Envestnet Asset Management Inc. Boosts Stake in Progyny, Inc. (NASDAQ:PGNY)

Envestnet Asset Management Inc. raised its position in Progyny, Inc. (NASDAQ:PGNY) by 18.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 536,120 shares of the company’s stock after purchasing an additional 83,204 shares during the quarter. Envestnet Asset Management Inc. owned 0.56% of Progyny worth $15,338,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PGNY. Farallon Capital Management LLC purchased a new stake in Progyny in the 1st quarter worth about $22,608,000. Wellington Management Group LLP purchased a new position in shares of Progyny during the fourth quarter worth approximately $14,608,000. Norges Bank purchased a new position in shares of Progyny during the fourth quarter worth approximately $14,198,000. Eagle Asset Management Inc. increased its position in shares of Progyny by 102.7% during the fourth quarter. Eagle Asset Management Inc. now owns 649,897 shares of the company’s stock worth $24,163,000 after acquiring an additional 329,288 shares during the period. Finally, Redmile Group LLC purchased a new position in shares of Progyny during the first quarter worth approximately $12,241,000. 94.93% of the stock is owned by hedge funds and other institutional investors.

Progyny Stock Down 0.2 %

Shares of PGNY opened at $17.15 on Wednesday. The company has a market cap of $1.63 billion, a price-to-earnings ratio of 28.11, a price-to-earnings-growth ratio of 1.97 and a beta of 1.45. Progyny, Inc. has a twelve month low of $13.93 and a twelve month high of $42.08. The company has a 50 day moving average of $23.59 and a two-hundred day moving average of $28.32.

Progyny (NASDAQ:PGNY) last announced its earnings results on Tuesday, August 6th. The company reported $0.17 earnings per share for the quarter, meeting the consensus estimate of $0.17. The company had revenue of $304.09 million during the quarter, compared to the consensus estimate of $305.32 million. Progyny had a net margin of 5.54% and a return on equity of 11.97%. Progyny’s revenue was up 8.8% compared to the same quarter last year. During the same period last year, the firm earned $0.15 earnings per share. On average, sell-side analysts expect that Progyny, Inc. will post 0.64 EPS for the current year.

Insider Transactions at Progyny

In other news, President Michael E. Sturmer sold 9,030 shares of Progyny stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $30.00, for a total transaction of $270,900.00. Following the completion of the sale, the president now directly owns 362,583 shares in the company, valued at $10,877,490. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, President Michael E. Sturmer sold 9,030 shares of Progyny stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $30.00, for a total transaction of $270,900.00. Following the completion of the sale, the president now directly owns 362,583 shares in the company, valued at $10,877,490. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Cheryl Scott sold 1,462 shares of Progyny stock in a transaction on Friday, June 28th. The stock was sold at an average price of $28.39, for a total transaction of $41,506.18. Following the sale, the director now owns 10,098 shares of the company’s stock, valued at $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 brokerages have recently commented on PGNY. JPMorgan Chase & Co. reduced their target price on shares of Progyny from $31.00 to $22.00 and set an “overweight” rating on the stock in a research report on Thursday, September 19th. Cantor Fitzgerald reduced their target price on shares of Progyny from $37.00 to $25.00 and set an “overweight” rating on the stock in a research report on Thursday, September 19th. BTIG Research lowered shares of Progyny from a “buy” rating to a “neutral” rating in a research report on Wednesday, August 7th. Canaccord Genuity Group reduced their target price on shares of Progyny from $24.00 to $18.00 and set a “hold” rating on the stock in a research report on Friday, September 20th. Finally, Leerink Partnrs downgraded shares of Progyny from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 7th. Seven equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $27.73.

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.