Bank of America Corp DE Buys 588,444 Shares of Phreesia, Inc. $PHR

Key Points

• Bank of America increased its Phreesia stake by 142.6% in the first quarter, acquiring 588,444 additional shares to own 1,001,057 shares valued at approximately $8.4 million, or 1.62% of the company.
• Institutional ownership remains high at 92.1%, with several other firms—including Principal Financial Group, SG Americas Securities and Pale Fire Capital—also increasing or initiating positions.
• Analyst sentiment is mixed, with Phreesia holding a consensus “Hold” rating and an average price target of $16.65. The company exceeded quarterly earnings expectations, reporting $0.05 EPS and $130.94 million in revenue, up 12.9% year over year.

Bank of America Corp DE raised its stake in Phreesia, Inc. (NYSE:PHR - Free Report) by 142.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,001,057 shares of the company's stock after acquiring an additional 588,444 shares during the period. Bank of America Corp DE owned approximately 1.62% of Phreesia worth $8,389,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. King Luther Capital Management Corp increased its stake in Phreesia by 172.6% during the 4th quarter. King Luther Capital Management Corp now owns 268,314 shares of the company's stock valued at $4,540,000 after purchasing an additional 169,900 shares in the last quarter. Principal Financial Group Inc. lifted its stake in shares of Phreesia by 213.7% in the first quarter. Principal Financial Group Inc. now owns 165,173 shares of the company's stock worth $1,384,000 after buying an additional 112,516 shares in the last quarter. Meros Investment Management LP grew its holdings in shares of Phreesia by 48.5% during the fourth quarter. Meros Investment Management LP now owns 478,274 shares of the company's stock valued at $8,092,000 after buying an additional 156,137 shares during the last quarter. Pale Fire Capital SE purchased a new stake in shares of Phreesia during the first quarter valued at approximately $72,481,000. Finally, SG Americas Securities LLC increased its position in shares of Phreesia by 544.3% during the first quarter. SG Americas Securities LLC now owns 457,925 shares of the company's stock valued at $3,837,000 after acquiring an additional 386,848 shares in the last quarter. 92.10% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Piper Sandler cut Phreesia from an "overweight" rating to a "neutral" rating and set a $12.00 price objective on the stock. in a research report on Thursday, May 28th. Barclays restated an "equal weight" rating and issued a $10.00 price target (down from $24.00) on shares of Phreesia in a research note on Thursday, May 14th. Truist Financial upped their price target on Phreesia from $11.00 to $12.00 and gave the company a "hold" rating in a report on Thursday, May 28th. Canaccord Genuity Group dropped their price objective on Phreesia from $22.00 to $16.00 and set a "buy" rating on the stock in a research report on Thursday, May 28th. Finally, Wells Fargo & Company reiterated an "equal weight" rating and issued a $9.00 price objective (down from $15.00) on shares of Phreesia in a report on Wednesday, May 20th. Nine analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Phreesia has an average rating of "Hold" and a consensus target price of $16.65.

Phreesia Stock Performance

PHR stock opened at $11.71 on Tuesday. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.76 and a quick ratio of 1.76. Phreesia, Inc. has a 1 year low of $7.77 and a 1 year high of $32.76. The company has a market cap of $723.86 million, a P/E ratio of 78.07 and a beta of 0.85. The stock's fifty day moving average price is $10.83 and its 200-day moving average price is $10.50.

Phreesia (NYSE:PHR - Get Free Report) last posted its quarterly earnings data on Wednesday, May 27th. The company reported $0.05 EPS for the quarter, beating analysts' consensus estimates of $0.02 by $0.03. Phreesia had a return on equity of 5.13% and a net margin of 1.85%.The company had revenue of $130.94 million during the quarter, compared to analysts' expectations of $130.08 million. During the same quarter in the prior year, the business earned ($0.07) earnings per share. Phreesia's revenue for the quarter was up 12.9% compared to the same quarter last year. On average, equities analysts forecast that Phreesia, Inc. will post 0.39 earnings per share for the current year.

Phreesia Profile

Phreesia, Inc NYSE: PHR is a provider of patient intake management solutions designed to streamline front-office workflows for healthcare organizations. The company's cloud-based platform digitizes patient registration, appointment scheduling, insurance verification, consent documentation and payment collection through touchscreen kiosks, tablets and mobile devices. By replacing paper forms and manual processes, Phreesia enhances data accuracy, reduces administrative burden and improves the patient experience.

Founded in 2000 by Chaim Indig and headquartered in Burlington, Massachusetts, Phreesia offers a modular software suite that integrates with electronic medical record (EMR) and practice management systems.

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