Tran Capital Management L.P. Decreases Stock Position in Planet Fitness, Inc. (NYSE:PLNT)

Tran Capital Management L.P. lessened its position in Planet Fitness, Inc. (NYSE:PLNT) by 4.4% during the 1st quarter, HoldingsChannel.com reports. The fund owned 131,517 shares of the company’s stock after selling 6,018 shares during the quarter. Planet Fitness makes up about 0.9% of Tran Capital Management L.P.’s portfolio, making the stock its 25th largest holding. Tran Capital Management L.P.’s holdings in Planet Fitness were worth $8,237,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Treasurer of the State of North Carolina increased its holdings in shares of Planet Fitness by 0.5% in the third quarter. Treasurer of the State of North Carolina now owns 37,433 shares of the company’s stock valued at $1,841,000 after purchasing an additional 190 shares during the last quarter. Adage Capital Partners GP L.L.C. acquired a new stake in Planet Fitness during the third quarter worth $25,133,000. Eminence Capital LP acquired a new stake in Planet Fitness during the third quarter worth $4,854,000. Kennedy Capital Management LLC increased its stake in Planet Fitness by 3.5% during the third quarter. Kennedy Capital Management LLC now owns 118,130 shares of the company’s stock worth $5,810,000 after acquiring an additional 4,016 shares during the last quarter. Finally, Seven Eight Capital LP acquired a new stake in Planet Fitness during the third quarter worth $979,000. Hedge funds and other institutional investors own 95.53% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. JPMorgan Chase & Co. raised Planet Fitness from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $68.00 to $78.00 in a research note on Tuesday, May 14th. Stifel Nicolaus lowered Planet Fitness from a “buy” rating to a “hold” rating and lowered their price target for the stock from $80.00 to $70.00 in a research report on Friday, May 10th. DA Davidson restated a “neutral” rating and set a $62.00 price target on shares of Planet Fitness in a research report on Friday, June 14th. Raymond James raised their price target on Planet Fitness from $75.00 to $80.00 and gave the stock a “strong-buy” rating in a research report on Friday, May 10th. Finally, TD Cowen upgraded Planet Fitness from a “hold” rating to a “buy” rating and raised their price target for the stock from $66.00 to $92.00 in a research report on Monday, June 24th. Four analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $77.64.

Planet Fitness Stock Performance

NYSE PLNT traded up $0.45 during trading on Thursday, reaching $73.94. 878,866 shares of the company’s stock were exchanged, compared to its average volume of 1,582,685. The stock has a market cap of $6.52 billion, a P/E ratio of 42.49, a price-to-earnings-growth ratio of 2.47 and a beta of 1.49. The company has a 50 day moving average price of $66.58 and a two-hundred day moving average price of $66.59. Planet Fitness, Inc. has a 1 year low of $44.13 and a 1 year high of $75.86.

Planet Fitness (NYSE:PLNT) last announced its quarterly earnings results on Thursday, May 9th. The company reported $0.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.49 by $0.04. The company had revenue of $248.00 million during the quarter, compared to the consensus estimate of $249.48 million. Planet Fitness had a negative return on equity of 140.14% and a net margin of 13.66%. Planet Fitness’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.41 EPS. Research analysts forecast that Planet Fitness, Inc. will post 2.43 EPS 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.