note on Monday, April 29th. They noted that the move was a valuation call. Macquarie upgraded Planet Fitness from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $64.00 to $85.00 in a research note on Tuesday, May 7th. Imperial Capital restated an “in-line” rating and issued a $72.50 target price (up from $55.00) on shares of Planet Fitness in a research note on Friday, August 9th. Finally, Roth Capital lifted their target price on Planet Fitness from $80.00 to $86.00 and gave the company a “buy” rating in a research note on Wednesday, August 7th. Four investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $76.12.
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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