Progyny, Inc. (NASDAQ:PGNY) Holdings Lowered by Ontario Teachers Pension Plan Board

Key Points

• The Ontario Teachers Pension Plan Board reduced its stake in Progyny, Inc. by 37.6%, selling 18,644 shares and retaining 30,983 shares valued at approximately $692,000.
• Progyny reported $0.19 earnings per share for the quarter, missing estimates of $0.42 by $0.23, despite revenues rising 9.5% year-over-year to $332.87 million.
• Analysts have mixed views on Progyny, with several ratings ranging from "hold" to "overweight," leading to an average target price of $24.90 for the stock.

Ontario Teachers Pension Plan Board lessened its stake in shares of Progyny, Inc. (NASDAQ:PGNY - Free Report) by 37.6% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 30,983 shares of the company's stock after selling 18,644 shares during the period. Ontario Teachers Pension Plan Board's holdings in Progyny were worth $692,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Progyny during the first quarter valued at $354,000. Oppenheimer Asset Management Inc. boosted its position in Progyny by 18.7% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 34,675 shares of the company's stock worth $775,000 after purchasing an additional 5,459 shares in the last quarter. GAMMA Investing LLC raised its holdings in Progyny by 233.9% in the 1st quarter. GAMMA Investing LLC now owns 5,379 shares of the company's stock worth $120,000 after purchasing an additional 3,768 shares during the period. Cerity Partners LLC purchased a new stake in Progyny during the 4th quarter worth approximately $229,000. Finally, Voya Investment Management LLC grew its position 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 purchasing an additional 701 shares in the last quarter. Institutional investors own 94.93% of the company's stock.

Progyny Price Performance

NASDAQ PGNY traded up $0.03 during mid-day trading on Tuesday, hitting $21.78. The company's stock had a trading volume of 1,021,251 shares, compared to its average volume of 1,433,400. Progyny, Inc. has a 52-week low of $13.39 and a 52-week high of $26.76. The stock's fifty day simple moving average is $22.32 and its two-hundred day simple moving average is $22.18. The firm has a market capitalization of $1.87 billion, a P/E ratio of 36.92, a price-to-earnings-growth ratio of 2.29 and a beta of 1.32.

Progyny (NASDAQ:PGNY - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported $0.19 earnings per share for the quarter, missing analysts' consensus estimates of $0.42 by ($0.23). Progyny had a return on equity of 10.69% and a net margin of 4.28%. The business had revenue of $332.87 million for the quarter, compared to analysts' expectations of $315.70 million. During the same period last year, the company posted $0.17 earnings per share. The firm's revenue for the quarter 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 fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on PGNY. Leerink Partners upgraded shares of Progyny from a "market perform" rating to an "outperform" rating and set a $28.00 price objective on the stock in a report on Tuesday, July 8th. Leerink Partnrs upgraded shares of 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 price objective on shares of Progyny in a research note on Friday. Truist Financial increased their target price on shares of Progyny from $24.00 to $27.00 and gave the company a "hold" rating in a report on Thursday, July 17th. Finally, Canaccord Genuity Group cut 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. Four research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $24.90.

Insider Activity at Progyny

In other news, Director Cheryl Scott sold 2,675 shares of Progyny stock in a transaction that occurred 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 owned 14,112 shares in the company, valued at $311,451.84. This trade represents a 15.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 9.40% of the company's stock.

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.