Planet Fitness, Inc. (NYSE:PLNT) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC trimmed its holdings in Planet Fitness, Inc. (NYSE:PLNT) by 9.7% during the fourth quarter, Holdings Channel.com reports. The fund owned 213,277 shares of the company’s stock after selling 22,911 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Planet Fitness were worth $15,569,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in PLNT. PNC Financial Services Group Inc. boosted its stake in shares of 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 purchasing an additional 157 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in shares of Planet Fitness by 801.5% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,839 shares of the company’s stock worth $155,000 after purchasing an additional 1,635 shares during the last quarter. MetLife Investment Management LLC acquired a new stake in shares of Planet Fitness during the 1st quarter worth about $357,000. BlackRock Inc. boosted its stake in shares of Planet Fitness by 34.8% during the 1st quarter. BlackRock Inc. now owns 7,184,140 shares of the company’s stock worth $606,915,000 after purchasing an additional 1,852,867 shares during the last quarter. Finally, Vontobel Holding Ltd. acquired a new stake in shares of Planet Fitness during the 1st quarter worth about $919,000. 95.53% of the stock is owned by institutional investors and hedge funds.

Planet Fitness Stock Performance

Shares of PLNT opened at $62.62 on Tuesday. Planet Fitness, Inc. has a 1 year low of $44.13 and a 1 year high of $84.48. The company has a market cap of $5.52 billion, a price-to-earnings ratio of 38.65, a price-to-earnings-growth ratio of 1.23 and a beta of 1.39. The firm has a fifty day moving average of $63.60 and a 200-day moving average of $64.17.

Planet Fitness (NYSE:PLNT) last announced its quarterly earnings results on Thursday, February 22nd. The company reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.02. Planet Fitness had a net margin of 12.91% and a negative return on equity of 120.89%. The company had revenue of $285.10 million during the quarter, compared to the consensus estimate of $282.35 million. During the same quarter in the previous year, the company posted $0.53 earnings per share. The company’s revenue for the quarter was up 1.4% compared to the same quarter last year. Analysts predict that Planet Fitness, Inc. will post 2.48 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on PLNT shares. Royal Bank of Canada raised their target price on shares of Planet Fitness from $74.00 to $80.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 5th. Morgan Stanley reissued an “overweight” rating and issued a $79.00 target price on shares of Planet Fitness in a research report on Monday, April 1st. Piper Sandler raised their target price on shares of Planet Fitness from $88.00 to $89.00 and gave the stock an “overweight” rating in a research report on Thursday, January 11th. Stifel Nicolaus decreased their target price on shares of Planet Fitness from $85.00 to $80.00 and set a “buy” rating on the stock in a research report on Friday, February 23rd. Finally, JPMorgan Chase & Co. decreased their target price on shares of Planet Fitness from $75.00 to $72.00 and set a “neutral” rating on the stock in a research report on Monday, February 26th. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Planet Fitness currently has an average rating of “Moderate Buy” and a consensus price target of $71.00.

Planet Fitness Company Profile

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.