Allspring Global Investments Holdings LLC Lowers Stock Position in Planet Fitness, Inc. (NYSE:PLNT)

Allspring Global Investments Holdings LLC cut its position in shares of Planet Fitness, Inc. (NYSE:PLNT) by 9.7% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 213,277 shares of the company’s stock after selling 22,911 shares during the period. Allspring Global Investments Holdings LLC owned 0.24% of Planet Fitness worth $15,569,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in PLNT. Asset Management One Co. Ltd. lifted its holdings in Planet Fitness by 17.4% during the fourth quarter. Asset Management One Co. Ltd. now owns 999 shares of the company’s stock valued at $73,000 after purchasing an additional 148 shares in the last quarter. PNC Financial Services Group Inc. lifted its holdings in Planet Fitness by 13.4% during the first quarter. PNC Financial Services Group Inc. now owns 1,332 shares of the company’s stock valued at $112,000 after purchasing an additional 157 shares in the last quarter. Treasurer of the State of North Carolina lifted its holdings in Planet Fitness by 0.5% during the third quarter. Treasurer of the State of North Carolina now owns 37,433 shares of the company’s stock valued at $1,841,000 after purchasing an additional 190 shares in the last quarter. First Horizon Advisors Inc. lifted its holdings in Planet Fitness by 28.1% during the first quarter. First Horizon Advisors Inc. now owns 894 shares of the company’s stock valued at $69,000 after purchasing an additional 196 shares in the last quarter. Finally, Royal Bank of Canada lifted its holdings in Planet Fitness by 1.1% during the third quarter. Royal Bank of Canada now owns 19,590 shares of the company’s stock valued at $1,129,000 after purchasing an additional 216 shares in the last quarter. 95.53% of the stock is owned by hedge funds and other institutional investors.

Planet Fitness Price Performance

Shares of PLNT opened at $62.62 on Tuesday. Planet Fitness, Inc. has a 1-year low of $44.13 and a 1-year high of $84.48. The stock has a market cap of $5.52 billion, a PE ratio of 38.65, a P/E/G ratio of 1.23 and a beta of 1.39. The firm has a 50-day simple moving average of $63.60 and a two-hundred day simple moving average of $64.17.

Planet Fitness (NYSE:PLNT) last announced its quarterly earnings results on Thursday, February 22nd. The company reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.02. Planet Fitness had a net margin of 12.91% and a negative return on equity of 120.89%. The business had revenue of $285.10 million during the quarter, compared to analysts’ expectations of $282.35 million. During the same period last year, the business earned $0.53 earnings per share. The business’s revenue for the quarter was up 1.4% on a year-over-year basis. As a group, sell-side analysts expect that Planet Fitness, Inc. will post 2.48 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have issued reports on PLNT shares. JPMorgan Chase & Co. decreased their price objective on shares of Planet Fitness from $75.00 to $72.00 and set a “neutral” rating on the stock in a report on Monday, February 26th. Royal Bank of Canada raised their price target on shares of Planet Fitness from $74.00 to $80.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 5th. DA Davidson reissued a “neutral” rating and issued a $62.00 price target on shares of Planet Fitness in a research note on Monday, February 5th. Morgan Stanley reissued an “overweight” rating and issued a $79.00 price target on shares of Planet Fitness in a research note on Monday, April 1st. Finally, Stifel Nicolaus decreased their price target on shares of Planet Fitness from $85.00 to $80.00 and set a “buy” rating on the stock in a research note on Friday, February 23rd. Six equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Planet Fitness has an average rating of “Moderate Buy” and a consensus price target of $71.00.

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.