Victory Capital Management Inc. Trims Stake in Progyny, Inc. (NASDAQ:PGNY)

Key Points

• Victory Capital Management Inc. has reduced its stake in Progyny, Inc. by 20.6%, now holding 161,406 shares valued at approximately $3.6 million.
• Multiple hedge funds have recently changed their positions in Progyny, with Wealth Enhancement Advisory Services LLC acquiring a new stake worth about $354,000.
• Analysts have set varying price targets for Progyny, with Truist Financial raising their target to $27.00 and Leerink Partners rating it as "outperform," while the general consensus remains a "Moderate Buy."

Victory Capital Management Inc. cut its position in shares of Progyny, Inc. (NASDAQ:PGNY - Free Report) by 20.6% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 161,406 shares of the company's stock after selling 41,871 shares during the quarter. Victory Capital Management Inc. owned about 0.19% of Progyny worth $3,606,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in PGNY. KLP Kapitalforvaltning AS bought a new stake in shares of Progyny during the fourth quarter valued at approximately $609,000. Vanguard Group Inc. boosted its holdings in Progyny by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 8,692,132 shares of the company's stock worth $149,939,000 after acquiring an additional 48,271 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of Progyny by 15.7% in the fourth quarter. JPMorgan Chase & Co. now owns 425,682 shares of the company's stock worth $7,343,000 after purchasing an additional 57,606 shares during the last quarter. Trexquant Investment LP raised its stake in shares of Progyny by 1.9% in the fourth quarter. Trexquant Investment LP now owns 600,163 shares of the company's stock worth $10,353,000 after purchasing an additional 11,174 shares during the last quarter. Finally, Bryce Point Capital LLC purchased a new position in shares of Progyny in the fourth quarter worth $353,000. 94.93% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Progyny

In related news, Director Cheryl Scott sold 2,675 shares of the stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $22.07, for a total transaction of $59,037.25. Following the completion of the transaction, the director directly owned 14,112 shares of the company's stock, valued at approximately $311,451.84. This represents a 15.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 9.40% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms have recently weighed in on PGNY. Truist Financial boosted their price target on Progyny from $24.00 to $27.00 and gave the stock a "hold" rating in a research note on Thursday, July 17th. Canaccord Genuity Group decreased their price target on Progyny from $23.00 to $21.00 and set a "hold" rating for the company in a research note on Monday, May 12th. Leerink Partnrs upgraded Progyny from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 8th. Leerink Partners upgraded Progyny from a "market perform" rating to an "outperform" rating and set a $28.00 price target for the company in a research note on Tuesday, July 8th. Finally, Wall Street Zen upgraded Progyny from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Five investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Progyny has a consensus rating of "Moderate Buy" and a consensus target price of $24.82.

Progyny Stock Up 0.2%

PGNY traded up $0.04 during midday trading on Thursday, reaching $23.54. The company had a trading volume of 147,222 shares, compared to its average volume of 1,429,172. The business has a 50-day moving average of $22.02 and a two-hundred day moving average of $22.06. The company has a market cap of $2.02 billion, a P/E ratio of 41.27, a P/E/G ratio of 2.29 and a beta of 1.31. Progyny, Inc. has a 1 year low of $13.39 and a 1 year high of $28.99.

Progyny (NASDAQ:PGNY - Get Free Report) last released its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $307.86 million. Progyny had a return on equity of 10.90% and a net margin of 4.33%. The business's revenue was up 16.5% on a year-over-year basis. During the same period last year, the company earned $0.17 EPS. On average, equities research analysts predict that Progyny, Inc. will post 0.6 EPS for the current year.

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.