Royal Bank of Canada Has $3.71 Million Stock Position in Progyny, Inc. $PGNY

Key Points

• Royal Bank of Canada nearly doubled its Progyny stake in the first quarter, adding 108,137 shares to own 218,434 shares valued at approximately $3.71 million. Institutional investors and hedge funds collectively own 94.93% of PGNY.
• Progyny authorized a $200 million share repurchase program, allowing it to buy back up to 10.3% of outstanding shares, a move that may signal management views the stock as undervalued.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus and an average price target of $34.10 versus the stock’s reported $26.28 price. However, insiders sold 36,916 shares worth about $939,875 during the quarter.

Royal Bank of Canada raised its position in Progyny, Inc. (NASDAQ:PGNY - Free Report) by 98.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 218,434 shares of the company's stock after purchasing an additional 108,137 shares during the quarter. Royal Bank of Canada owned approximately 0.28% of Progyny worth $3,709,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Empowered Funds LLC acquired a new position in Progyny in the 1st quarter worth about $1,811,000. Quantinno Capital Management LP lifted its holdings in shares of Progyny by 382.6% during the 1st quarter. Quantinno Capital Management LP now owns 144,251 shares of the company's stock valued at $2,449,000 after buying an additional 114,358 shares during the last quarter. Lazard Asset Management LLC lifted its holdings in shares of Progyny by 91.6% during the 1st quarter. Lazard Asset Management LLC now owns 63,264 shares of the company's stock valued at $1,074,000 after buying an additional 30,247 shares during the last quarter. OMERS ADMINISTRATION Corp grew its stake in shares of Progyny by 53.5% in the 1st quarter. OMERS ADMINISTRATION Corp now owns 95,305 shares of the company's stock valued at $1,618,000 after buying an additional 33,200 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Progyny in the 1st quarter valued at approximately $3,110,000. 94.93% of the stock is owned by institutional investors and hedge funds.

Progyny Price Performance

Progyny stock opened at $26.28 on Friday. The firm has a fifty day moving average price of $29.16 and a two-hundred day moving average price of $23.47. The firm has a market cap of $2.02 billion, a price-to-earnings ratio of 28.57, a P/E/G ratio of 1.88 and a beta of 1.01. Progyny, Inc. has a fifty-two week low of $16.10 and a fifty-two week high of $33.06.

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

Analyst Ratings Changes

Several equities analysts recently weighed in on PGNY shares. Leerink Partners set a $38.00 price objective on shares of Progyny in a research report on Wednesday, July 22nd. BTIG Research boosted their target price on shares of Progyny from $30.00 to $40.00 and gave the stock a "buy" rating in a research report on Friday, July 24th. Barclays decreased their target price on shares of Progyny from $34.00 to $30.00 and set an "equal weight" rating for the company in a research report on Wednesday. Weiss Ratings upgraded shares of Progyny from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday. Finally, Citizens Jmp upped their price objective on shares of Progyny from $30.00 to $31.00 and gave the stock a "market outperform" rating in a report on Monday, May 11th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $34.10.

Insider Buying and Selling

In other news, insider Geoffrey Clapp sold 1,530 shares of the stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $25.58, for a total value of $39,137.40. Following the completion of the sale, the insider directly owned 59,117 shares of the company's stock, valued at approximately $1,512,212.86. This represents a 2.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Mark S. Livingston sold 8,275 shares of the firm's stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $25.50, for a total transaction of $211,012.50. Following the completion of the sale, the chief financial officer owned 79,063 shares in the company, valued at approximately $2,016,106.50. The trade was a 9.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 36,916 shares of company stock worth $939,875. 9.90% of the stock is currently owned by company insiders.

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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