Jefferies Financial Group Inc. Purchases Shares of 55,760 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) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 55,760 shares of the company's stock, valued at approximately $1,246,000. Jefferies Financial Group Inc. owned about 0.07% of Progyny as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of PGNY. Vanguard Group Inc. increased its position in shares of Progyny by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 8,692,132 shares of the company's stock worth $149,939,000 after purchasing an additional 48,271 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of Progyny by 15.7% in the fourth quarter. JPMorgan Chase & Co. now owns 425,682 shares of the company's stock worth $7,343,000 after purchasing an additional 57,606 shares in the last quarter. Wells Fargo & Company MN lifted its position in Progyny by 37.8% in the fourth quarter. Wells Fargo & Company MN now owns 39,593 shares of the company's stock worth $683,000 after purchasing an additional 10,856 shares during the period. Aviva PLC grew its holdings in Progyny by 30.8% during the fourth quarter. Aviva PLC now owns 41,287 shares of the company's stock worth $712,000 after acquiring an additional 9,721 shares during the period. Finally, Aristides Capital LLC acquired a new stake in Progyny during the fourth quarter valued at approximately $245,000. Institutional investors and hedge funds own 94.93% of the company's stock.

Insider Buying and Selling

In other news, Director Cheryl Scott sold 2,675 shares of the company's stock in a transaction 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 completion of the transaction, the director directly owned 14,112 shares in the company, valued at approximately $311,451.84. This represents a 15.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 9.40% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Truist Financial raised their price objective on shares of Progyny from $24.00 to $27.00 and gave the stock a "hold" rating in a research note on Thursday, July 17th. Leerink Partnrs upgraded 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 report on Saturday, July 26th. Leerink Partners raised Progyny from a "market perform" rating to an "outperform" rating and set a $28.00 target price on the stock in a research note on Tuesday, July 8th. Finally, Canaccord Genuity Group decreased their price objective on Progyny from $23.00 to $21.00 and set a "hold" rating for the company in a research report on Monday, May 12th. Five equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Progyny presently has a consensus rating of "Moderate Buy" and an average price target of $24.82.

Progyny Price Performance

NASDAQ PGNY traded up $0.27 on Wednesday, reaching $23.49. The stock had a trading volume of 966,516 shares, compared to its average volume of 1,424,406. The company has a market cap of $2.01 billion, a P/E ratio of 41.21, a price-to-earnings-growth ratio of 2.33 and a beta of 1.32. The firm has a fifty day moving average of $22.22 and a two-hundred day moving average of $22.14. Progyny, Inc. has a 1-year low of $13.39 and a 1-year high of $26.76.

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

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.