Connor Clark & Lunn Investment Management Ltd. Makes New Investment in Progyny, Inc. $PGNY

Key Points

• Connor Clark & Lunn Investment Management Ltd. acquired 25,363 shares of Progyny, Inc. valued at approximately $567,000 during the first quarter.
• Progyny reported a 9.5% year-over-year increase in revenue, totaling $332.87 million for the quarter, despite missing EPS estimates.
• Brokerages have issued a consensus rating of "Moderate Buy" with an average target price of $24.90 for Progyny, indicating positive investor sentiment.

Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Progyny, Inc. (NASDAQ:PGNY - Free Report) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 25,363 shares of the company's stock, valued at approximately $567,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. CenterBook Partners LP grew its stake in shares of Progyny by 458.2% during the 1st quarter. CenterBook Partners LP now owns 515,626 shares of the company's stock worth $11,519,000 after purchasing an additional 423,257 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of Progyny by 8.1% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 689,443 shares of the company's stock worth $15,402,000 after purchasing an additional 51,810 shares during the period. Jefferies Financial Group Inc. acquired a new stake in shares of Progyny during the 1st quarter worth approximately $1,246,000. Natixis Advisors LLC grew its stake in shares of Progyny by 40.7% during the 1st quarter. Natixis Advisors LLC now owns 31,765 shares of the company's stock worth $710,000 after purchasing an additional 9,184 shares during the period. Finally, Bayforest Capital Ltd acquired a new stake in shares of Progyny during the 1st quarter worth approximately $344,000. Institutional investors and hedge funds own 94.93% of the company's stock.

Insider Buying and Selling at Progyny

In other news, Director Cheryl Scott sold 2,675 shares of Progyny stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $22.07, for a total transaction of $59,037.25. Following the transaction, the director owned 14,112 shares in the company, valued at $311,451.84. The trade was a 15.93% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kevin K. Gordon sold 2,500 shares of Progyny stock in a transaction on Monday, August 11th. The stock was sold at an average price of $22.04, for a total value of $55,100.00. Following the transaction, the director owned 12,501 shares in the company, valued at approximately $275,522.04. This represents a 16.67% decrease in their position. The disclosure for this sale can be found here. 9.40% of the stock is owned by insiders.

Progyny Stock Performance

Shares of PGNY stock opened at $23.78 on Tuesday. The stock's fifty day moving average is $22.45 and its two-hundred day moving average is $22.17. The firm has a market capitalization of $2.04 billion, a P/E ratio of 40.31, a PEG ratio of 2.29 and a beta of 1.32. Progyny, Inc. has a fifty-two week low of $13.39 and a fifty-two week high of $26.76.

Progyny (NASDAQ:PGNY - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported $0.19 EPS for the quarter, missing the consensus estimate of $0.42 by ($0.23). Progyny had a return on equity of 10.69% and a net margin of 4.28%. The company had revenue of $332.87 million for the quarter, compared to analysts' expectations of $315.70 million. During the same quarter in the prior year, the firm earned $0.17 EPS. The firm's revenue was up 9.5% on a year-over-year basis. On average, equities analysts forecast that Progyny, Inc. will post 0.6 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on PGNY. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $28.00 price objective (up previously from $26.00) on shares of Progyny in a research note on Friday, August 8th. Wall Street Zen upgraded Progyny from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Leerink Partnrs upgraded Progyny from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 8th. Raymond James Financial set a $28.00 target price on Progyny in a research report on Friday, August 8th. Finally, Leerink Partners upgraded Progyny from a "market perform" rating to an "outperform" rating and set a $28.00 target price on the stock in a research report on Tuesday, July 8th. Four equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Progyny has a consensus rating of "Moderate Buy" and an average target price of $24.90.

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.

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