Progyny, Inc. (NASDAQ:PGNY) Shares Sold by Mackenzie Financial Corp

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 lessened its holdings in shares of Progyny, Inc. (NASDAQ:PGNY - Free Report) by 19.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 95,103 shares of the company's stock after selling 22,284 shares during the quarter. Mackenzie Financial Corp owned about 0.11% of Progyny worth $2,125,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in PGNY. Vanguard Group Inc. increased its stake in shares of Progyny by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 8,692,132 shares of the company's stock valued at $149,939,000 after buying an additional 48,271 shares during the period. Barclays PLC lifted 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 worth $23,843,000 after purchasing an additional 676,048 shares during the period. Voloridge Investment Management LLC increased its position in Progyny by 85.5% in the fourth quarter. Voloridge Investment Management LLC now owns 1,197,993 shares of the company's stock worth $20,665,000 after buying an additional 552,066 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Progyny by 6.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,186,027 shares of the company's stock worth $20,458,000 after buying an additional 74,740 shares in the last quarter. Finally, Bank of America Corp DE boosted its position in shares of Progyny by 3.7% during the fourth quarter. Bank of America Corp DE now owns 952,777 shares of the company's stock worth $16,435,000 after acquiring an additional 33,668 shares during the last quarter. Institutional investors own 94.93% of the company's stock.

Progyny Stock Performance

Shares of PGNY traded up $0.69 during mid-day trading on Monday, hitting $23.18. 710,617 shares of the company's stock were exchanged, compared to its average volume of 1,066,738. The stock's 50-day moving average is $22.17 and its 200-day moving average is $22.13. Progyny, Inc. has a fifty-two week low of $13.39 and a fifty-two week high of $26.76. The company has a market cap of $1.99 billion, a price-to-earnings ratio of 40.67, a P/E/G ratio of 2.26 and a beta of 1.32.

Progyny (NASDAQ:PGNY - Get Free Report) last issued 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 net margin of 4.33% and a return on equity of 10.90%. The company had revenue of $324.04 million during the quarter, compared to analyst estimates of $307.86 million. During the same quarter in the previous year, the company posted $0.17 EPS. The company's quarterly revenue was up 16.5% on a year-over-year basis. As a group, equities research analysts anticipate that Progyny, Inc. will post 0.6 EPS for the current year.

Wall Street Analyst Weigh In

PGNY has been the subject of several analyst reports. Canaccord Genuity Group lowered their price objective on Progyny from $23.00 to $21.00 and set a "hold" rating for the company in a research note on Monday, May 12th. Truist Financial upped their price target 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. Wall Street Zen upgraded Progyny from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. 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. Finally, Leerink Partnrs upgraded Progyny from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 8th. Five investment 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 company. Based on data from MarketBeat.com, Progyny has a consensus rating of "Moderate Buy" and an average price target of $24.82.

Insider Buying and Selling at Progyny

In other Progyny news, Director Cheryl Scott sold 2,675 shares of Progyny stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $22.07, for a total value of $59,037.25. Following the sale, the director owned 14,112 shares of the company's stock, valued at approximately $311,451.84. The trade was a 15.93% decrease in their position. 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 corporate insiders.

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.