Fred Alger Management LLC Has $29.92 Million Stock Holdings in Planet Fitness, Inc. (NYSE:PLNT)

Fred Alger Management LLC reduced its stake in Planet Fitness, Inc. (NYSE:PLNT) by 0.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 368,390 shares of the company’s stock after selling 472 shares during the period. Fred Alger Management LLC owned 0.43% of Planet Fitness worth $29,921,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Verdence Capital Advisors LLC lifted its holdings in shares of Planet Fitness by 4.5% in the 3rd quarter. Verdence Capital Advisors LLC now owns 3,047 shares of the company’s stock worth $247,000 after purchasing an additional 132 shares in the last quarter. LRI Investments LLC lifted its stake in shares of Planet Fitness by 61.2% in the second quarter. LRI Investments LLC now owns 403 shares of the company’s stock valued at $30,000 after buying an additional 153 shares in the last quarter. Creative Planning grew its holdings in shares of Planet Fitness by 2.1% during the third quarter. Creative Planning now owns 9,144 shares of the company’s stock valued at $743,000 after buying an additional 192 shares during the last quarter. Louisiana State Employees Retirement System grew its holdings in shares of Planet Fitness by 0.8% during the second quarter. Louisiana State Employees Retirement System now owns 24,800 shares of the company’s stock valued at $1,825,000 after buying an additional 200 shares during the last quarter. Finally, V Square Quantitative Management LLC increased its position in shares of Planet Fitness by 69.8% during the third quarter. V Square Quantitative Management LLC now owns 489 shares of the company’s stock worth $40,000 after acquiring an additional 201 shares in the last quarter. Institutional investors and hedge funds own 95.53% of the company’s stock.

Wall Street Analyst Weigh In

PLNT has been the topic of several recent research reports. BNP Paribas raised shares of Planet Fitness from a “neutral” rating to an “outperform” rating and set a $97.00 price target on the stock in a research report on Thursday, September 5th. Bank of America lifted their target price on Planet Fitness from $95.00 to $100.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Stifel Nicolaus increased their price target on Planet Fitness from $70.00 to $75.00 and gave the company a “hold” rating in a research report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft started coverage on shares of Planet Fitness in a report on Friday, September 27th. They set a “hold” rating and a $71.00 price objective on the stock. Finally, BMO Capital Markets reiterated an “outperform” rating and issued a $87.00 target price (up previously from $80.00) on shares of Planet Fitness in a report on Wednesday, August 7th. Five investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $93.38.

Insider Buying and Selling

In related news, insider Jennifer Simmons sold 11,453 shares of the company’s stock in a transaction that occurred on 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 in the company, valued at approximately $1,838,382. This represents a 37.47 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 5.94% of the stock is currently owned by insiders.

Planet Fitness Stock Down 1.5 %

Planet Fitness stock opened at $99.55 on Friday. The firm has a 50 day moving average price of $86.45 and a 200-day moving average price of $78.41. Planet Fitness, Inc. has a twelve month low of $54.35 and a twelve month high of $102.81. The company has a market capitalization of $8.42 billion, a P/E ratio of 53.52, a P/E/G ratio of 3.36 and a beta of 1.49.

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