Progyny, Inc. $PGNY Shares Sold by Dimensional Fund Advisors LP

Key Points

• Dimensional Fund Advisors reduced its Progyny stake by 8.1%, selling 138,614 shares and retaining 1.57 million shares worth approximately $26.7 million. Institutional investors and hedge funds collectively own 94.93% of PGNY.
• Progyny reported quarterly EPS of $0.50, beating estimates of $0.26, while revenue of $328.5 million topped forecasts but declined 26.4% year over year. The company also authorized a $200 million share repurchase plan, covering up to 10.3% of outstanding shares.
• PGNY shares opened at $31.37, near their 12-month high of $33.06. Analysts maintain a “Moderate Buy” consensus with an average price target of $33.25, although insiders sold 36,916 shares worth about $939,875 over the past 90 days.

Dimensional Fund Advisors LP reduced its stake in Progyny, Inc. (NASDAQ:PGNY - Free Report) by 8.1% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,573,425 shares of the company's stock after selling 138,614 shares during the quarter. Dimensional Fund Advisors LP owned approximately 2.01% of Progyny worth $26,717,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of PGNY. Caitong International Asset Management Co. Ltd acquired a new stake in Progyny during the fourth quarter worth about $25,000. Hantz Financial Services Inc. increased its holdings in shares of Progyny by 79.4% during the 4th quarter. Hantz Financial Services Inc. now owns 1,676 shares of the company's stock worth $43,000 after buying an additional 742 shares during the last quarter. Quarry LP raised its position in shares of Progyny by 2,004.1% during the 3rd quarter. Quarry LP now owns 3,598 shares of the company's stock valued at $77,000 after buying an additional 3,427 shares during the period. Canada Pension Plan Investment Board purchased a new stake in shares of Progyny during the 2nd quarter valued at approximately $77,000. Finally, New Age Alpha Advisors LLC acquired a new position in Progyny in the fourth quarter valued at approximately $94,000. 94.93% of the stock is owned by institutional investors and hedge funds.

Progyny Trading Down 0.3%

Progyny stock opened at $31.37 on Thursday. The company has a fifty day simple moving average of $28.93 and a 200-day simple moving average of $23.36. The stock has a market cap of $2.46 billion, a P/E ratio of 40.74, a price-to-earnings-growth ratio of 2.50 and a beta of 1.01. Progyny, Inc. has a 12-month low of $16.10 and a 12-month high of $33.06.

Progyny (NASDAQ:PGNY - Get Free Report) last posted its earnings results on Thursday, May 7th. The company reported $0.50 EPS for the quarter, beating the consensus estimate of $0.26 by $0.24. Progyny had a return on equity of 13.34% and a net margin of 5.23%.The firm had revenue of $328.50 million for the quarter, compared to analyst estimates of $326.46 million. During the same quarter in the prior year, the company posted $0.17 earnings per share. Progyny's revenue for the quarter was down 26.4% compared to the same quarter last year. As a group, sell-side analysts forecast that Progyny, Inc. will post 1.19 earnings per share for the current fiscal year.

Progyny announced that its Board of Directors has approved a share buyback plan on Tuesday, May 26th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 10.3% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's management believes its shares are undervalued.

Insider Activity at Progyny

In other news, COO Melissa B. Cummings sold 9,578 shares of the firm's stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $25.00, for a total transaction of $239,450.00. Following the transaction, the chief operating officer directly owned 73,371 shares in the company, valued at approximately $1,834,275. This trade represents a 11.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Kevin K. Gordon sold 5,500 shares of Progyny stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $24.99, for a total transaction of $137,445.00. Following the completion of the sale, the director directly owned 9,318 shares in the company, valued at approximately $232,856.82. The trade was a 37.12% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 36,916 shares of company stock valued at $939,875 over the last 90 days. 9.90% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have issued reports on PGNY. Citigroup reissued an "outperform" rating on shares of Progyny in a research note on Monday, May 11th. Weiss Ratings upgraded Progyny from a "hold (c-)" rating to a "hold (c)" rating in a report on Friday, June 26th. Citizens Jmp boosted their price objective on shares of Progyny from $30.00 to $31.00 and gave the company a "market outperform" rating in a report on Monday, May 11th. KeyCorp upped their target price on shares of Progyny from $30.00 to $35.00 and gave the company an "overweight" rating in a research report on Monday, July 13th. Finally, Barclays reaffirmed an "equal weight" rating and set a $34.00 target price (up from $27.00) on shares of Progyny in a research note on Tuesday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $33.25.

Progyny Company Profile

Progyny, Inc is a New York-based fertility benefits management company that partners with employers and health plans to design and administer comprehensive family-building programs. The company's digital health platform integrates clinical expertise, patient support tools and data analytics to help members navigate fertility treatments, from in vitro fertilization (IVF) and egg freezing to surrogacy and adoption. By focusing on outcomes-based care, Progyny aims to improve success rates while controlling costs for its clients.

The core of Progyny's offering is its proprietary Smart Cycle® benefit, which bundles clinical, emotional and logistical support into a single package.

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