Fred Alger Management LLC Sells 29,929 Shares of Planet Fitness, Inc. (NYSE:PLNT)

Fred Alger Management LLC reduced its stake in Planet Fitness, Inc. (NYSE:PLNT) by 7.5% in the second quarter, Holdings Channel.com reports. The institutional investor owned 368,862 shares of the company’s stock after selling 29,929 shares during the period. Fred Alger Management LLC’s holdings in Planet Fitness were worth $27,145,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of PLNT. Vanguard Group Inc. grew its stake 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 purchasing an additional 97,823 shares during the period. Cadian Capital Management LP grew its holdings in Planet Fitness by 9.6% in the fourth quarter. Cadian Capital Management LP now owns 4,430,368 shares of the company’s stock worth $323,417,000 after purchasing an additional 386,861 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Planet Fitness by 2.6% during the first quarter. Bank of New York Mellon Corp now owns 2,592,136 shares of the company’s stock valued at $162,345,000 after purchasing an additional 66,139 shares during the last quarter. Dorsal Capital Management LP purchased a new position in shares of Planet Fitness during the fourth quarter valued at approximately $182,500,000. Finally, William Blair Investment Management LLC bought a new stake in shares of Planet Fitness in the 2nd quarter worth approximately $166,978,000. 95.53% of the stock is currently owned by hedge funds and other institutional investors.

Planet Fitness Stock Up 1.8 %

NYSE PLNT opened at $83.51 on Wednesday. The firm has a market capitalization of $7.11 billion, a P/E ratio of 47.99, a PEG ratio of 2.74 and a beta of 1.49. The company has a 50-day moving average price of $79.08 and a 200-day moving average price of $70.23. Planet Fitness, Inc. has a 52 week low of $44.13 and a 52 week high of $85.08.

Planet Fitness (NYSE:PLNT) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.05. The firm had revenue of $300.94 million during the quarter, compared to the consensus estimate of $290.17 million. Planet Fitness had a net margin of 14.16% and a negative return on equity of 121.99%. The company’s revenue for the quarter was up 5.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.65 EPS. As a group, equities research analysts anticipate that Planet Fitness, Inc. will post 2.44 EPS for the current year.

Insider Activity

In other Planet Fitness news, CAO Brian O’donnell sold 6,424 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $77.39, for a total transaction of $497,153.36. Following the sale, the chief accounting officer now owns 6,778 shares in the company, valued at approximately $524,549.42. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 5.94% of the company’s stock.

Analyst Ratings Changes

PLNT has been the subject of a number of analyst reports. Piper Sandler raised their price objective on Planet Fitness from $80.00 to $89.00 and gave the company an “overweight” rating in a research report on Thursday, July 11th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $87.00 target price (up from $80.00) on shares of Planet Fitness in a report on Wednesday, August 7th. Jefferies Financial Group raised shares of Planet Fitness from a “hold” rating to a “buy” rating and raised their price target for the company from $62.00 to $100.00 in a research report on Monday, June 10th. DA Davidson reaffirmed a “neutral” rating and issued a $62.00 price objective on shares of Planet Fitness in a research report on Friday, June 14th. Finally, TD Cowen raised Planet Fitness from a “hold” rating to a “buy” rating and lifted their target price for the stock from $66.00 to $92.00 in a report on Monday, June 24th. Three equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $85.93.

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.