Franklin Resources Inc. Sells 245,283 Shares of Planet Fitness, Inc. (NYSE:PLNT)

Franklin Resources Inc. decreased its holdings in shares of Planet Fitness, Inc. (NYSE:PLNT) by 12.0% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,798,406 shares of the company’s stock after selling 245,283 shares during the quarter. Franklin Resources Inc. owned 2.13% of Planet Fitness worth $148,055,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the company. Dorsal Capital Management LP boosted its holdings in shares of Planet Fitness by 7.7% in the second quarter. Dorsal Capital Management LP now owns 2,907,193 shares of the company’s stock valued at $213,940,000 after purchasing an additional 207,193 shares during the period. State Street Corp lifted its holdings in Planet Fitness by 1.5% during the third quarter. State Street Corp now owns 2,524,764 shares of the company’s stock worth $205,061,000 after buying an additional 37,236 shares during the period. William Blair Investment Management LLC purchased a new stake in Planet Fitness during the second quarter worth $166,978,000. Anomaly Capital Management LP purchased a new stake in Planet Fitness during the second quarter worth $106,795,000. Finally, Point72 Asset Management L.P. lifted its holdings in Planet Fitness by 169.8% during the second quarter. Point72 Asset Management L.P. now owns 1,317,909 shares of the company’s stock worth $96,985,000 after buying an additional 829,509 shares during the period. Hedge funds and other institutional investors own 95.53% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Stifel Nicolaus upped their target price on Planet Fitness from $70.00 to $75.00 and gave the stock a “hold” rating in a report on Wednesday, October 16th. Royal Bank of Canada upped their price target on Planet Fitness from $87.00 to $110.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Robert W. Baird upped their price target on Planet Fitness from $92.00 to $110.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Bank of America upped their price target on Planet Fitness from $95.00 to $100.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Finally, DA Davidson upped their price target on Planet Fitness from $70.00 to $87.00 and gave the stock a “neutral” rating in a research report on Friday, November 29th. Five analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $93.38.

Insider Transactions at Planet Fitness

In other news, insider Jennifer Simmons sold 11,453 shares of the stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $96.20, for a total transaction of $1,101,778.60. Following the sale, the insider now directly owns 19,110 shares of the company’s stock, valued at $1,838,382. This represents a 37.47 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 5.94% of the company’s stock.

Planet Fitness Stock Performance

Shares of PLNT opened at $100.34 on Monday. The business’s 50-day moving average is $90.30 and its two-hundred day moving average is $81.38. The company has a market capitalization of $8.49 billion, a P/E ratio of 53.95, a P/E/G ratio of 3.33 and a beta of 1.53. Planet Fitness, Inc. has a fifty-two week low of $54.35 and a fifty-two week high of $102.88.

Planet Fitness (NYSE:PLNT) last announced its quarterly earnings results on Thursday, November 7th. The company reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.07. Planet Fitness had a negative return on equity of 107.97% and a net margin of 14.23%. The company had revenue of $292.20 million for the quarter, compared to the consensus estimate of $283.79 million. During the same period last year, the firm earned $0.59 EPS. The firm’s revenue for the quarter was up 5.3% compared to the same quarter last year. Analysts forecast that Planet Fitness, Inc. will post 2.5 EPS for the current year.

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.