Pictet Asset Management Holding SA Reduces Position in Planet Fitness, Inc. (NYSE:PLNT)

Pictet Asset Management Holding SA decreased its position in shares of Planet Fitness, Inc. (NYSE:PLNT) by 6.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 707,359 shares of the company’s stock after selling 46,101 shares during the period. Pictet Asset Management Holding SA’s holdings in Planet Fitness were worth $69,937,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PLNT. UMB Bank n.a. grew its holdings in shares of Planet Fitness by 67.4% during the fourth quarter. UMB Bank n.a. now owns 390 shares of the company’s stock worth $39,000 after buying an additional 157 shares during the last quarter. R Squared Ltd purchased a new position in shares of Planet Fitness in the 4th quarter valued at approximately $39,000. Skandinaviska Enskilda Banken AB publ increased its holdings in shares of Planet Fitness by 1,139.5% in the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 533 shares of the company’s stock valued at $53,000 after purchasing an additional 490 shares during the period. Beaumont Financial Advisors LLC purchased a new stake in shares of Planet Fitness during the fourth quarter worth approximately $202,000. Finally, Meiji Yasuda Asset Management Co Ltd. acquired a new stake in shares of Planet Fitness during the fourth quarter worth $203,000. Hedge funds and other institutional investors own 95.53% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Stifel Nicolaus cut their price objective on shares of Planet Fitness from $90.00 to $82.00 and set a “hold” rating for the company in a research report on Friday, February 28th. Royal Bank of Canada restated an “outperform” rating and issued a $120.00 price objective on shares of Planet Fitness in a research report on Monday, February 24th. Canaccord Genuity Group started coverage on Planet Fitness in a research report on Thursday, March 13th. They set a “buy” rating and a $120.00 target price on the stock. Macquarie cut their target price on Planet Fitness from $99.00 to $95.00 and set a “neutral” rating for the company in a research note on Thursday, February 27th. Finally, Roth Mkm restated a “buy” rating and issued a $115.00 price target (up from $110.00) on shares of Planet Fitness in a research note on Wednesday, February 26th. Five investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Planet Fitness has an average rating of “Moderate Buy” and an average target price of $100.17.

Planet Fitness Stock Performance

Shares of NYSE:PLNT opened at $96.18 on Friday. Planet Fitness, Inc. has a one year low of $57.64 and a one year high of $110.00. The stock has a market cap of $8.14 billion, a PE ratio of 51.71, a price-to-earnings-growth ratio of 2.45 and a beta of 1.54. The business’s fifty day moving average price is $100.46 and its two-hundred day moving average price is $94.73.

Planet Fitness (NYSE:PLNT) last announced its earnings results on Tuesday, February 25th. The company reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.08. The firm had revenue of $340.50 million during the quarter, compared to the consensus estimate of $324.57 million. Planet Fitness had a net margin of 14.23% and a negative return on equity of 107.97%. The firm’s revenue for the quarter was up 19.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.60 EPS. As a group, equities research analysts predict that Planet Fitness, Inc. will post 2.51 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.