Seven Eight Capital LP Acquires Shares of 8,823 Progyny, Inc. (NASDAQ:PGNY)

Seven Eight Capital LP bought a new position in shares of Progyny, Inc. (NASDAQ:PGNY) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 8,823 shares of the company’s stock, valued at approximately $252,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Nordea Investment Management AB raised its position in Progyny by 122.2% in the 1st quarter. Nordea Investment Management AB now owns 126,446 shares of the company’s stock valued at $4,891,000 after purchasing an additional 69,552 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Progyny by 3.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 756,228 shares of the company’s stock valued at $21,636,000 after buying an additional 22,012 shares in the last quarter. Kestrel Investment Management Corp acquired a new stake in shares of Progyny during the second quarter valued at $5,005,000. Jennison Associates LLC boosted its stake in shares of Progyny by 2.7% during the 1st quarter. Jennison Associates LLC now owns 2,596,422 shares of the company’s stock worth $99,054,000 after purchasing an additional 67,632 shares during the last quarter. Finally, M&G Plc acquired a new stake in Progyny during the first quarter worth approximately $1,156,000. Institutional investors and hedge funds own 94.93% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Canaccord Genuity Group downgraded shares of Progyny from a “buy” rating to a “hold” rating and lowered their target price for the company from $37.00 to $24.00 in a report on Wednesday, August 7th. Canaccord Genuity Group dropped their target price on Progyny from $24.00 to $18.00 and set a “hold” rating on the stock in a report on Friday. JPMorgan Chase & Co. cut their price objective on shares of Progyny from $31.00 to $22.00 and set an “overweight” rating on the stock in a report on Thursday, September 19th. JMP Securities lowered Progyny from an “outperform” rating to a “market perform” rating in a research report on Thursday, September 19th. Finally, BTIG Research cut shares of Progyny from a “buy” rating to a “neutral” rating in a research report on Wednesday, August 7th. Seven research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, Progyny presently has an average rating of “Hold” and an average target price of $27.73.

Insider Buying and Selling

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

Progyny Price Performance

NASDAQ PGNY opened at $17.19 on Tuesday. Progyny, Inc. has a 52-week low of $13.93 and a 52-week high of $42.08. The firm has a market capitalization of $1.64 billion, a price-to-earnings ratio of 28.18, a P/E/G ratio of 1.97 and a beta of 1.45. The company’s fifty day moving average is $23.85 and its two-hundred day moving average is $28.45.

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