Norges Bank Invests $100.01 Million in Planet Fitness, Inc. (NYSE:PLNT)

Norges Bank purchased a new stake in Planet Fitness, Inc. (NYSE:PLNT - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 1,011,516 shares of the company's stock, valued at approximately $100,009,000. Norges Bank owned about 1.20% of Planet Fitness at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of PLNT. JPMorgan Chase & Co. lifted its stake in Planet Fitness by 1.0% in the 4th quarter. JPMorgan Chase & Co. now owns 3,609,196 shares of the company's stock valued at $356,841,000 after purchasing an additional 36,803 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. acquired a new stake in shares of Planet Fitness in the fourth quarter valued at approximately $203,000. Zions Bancorporation N.A. boosted its stake in shares of Planet Fitness by 21.0% during the 4th quarter. Zions Bancorporation N.A. now owns 23,266 shares of the company's stock worth $2,300,000 after acquiring an additional 4,040 shares during the period. Advantage Alpha Capital Partners LP increased its holdings in shares of Planet Fitness by 73.0% during the 4th quarter. Advantage Alpha Capital Partners LP now owns 53,935 shares of the company's stock worth $5,333,000 after acquiring an additional 22,751 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake in Planet Fitness by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 8,035,765 shares of the company's stock valued at $794,496,000 after acquiring an additional 39,928 shares during the period. Institutional investors own 95.53% of the company's stock.

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Wall Street Analyst Weigh In

PLNT has been the topic of several research reports. Roth Mkm reiterated a "buy" rating and issued a $115.00 price objective (up from $110.00) on shares of Planet Fitness in a report on Wednesday, February 26th. JPMorgan Chase & Co. upped their price target on shares of Planet Fitness from $90.00 to $100.00 and gave the company an "overweight" rating in a research note on Friday, January 17th. Guggenheim restated a "buy" rating and set a $105.00 price objective on shares of Planet Fitness in a research report on Thursday, February 27th. Stifel Nicolaus decreased their target price on Planet Fitness from $90.00 to $82.00 and set a "hold" rating on the stock in a research report on Friday, February 28th. Finally, DA Davidson reissued a "neutral" rating and set a $87.00 price target on shares of Planet Fitness in a report on Tuesday, January 21st. Five research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $101.44.

Planet Fitness Stock Performance

Shares of NYSE PLNT traded down $1.31 during trading hours on Thursday, hitting $97.46. 1,618,449 shares of the stock were exchanged, compared to its average volume of 1,452,703. The company's fifty day simple moving average is $99.75 and its two-hundred day simple moving average is $95.06. Planet Fitness, Inc. has a 1-year low of $57.64 and a 1-year high of $110.00. The company has a market cap of $8.25 billion, a PE ratio of 52.40, a price-to-earnings-growth ratio of 2.45 and a beta of 1.39.

Planet Fitness (NYSE:PLNT - Get Free Report) last announced its quarterly earnings data on Tuesday, February 25th. The company reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.08. Planet Fitness had a negative return on equity of 107.97% and a net margin of 14.23%. The business had revenue of $340.50 million during the quarter, compared to the consensus estimate of $324.57 million. During the same period in the prior year, the company earned $0.60 EPS. Planet Fitness's revenue for the quarter was up 19.4% on a year-over-year basis. As a group, sell-side analysts expect that Planet Fitness, Inc. will post 2.51 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.