Jefferies Financial Group Inc. Invests $1.25 Million in Progyny, Inc. (NASDAQ:PGNY)

Key Points

• Jefferies Financial Group Inc. acquired a new stake in Progyny, Inc., purchasing 55,760 shares valued at approximately $1,246,000, indicating institutional interest in the company.
• Wall Street analysts have upgraded Progyny's ratings, with several firms raising their price targets, reflecting a consensus rating of "Moderate Buy" and a target price of $24.82.
• Progyny reported a revenue increase of 16.5% year-over-year, with quarterly earnings that missed analyst expectations but still showed a significant revenue beat.

Jefferies Financial Group Inc. purchased a new stake in Progyny, Inc. (NASDAQ:PGNY - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 55,760 shares of the company's stock, valued at approximately $1,246,000. Jefferies Financial Group Inc. owned approximately 0.07% of Progyny at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC acquired a new position in shares of Progyny in the first quarter valued at approximately $354,000. Oppenheimer Asset Management Inc. lifted its holdings in Progyny by 18.7% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 34,675 shares of the company's stock valued at $775,000 after purchasing an additional 5,459 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of Progyny by 233.9% during the 1st quarter. GAMMA Investing LLC now owns 5,379 shares of the company's stock worth $120,000 after buying an additional 3,768 shares during the period. Cerity Partners LLC acquired a new stake in Progyny during the 4th quarter worth approximately $229,000. Finally, Voya Investment Management LLC grew its stake in shares of Progyny by 1.4% in the fourth 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 in the last quarter. Institutional investors and hedge funds own 94.93% of the company's stock.

Insider Transactions at Progyny

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 stock was 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. The trade was a 15.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 9.40% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several analysts recently issued reports on PGNY shares. Raymond James Financial set a $28.00 price target on shares of Progyny in a research report on Friday. Cantor Fitzgerald restated an "overweight" rating and set a $28.00 price target (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 report on Tuesday, July 8th. Truist Financial increased their price target on Progyny from $24.00 to $27.00 and gave the stock a "hold" rating in a report on Thursday, July 17th. Finally, Leerink Partners upgraded shares of 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 research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $24.90.

Progyny Trading Up 0.5%

Shares of PGNY traded up $0.13 during mid-day trading on Friday, hitting $23.19. The company's stock had a trading volume of 1,896,885 shares, compared to its average volume of 1,430,884. Progyny, Inc. has a 52-week low of $13.39 and a 52-week high of $26.76. The company's 50-day moving average is $22.30 and its 200-day moving average is $22.16. The firm has a market capitalization of $1.99 billion, a price-to-earnings ratio of 40.72, a PEG ratio of 2.36 and a beta of 1.32.

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). The firm had revenue of $332.87 million during the quarter, compared to analysts' expectations of $315.70 million. Progyny had a return on equity of 10.90% and a net margin of 4.33%. The company's revenue for the quarter was up 9.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.17 earnings per share. As a group, sell-side analysts predict that Progyny, Inc. will post 0.6 earnings per share for the current fiscal year.

About Progyny

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.