Mackenzie Financial Corp Sells 22,284 Shares of Progyny, Inc. (NASDAQ:PGNY)

Key Points

• Mackenzie Financial Corp has reduced its stake in Progyny, Inc. by 19.0%, selling 22,284 shares and now holds 0.11% of the company valued at approximately $2.1 million.
• Progyny's stock has recently experienced a 4.3% decline, and it currently has a market cap of $1.93 billion with a P/E ratio of 39.46.
• Analysts have mixed ratings on Progyny, with upgrades and downgrades reported, resulting in an average target price of $24.82 and an overall rating of "Moderate Buy".

Mackenzie Financial Corp trimmed its holdings in Progyny, Inc. (NASDAQ:PGNY - Free Report) by 19.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 95,103 shares of the company's stock after selling 22,284 shares during the quarter. Mackenzie Financial Corp owned approximately 0.11% of Progyny worth $2,125,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PGNY. Barclays PLC grew its stake in shares of Progyny by 95.7% in the 4th quarter. Barclays PLC now owns 1,382,205 shares of the company's stock valued at $23,843,000 after buying an additional 676,048 shares in the last quarter. D. E. Shaw & Co. Inc. acquired a new position in Progyny in the fourth quarter valued at about $11,265,000. BNP Paribas Financial Markets acquired a new stake in shares of Progyny during the fourth quarter worth about $10,557,000. First Sabrepoint Capital Management LP bought a new position in Progyny in the fourth quarter valued at approximately $9,660,000. Finally, Voloridge Investment Management LLC lifted its holdings in Progyny by 85.5% during the 4th quarter. Voloridge Investment Management LLC now owns 1,197,993 shares of the company's stock worth $20,665,000 after purchasing an additional 552,066 shares during the last quarter. 94.93% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling at Progyny

In related news, Director Cheryl Scott sold 2,675 shares of the 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 sale, the director directly owned 14,112 shares of the company's stock, 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 SEC, which is available at this hyperlink. Insiders own 9.40% of the company's stock.

Progyny Stock Performance

PGNY stock traded down $0.41 during midday trading on Thursday, hitting $23.08. 755,452 shares of the company's stock were exchanged, compared to its average volume of 1,419,634. Progyny, Inc. has a one year low of $13.39 and a one year high of $26.76. The stock's fifty day moving average price is $22.27 and its 200-day moving average price is $22.15. The company has a market cap of $1.98 billion, a PE ratio of 40.62, a price-to-earnings-growth ratio of 2.33 and a beta of 1.32.

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