Vanguard Group Inc. Reduces Position in Planet Fitness, Inc. $PLNT

Vanguard Group Inc. trimmed its stake in Planet Fitness, Inc. (NYSE:PLNT) by 1.5% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,111,608 shares of the company’s stock after selling 119,928 shares during the period. Vanguard Group Inc. owned 9.63% of Planet Fitness worth $841,985,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the stock. Norges Bank bought a new stake in Planet Fitness during the second quarter valued at about $116,175,000. Ninety One UK Ltd lifted its position in shares of Planet Fitness by 20.0% during the 3rd quarter. Ninety One UK Ltd now owns 3,461,543 shares of the company’s stock valued at $359,308,000 after buying an additional 577,637 shares in the last quarter. Squarepoint Ops LLC grew its stake in shares of Planet Fitness by 152.8% during the 2nd quarter. Squarepoint Ops LLC now owns 851,866 shares of the company’s stock valued at $92,896,000 after acquiring an additional 514,876 shares during the period. AustralianSuper Pty Ltd bought a new position in shares of Planet Fitness during the 2nd quarter valued at approximately $41,428,000. Finally, Invesco Ltd. increased its holdings in Planet Fitness by 15.0% in the 2nd quarter. Invesco Ltd. now owns 2,543,501 shares of the company’s stock worth $277,369,000 after acquiring an additional 332,362 shares in the last quarter. 95.53% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

PLNT has been the topic of several analyst reports. TD Cowen reaffirmed a “buy” rating on shares of Planet Fitness in a report on Wednesday, January 14th. Canaccord Genuity Group lifted their target price on shares of Planet Fitness from $139.00 to $140.00 and gave the company a “buy” rating in a research note on Wednesday, January 21st. Stifel Nicolaus increased their price target on Planet Fitness from $125.00 to $130.00 and gave the stock a “buy” rating in a research note on Friday, November 14th. Macquarie Infrastructure lowered their price objective on Planet Fitness from $112.00 to $100.00 and set a “neutral” rating on the stock in a research report on Thursday, January 29th. Finally, JPMorgan Chase & Co. upped their price objective on Planet Fitness from $108.00 to $110.00 and gave the stock an “overweight” rating in a research note on Friday, November 7th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Buy” and an average target price of $122.27.

Planet Fitness Stock Performance

Shares of NYSE PLNT opened at $90.63 on Monday. The company has a market cap of $7.55 billion, a P/E ratio of 36.99, a P/E/G ratio of 1.38 and a beta of 1.26. Planet Fitness, Inc. has a 52-week low of $87.44 and a 52-week high of $114.47. The firm’s fifty day moving average is $99.76 and its two-hundred day moving average is $101.60.

Planet Fitness Company Profile

Planet Fitness, Inc is a franchisor and operator of fitness centers based in Hampton, New Hampshire. Established in 1992, the company designs and equips its clubs to offer a non-intimidating workout environment, often marketed under its “Judgment Free Zone” philosophy. Planet Fitness markets affordable membership plans and a variety of cardio and strength-training equipment, positioning itself to attract casual and first-time gym users.

The company operates through a network of franchised and company-owned clubs.