Corebridge Financial Inc. Reduces Stake in Planet Fitness, Inc. (NYSE:PLNT)

Corebridge Financial Inc. trimmed its position in shares of Planet Fitness, Inc. (NYSE:PLNT) by 4.8% during the fourth quarter, Holdings Channel reports. The firm owned 95,782 shares of the company’s stock after selling 4,809 shares during the quarter. Corebridge Financial Inc.’s holdings in Planet Fitness were worth $9,470,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of Planet Fitness by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 8,035,765 shares of the company’s stock worth $794,496,000 after buying an additional 39,928 shares during the last quarter. State Street Corp increased its holdings in Planet Fitness by 1.5% during the 3rd quarter. State Street Corp now owns 2,524,764 shares of the company’s stock valued at $205,061,000 after acquiring an additional 37,236 shares in the last quarter. Ninety One UK Ltd acquired a new position in Planet Fitness during the fourth quarter worth about $130,376,000. FMR LLC lifted its holdings in shares of Planet Fitness by 666.9% in the third quarter. FMR LLC now owns 795,485 shares of the company’s stock valued at $64,609,000 after purchasing an additional 691,761 shares in the last quarter. Finally, American Century Companies Inc. grew its position in shares of Planet Fitness by 36.4% in the fourth quarter. American Century Companies Inc. now owns 546,664 shares of the company’s stock valued at $54,049,000 after purchasing an additional 145,799 shares during the last quarter. 95.53% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms recently issued reports on PLNT. Roth Mkm reaffirmed a “buy” rating and issued a $115.00 target price (up previously from $110.00) on shares of Planet Fitness in a research note on Wednesday, February 26th. Guggenheim reaffirmed a “buy” rating and set a $105.00 price objective on shares of Planet Fitness in a research note on Thursday, February 27th. Piper Sandler boosted their target price on shares of Planet Fitness from $115.00 to $123.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. DA Davidson restated a “neutral” rating and issued a $87.00 target price on shares of Planet Fitness in a report on Tuesday, January 21st. Finally, Canaccord Genuity Group began coverage on shares of Planet Fitness in a report on Thursday, March 13th. They set a “buy” rating and a $120.00 price target for the company. Five analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Planet Fitness presently has an average rating of “Moderate Buy” and a consensus target price of $100.17.

Planet Fitness Trading Up 0.9 %

Shares of Planet Fitness stock opened at $100.68 on Thursday. The business’s fifty day moving average price is $100.76 and its 200 day moving average price is $94.49. Planet Fitness, Inc. has a twelve month low of $57.64 and a twelve month high of $110.00. The stock has a market capitalization of $8.52 billion, a P/E ratio of 54.13, a PEG ratio of 2.45 and a beta of 1.54.

Planet Fitness (NYSE:PLNT) last released its quarterly earnings data 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 business had revenue of $340.50 million for the quarter, compared to analyst estimates of $324.57 million. Planet Fitness had a negative return on equity of 107.97% and a net margin of 14.23%. The company’s revenue was up 19.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.60 EPS. As a group, sell-side analysts predict that Planet Fitness, Inc. will post 2.51 EPS for the current 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.