State of Michigan Retirement System Sells 500 Shares of Progyny, Inc. (NASDAQ:PGNY)

State of Michigan Retirement System lessened its position in shares of Progyny, Inc. (NASDAQ:PGNY) by 2.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,979 shares of the company’s stock after selling 500 shares during the period. State of Michigan Retirement System’s holdings in Progyny were worth $572,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of PGNY. Caprock Group LLC boosted its position in shares of Progyny by 5.3% during the first quarter. Caprock Group LLC now owns 6,288 shares of the company’s stock worth $240,000 after buying an additional 319 shares during the period. M&G Investment Management Ltd. boosted its position in Progyny by 1.2% during the 4th quarter. M&G Investment Management Ltd. now owns 32,980 shares of the company’s stock worth $1,220,000 after acquiring an additional 387 shares during the last quarter. FourThought Financial Partners LLC grew its stake in shares of Progyny by 1.3% during the 4th quarter. FourThought Financial Partners LLC now owns 32,683 shares of the company’s stock worth $1,215,000 after acquiring an additional 423 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in shares of Progyny by 9.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 6,260 shares of the company’s stock valued at $239,000 after purchasing an additional 543 shares during the last quarter. Finally, Louisiana State Employees Retirement System lifted its position in shares of Progyny by 2.6% in the first quarter. Louisiana State Employees Retirement System now owns 24,000 shares of the company’s stock worth $916,000 after purchasing an additional 600 shares in the last quarter. Institutional investors and hedge funds own 94.93% of the company’s stock.

Progyny Stock Up 6.0 %

NASDAQ:PGNY opened at $23.49 on Friday. Progyny, Inc. has a 12-month low of $19.60 and a 12-month high of $42.08. The firm has a market capitalization of $2.24 billion, a price-to-earnings ratio of 38.51, a P/E/G ratio of 1.73 and a beta of 1.46. The stock’s 50 day moving average price is $25.65 and its two-hundred day moving average price is $30.34.

Progyny (NASDAQ:PGNY) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.17 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.17. Progyny had a return on equity of 11.97% and a net margin of 5.54%. The business had revenue of $304.09 million for the quarter, compared to analysts’ expectations of $305.32 million. During the same quarter in the prior year, the business earned $0.15 EPS. The firm’s revenue for the quarter was up 8.8% on a year-over-year basis. Equities research analysts expect that Progyny, Inc. will post 0.63 EPS for the current year.

Insider Activity

In other news, Director Cheryl Scott sold 1,462 shares of the firm’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $28.39, for a total transaction of $41,506.18. Following the completion of the sale, the director now owns 10,098 shares in the company, valued at approximately $286,682.22. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, President Michael E. Sturmer sold 9,030 shares of the business’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $30.00, for a total value of $270,900.00. Following the completion of the sale, the president now directly owns 362,583 shares in the company, valued at approximately $10,877,490. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Cheryl Scott sold 1,462 shares of the stock in a transaction on Friday, June 28th. The stock was sold at an average price of $28.39, for a total value of $41,506.18. Following the transaction, the director now owns 10,098 shares in the company, valued at approximately $286,682.22. The disclosure for this sale can be found here. Insiders own 12.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on PGNY. Barclays decreased their target price on shares of Progyny from $48.00 to $30.00 and set an “overweight” rating for the company in a research report on Monday, May 13th. Leerink Partners cut Progyny from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $31.00 to $25.00 in a report on Wednesday, August 7th. KeyCorp downgraded Progyny from an “overweight” rating to a “sector weight” rating in a research report on Friday, May 10th. BTIG Research cut Progyny from a “buy” rating to a “neutral” rating in a research report on Wednesday, August 7th. Finally, Truist Financial lowered their price target on Progyny from $37.00 to $33.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $31.90.

Progyny 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.