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

Franklin Resources Inc. reduced its position in shares of Planet Fitness, Inc. (NYSE:PLNT - Free Report) by 12.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,798,406 shares of the company's stock after selling 245,283 shares during the period. Franklin Resources Inc. owned about 2.13% of Planet Fitness worth $148,055,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Tidal Investments LLC raised its holdings in Planet Fitness by 132.5% during the third quarter. Tidal Investments LLC now owns 28,957 shares of the company's stock worth $2,352,000 after acquiring an additional 16,503 shares in the last quarter. M&T Bank Corp raised its stake in Planet Fitness by 2.6% in the third quarter. M&T Bank Corp now owns 4,947 shares of the company's stock valued at $402,000 after buying an additional 124 shares during the period. Y Intercept Hong Kong Ltd bought a new stake in Planet Fitness in the third quarter valued at approximately $604,000. iSAM Funds UK Ltd bought a new stake in Planet Fitness in the third quarter valued at approximately $312,000. Finally, State Street Corp raised its stake in Planet Fitness by 1.5% in the third quarter. State Street Corp now owns 2,524,764 shares of the company's stock valued at $205,061,000 after buying an additional 37,236 shares during the period. 95.53% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Planet Fitness

In other news, insider Jennifer Simmons sold 11,453 shares of the firm's stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $96.20, for a total transaction of $1,101,778.60. Following the transaction, the insider now directly owns 19,110 shares of the company's stock, valued at approximately $1,838,382. This trade represents a 37.47 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 5.94% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on PLNT shares. Stifel Nicolaus increased their target price on Planet Fitness from $70.00 to $75.00 and gave the stock a "hold" rating in a research note on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft assumed coverage on Planet Fitness in a research note on Friday, September 27th. They set a "hold" rating and a $71.00 target price on the stock. Robert W. Baird raised their target price on Planet Fitness from $92.00 to $110.00 and gave the company an "outperform" rating in a report on Friday, November 8th. Bank of America raised their target price on Planet Fitness from $95.00 to $100.00 and gave the company a "buy" rating in a report on Friday, September 6th. Finally, Macquarie reaffirmed a "neutral" rating and issued a $99.00 target price (up previously from $91.00) on shares of Planet Fitness in a report on Friday, November 8th. Five research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $93.38.

Planet Fitness Price Performance

Shares of NYSE PLNT traded down $1.32 during midday trading on Monday, reaching $99.02. The company's stock had a trading volume of 831,358 shares, compared to its average volume of 1,489,057. Planet Fitness, Inc. has a 12-month low of $54.35 and a 12-month high of $102.88. The firm has a 50 day moving average price of $90.66 and a 200-day moving average price of $81.64. The stock has a market capitalization of $8.38 billion, a P/E ratio of 53.24, a PEG ratio of 3.33 and a beta of 1.53.

Planet Fitness (NYSE:PLNT - Get Free Report) last posted its earnings results on Thursday, November 7th. The company reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.07. The firm had revenue of $292.20 million for the quarter, compared to the consensus estimate of $283.79 million. Planet Fitness had a negative return on equity of 107.97% and a net margin of 14.23%. The business's quarterly revenue was up 5.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.59 earnings per share. On average, equities analysts predict that Planet Fitness, Inc. will post 2.5 EPS for the current year.

Planet Fitness 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.