Raymond James Financial Services Advisors Inc. Acquires New Shares in Planet Fitness, Inc. (NYSE:PLNT)

Posted by on May 20th, 2023

Raymond James Financial Services Advisors Inc. purchased a new position in shares of Planet Fitness, Inc. (NYSE:PLNT – Get Rating) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 58,706 shares of the company’s stock, valued at approximately $4,626,000. Raymond James Financial Services Advisors Inc. owned 0.07% of Planet Fitness as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. boosted its position in Planet Fitness by 13.4% during the 1st quarter. PNC Financial Services Group Inc. now owns 1,332 shares of the company’s stock worth $112,000 after acquiring an additional 157 shares during the period. Royal Bank of Canada boosted its position in Planet Fitness by 1.1% during the 3rd quarter. Royal Bank of Canada now owns 19,590 shares of the company’s stock worth $1,129,000 after acquiring an additional 216 shares during the period. Captrust Financial Advisors boosted its position in Planet Fitness by 23.0% during the 1st quarter. Captrust Financial Advisors now owns 1,172 shares of the company’s stock worth $99,000 after acquiring an additional 219 shares during the period. Amalgamated Bank boosted its position in Planet Fitness by 1.7% during the 3rd quarter. Amalgamated Bank now owns 18,200 shares of the company’s stock worth $1,049,000 after acquiring an additional 296 shares during the period. Finally, Global Retirement Partners LLC boosted its position in Planet Fitness by 58.4% during the 3rd quarter. Global Retirement Partners LLC now owns 852 shares of the company’s stock worth $56,000 after acquiring an additional 314 shares during the period. Institutional investors and hedge funds own 94.56% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on PLNT shares. DA Davidson cut their price objective on Planet Fitness from $87.00 to $67.00 in a report on Monday, May 8th. VNET Group restated a “maintains” rating on shares of Planet Fitness in a report on Friday, May 5th. StockNews.com started coverage on Planet Fitness in a report on Thursday. They issued a “hold” rating for the company. Piper Sandler upped their price objective on Planet Fitness from $96.00 to $98.00 and gave the company an “overweight” rating in a report on Monday, April 10th. Finally, Cowen boosted their target price on Planet Fitness from $90.00 to $92.00 and gave the stock an “outperform” rating in a research report on Monday, February 27th. Four research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $86.33.

Planet Fitness Price Performance

Shares of NYSE PLNT opened at $67.73 on Friday. The business’s 50-day moving average price is $75.47 and its two-hundred day moving average price is $77.13. Planet Fitness, Inc. has a one year low of $54.15 and a one year high of $85.90. The company has a market capitalization of $6.04 billion, a P/E ratio of 54.18, a price-to-earnings-growth ratio of 1.27 and a beta of 1.30.

Planet Fitness (NYSE:PLNT – Get Rating) last issued its earnings results on Thursday, May 4th. The company reported $0.41 EPS for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.05). Planet Fitness had a net margin of 10.86% and a negative return on equity of 73.81%. The firm had revenue of $222.23 million during the quarter, compared to analysts’ expectations of $238.30 million. During the same quarter last year, the firm earned $0.32 EPS. The business’s revenue for the quarter was up 19.0% compared to the same quarter last year. On average, equities analysts anticipate that Planet Fitness, Inc. will post 2.16 EPS for the current year.

Planet Fitness Profile

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Planet Fitness, Inc engages in the operation and franchising of fitness centers. It operates through the following segments: Franchise, Corporate-Owned Stores, and Equipment. The Franchise segment includes operations related to the company’s franchising business in the United States, Puerto Rico, Canada, the Dominican Republic, Panama, Mexico, and Australia.

See Also

Institutional Ownership by Quarter for Planet Fitness (NYSE:PLNT)

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