Farallon Capital Management LLC Boosts Holdings in Progyny, Inc. (NASDAQ:PGNY)

Farallon Capital Management LLC lifted its stake in shares of Progyny, Inc. (NASDAQ:PGNY) by 120.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,308,500 shares of the company’s stock after acquiring an additional 715,900 shares during the period. Farallon Capital Management LLC owned 1.37% of Progyny worth $37,436,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. TFC Financial Management Inc. purchased a new position in Progyny during the first quarter worth approximately $42,000. Financial Management Professionals Inc. acquired a new stake in shares of Progyny in the first quarter worth $52,000. Cambridge Trust Co. purchased a new stake in Progyny during the 1st quarter worth $95,000. 1620 Investment Advisors Inc. acquired a new stake in Progyny in the 2nd quarter valued at $97,000. Finally, Natixis Investment Managers International purchased a new stake in shares of Progyny in the first quarter worth about $117,000. 94.93% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, President Michael E. Sturmer sold 9,030 shares of Progyny stock in a transaction that occurred 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 owns 362,583 shares of the company’s stock, valued at $10,877,490. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Progyny 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 transaction of $270,900.00. Following the completion of the transaction, the president now owns 362,583 shares in the company, valued at approximately $10,877,490. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Cheryl Scott sold 1,462 shares of Progyny 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 sale, the director now owns 10,098 shares in the company, valued at $286,682.22. The disclosure for this sale can be found here. 12.30% of the stock is owned by insiders.

Progyny Stock Up 3.4 %

Shares of NASDAQ PGNY opened at $17.19 on Tuesday. The firm’s 50-day moving average price is $23.85 and its two-hundred day moving average price is $28.45. Progyny, Inc. has a 52-week low of $13.93 and a 52-week high of $42.08. The stock has a market capitalization of $1.64 billion, a P/E ratio of 28.18, a P/E/G ratio of 1.97 and a beta of 1.45.

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

Analyst Upgrades and Downgrades

PGNY has been the topic of several analyst reports. Canaccord Genuity Group reduced their price target on Progyny from $24.00 to $18.00 and set a “hold” rating on the stock in a research report on Friday. BTIG Research cut shares of Progyny from a “buy” rating to a “neutral” rating in a research report on Wednesday, August 7th. Leerink Partners decreased their target price on shares of Progyny from $25.00 to $21.00 and set a “market perform” rating for the company in a research note on Thursday, September 19th. Truist Financial dropped their target price on Progyny from $33.00 to $26.00 and set a “buy” rating on the stock in a research report on Thursday, September 19th. Finally, Leerink Partnrs downgraded Progyny from a “strong-buy” rating to a “hold” rating in a 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. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target 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.