CenterBook Partners LP Has $11.52 Million Stock Position in Progyny, Inc. (NASDAQ:PGNY)

Key Points

• CenterBook Partners LP significantly increased its stake in Progyny, Inc. by 458.2%, now holding 515,626 shares, which constitutes approximately 0.7% of its investment portfolio.
• Progyny reported a quarterly earnings miss with earnings per share of $0.17, falling short of the consensus estimate of $0.45, although it achieved a revenue increase of 16.5% year-over-year.
• Several analysts upgraded Progyny's rating recently, with Wall Street Zen elevating it from "hold" to "buy," reflecting a growing positive sentiment towards the company's performance.

CenterBook Partners LP grew its position in shares of Progyny, Inc. (NASDAQ:PGNY - Free Report) by 458.2% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 515,626 shares of the company's stock after purchasing an additional 423,257 shares during the quarter. Progyny accounts for 0.7% of CenterBook Partners LP's portfolio, making the stock its 28th largest position. CenterBook Partners LP owned about 0.60% of Progyny worth $11,519,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of PGNY. New York State Teachers Retirement System grew its holdings in Progyny by 0.7% during the first quarter. New York State Teachers Retirement System now owns 73,200 shares of the company's stock worth $1,635,000 after acquiring an additional 500 shares during the period. Voya Investment Management LLC lifted its holdings in Progyny by 1.4% in the 4th quarter. Voya Investment Management LLC now owns 51,792 shares of the company's stock valued at $893,000 after acquiring an additional 701 shares during the last quarter. F M Investments LLC boosted its position in shares of Progyny by 13.0% during the 4th quarter. F M Investments LLC now owns 20,420 shares of the company's stock valued at $352,000 after purchasing an additional 2,342 shares in the last quarter. First Trust Advisors LP boosted its position in shares of Progyny by 13.1% during the 4th quarter. First Trust Advisors LP now owns 24,105 shares of the company's stock valued at $416,000 after purchasing an additional 2,794 shares in the last quarter. Finally, Covestor Ltd grew its stake in shares of Progyny by 69.4% in the 4th quarter. Covestor Ltd now owns 6,868 shares of the company's stock worth $118,000 after purchasing an additional 2,814 shares during the last quarter. Institutional investors own 94.93% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Truist Financial increased their target price on shares of Progyny from $24.00 to $27.00 and gave the company a "hold" rating in a research note on Thursday, July 17th. Leerink Partners upgraded Progyny from a "market perform" rating to an "outperform" rating and set a $28.00 price objective for the company in a research report on Tuesday, July 8th. Cantor Fitzgerald restated an "overweight" rating and issued a $28.00 target price (up from $26.00) on shares of Progyny in a report on Friday. Leerink Partnrs raised Progyny from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 8th. Finally, Canaccord Genuity Group decreased their price target on Progyny from $23.00 to $21.00 and set a "hold" rating for the company in a research report on Monday, May 12th. Four research 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 company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $24.90.

Insider Activity

In related news, Director Cheryl Scott sold 2,675 shares of the business's stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $22.07, for a total transaction of $59,037.25. Following the transaction, the director directly owned 14,112 shares of the company's stock, valued at approximately $311,451.84. The trade was a 15.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 9.40% of the stock is owned by company insiders.

Progyny Stock Down 0.9%

Shares of Progyny stock traded down $0.21 during midday trading on Friday, hitting $22.85. The company's stock had a trading volume of 2,655,392 shares, compared to its average volume of 951,696. Progyny, Inc. has a 1-year low of $13.39 and a 1-year high of $26.76. The firm has a market capitalization of $1.96 billion, a P/E ratio of 38.73, a PEG ratio of 2.31 and a beta of 1.32. The stock has a 50-day simple moving average of $22.32 and a 200-day simple moving average of $22.17.

Progyny (NASDAQ:PGNY - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by ($0.23). Progyny had a return on equity of 11.13% and a net margin of 4.28%. The business had revenue of $332.87 million during the quarter, compared to analysts' expectations of $315.70 million. During the same period in the prior year, the company posted $0.17 earnings per share. The firm's revenue was up 9.5% on a year-over-year basis. As a group, sell-side analysts predict that Progyny, Inc. will post 0.6 earnings per share for the current year.

Progyny Company 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.