15,392 Shares in Progyny, Inc. (NASDAQ:PGNY) Acquired by Bayforest Capital Ltd

Key Points

• Bayforest Capital Ltd purchased 15,392 shares of Progyny, Inc., valued at approximately $344,000, during the first quarter, reflecting increased institutional interest in the stock.
• Several other large investors, including Vanguard and Barclays, significantly increased their stakes in Progyny, indicating a strong confidence in the company's performance.
• Analysts have given Progyny a consensus rating of "Moderate Buy" with a price target averaging $24.82, showcasing positive future expectations despite current earnings miss.

Bayforest Capital Ltd purchased a new stake in shares of Progyny, Inc. (NASDAQ:PGNY - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 15,392 shares of the company's stock, valued at approximately $344,000.

Several other institutional investors have also added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Progyny in the 1st quarter worth about $354,000. GAMMA Investing LLC lifted its position in shares of Progyny by 233.9% in the 1st quarter. GAMMA Investing LLC now owns 5,379 shares of the company's stock worth $120,000 after purchasing an additional 3,768 shares during the period. Oppenheimer Asset Management Inc. lifted its position in shares of Progyny by 18.7% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 34,675 shares of the company's stock worth $775,000 after purchasing an additional 5,459 shares during the period. Cerity Partners LLC purchased a new stake in shares of Progyny in the 4th quarter worth about $229,000. Finally, Voya Investment Management LLC lifted its position in shares of Progyny by 1.4% in the 4th quarter. Voya Investment Management LLC now owns 51,792 shares of the company's stock worth $893,000 after purchasing an additional 701 shares during the period. Hedge funds and other institutional investors own 94.93% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on PGNY shares. Leerink Partnrs raised shares of Progyny from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 8th. Wall Street Zen raised shares of Progyny from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Truist Financial raised their target price on shares of Progyny from $24.00 to $27.00 and gave the stock a "hold" rating in a research report on Thursday, July 17th. Canaccord Genuity Group lowered their price target on shares of Progyny from $23.00 to $21.00 and set a "hold" rating for the company in a research report on Monday, May 12th. Finally, Leerink Partners raised shares of Progyny from a "market perform" rating to an "outperform" rating and set a $28.00 price target for the company in a research report on Tuesday, July 8th. Five investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $24.82.

Progyny Price Performance

NASDAQ PGNY traded down $1.02 during trading hours on Friday, reaching $22.49. 1,210,981 shares of the company's stock traded hands, compared to its average volume of 1,006,189. The firm has a market cap of $1.93 billion, a PE ratio of 39.46, a PEG ratio of 2.36 and a beta of 1.32. Progyny, Inc. has a 52-week low of $13.39 and a 52-week high of $27.15. The firm has a 50-day simple moving average of $22.11 and a 200 day simple moving average of $22.10.

Progyny (NASDAQ:PGNY - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported $0.17 earnings per share for the quarter, missing analysts' consensus estimates of $0.45 by ($0.28). The firm had revenue of $324.04 million for the quarter, compared to the consensus estimate of $307.86 million. Progyny had a net margin of 4.33% and a return on equity of 10.90%. The firm's revenue for the quarter was up 16.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.17 earnings per share. Sell-side analysts forecast that Progyny, Inc. will post 0.6 EPS for the current fiscal year.

Insiders Place Their Bets

In other Progyny news, Director Cheryl Scott sold 2,675 shares of the firm's stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $22.07, for a total transaction of $59,037.25. Following the completion of the sale, the director directly owned 14,112 shares in the company, valued at approximately $311,451.84. This trade represents a 15.93% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 9.40% of the company's stock.

Progyny Profile

Progyny, Inc, a benefits management company, specializes in fertility and family building benefits solutions in the United States. Its fertility benefits solution includes differentiated benefits plan design, personalized concierge-style member support services, and selective network of fertility specialists.