Patten & Patten Inc. TN Has $1.41 Million Position in Planet Fitness, Inc. (NYSE:PLNT)

Patten & Patten Inc. TN decreased its position in Planet Fitness, Inc. (NYSE:PLNT - Free Report) by 26.0% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 17,321 shares of the company's stock after selling 6,100 shares during the period. Patten & Patten Inc. TN's holdings in Planet Fitness were worth $1,407,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in PLNT. Vanguard Group Inc. grew its position in Planet Fitness by 1.2% in the first quarter. Vanguard Group Inc. now owns 8,174,617 shares of the company's stock worth $511,976,000 after acquiring an additional 97,823 shares in the last quarter. Dorsal Capital Management LP increased its stake in Planet Fitness by 7.7% during the 2nd 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 in the last quarter. William Blair Investment Management LLC acquired a new position in Planet Fitness during the second quarter worth $166,978,000. Price T Rowe Associates Inc. MD lifted its position in shares of Planet Fitness by 35.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,859,366 shares of the company's stock worth $116,453,000 after buying an additional 483,586 shares during the last quarter. Finally, Anomaly Capital Management LP purchased a new position in shares of Planet Fitness during the 2nd quarter worth about $106,795,000. 95.53% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms have weighed in on PLNT. Raymond James lifted their target price on Planet Fitness from $92.00 to $110.00 and gave the company a "strong-buy" rating in a research note on Friday. JPMorgan Chase & Co. increased their price objective on Planet Fitness from $80.00 to $90.00 and gave the stock an "overweight" rating in a report on Friday. Roth Mkm increased their price objective on Planet Fitness from $73.00 to $88.00 and gave the stock a "buy" rating in a research note on Wednesday, August 7th. Robert W. Baird raised their target price on Planet Fitness from $92.00 to $110.00 and gave the stock an "outperform" rating in a research report on Friday. Finally, Deutsche Bank Aktiengesellschaft started coverage on Planet Fitness in a research note on Friday, September 27th. They set a "hold" rating and a $71.00 price objective for the company. Five investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $91.81.

Planet Fitness Price Performance

Shares of PLNT stock traded down $0.51 during trading hours on Tuesday, hitting $94.69. 1,018,475 shares of the company's stock were exchanged, compared to its average volume of 1,552,253. Planet Fitness, Inc. has a 52 week low of $54.35 and a 52 week high of $98.59. The stock has a market cap of $8.06 billion, a price-to-earnings ratio of 51.18, a price-to-earnings-growth ratio of 3.18 and a beta of 1.49. The stock's 50-day moving average is $82.03 and its 200-day moving average is $75.22.

Planet Fitness (NYSE:PLNT - Get Free Report) last issued its earnings results on Thursday, November 7th. The company reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.07. The company 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 firm's quarterly revenue was up 5.3% on a year-over-year basis. During the same quarter last year, the company earned $0.59 EPS. Equities research analysts forecast that Planet Fitness, Inc. will post 2.47 earnings per share for the current fiscal year.

About Planet Fitness

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.