Principal Financial Group Inc. Raises Stake in Progyny, Inc. (NASDAQ:PGNY)

Principal Financial Group Inc. lifted its position in shares of Progyny, Inc. (NASDAQ:PGNY - Free Report) by 2.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 471,826 shares of the company's stock after buying an additional 13,246 shares during the quarter. Principal Financial Group Inc. owned approximately 0.55% of Progyny worth $10,541,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. grew its holdings 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 worth $149,939,000 after buying an additional 48,271 shares in the last quarter. Barclays PLC grew its holdings in shares of Progyny by 95.7% during the fourth quarter. Barclays PLC now owns 1,382,205 shares of the company's stock worth $23,843,000 after buying an additional 676,048 shares in the last quarter. Voloridge Investment Management LLC grew its holdings in shares of Progyny by 85.5% during 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 grew its holdings in shares of Progyny by 6.7% during the fourth 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% in 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. 94.93% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Progyny

In other news, Director Cheryl Scott sold 2,675 shares of the business'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 transaction, the director directly owned 14,112 shares of the company's stock, valued at approximately $311,451.84. The trade was 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 Stock Down 1.7%

Shares of PGNY stock opened at $23.21 on Monday. The stock has a market cap of $1.99 billion, a price-to-earnings ratio of 40.72, a price-to-earnings-growth ratio of 2.39 and a beta of 1.31. Progyny, Inc. has a fifty-two week low of $13.39 and a fifty-two week high of $30.42. The firm's 50 day moving average price is $21.81 and its two-hundred day moving average price is $21.63.

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

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on PGNY. Leerink Partnrs upgraded shares of Progyny from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 8th. Leerink Partners upgraded shares of Progyny from a "market perform" rating to an "outperform" rating and set a $28.00 target price for the company in a report on Tuesday, July 8th. Canaccord Genuity Group lowered their target price on shares of Progyny from $23.00 to $21.00 and set a "hold" rating for the company in a report on Monday, May 12th. Finally, BTIG Research upgraded shares of Progyny from a "neutral" rating to a "buy" rating and set a $28.00 target price for the company in a report on Monday, March 31st. Five research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $24.09.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.