Estabrook Capital Management Grows Position in Progyny, Inc. (NASDAQ:PGNY)

Estabrook Capital Management raised its stake in shares of Progyny, Inc. (NASDAQ:PGNY) by 113.3% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 29,339 shares of the company’s stock after purchasing an additional 15,585 shares during the period. Estabrook Capital Management’s holdings in Progyny were worth $839,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Pacer Advisors Inc. grew its stake in shares of Progyny by 9.8% during the 2nd quarter. Pacer Advisors Inc. now owns 19,659 shares of the company’s stock valued at $562,000 after acquiring an additional 1,755 shares during the period. Intech Investment Management LLC purchased a new position in Progyny during the second quarter valued at approximately $315,000. Seven Eight Capital LP bought a new position in shares of Progyny in the second quarter worth approximately $252,000. Hsbc Holdings PLC increased its stake in shares of Progyny by 703.9% in the second quarter. Hsbc Holdings PLC now owns 46,475 shares of the company’s stock worth $1,328,000 after purchasing an additional 40,694 shares in the last quarter. Finally, Edgestream Partners L.P. bought a new stake in shares of Progyny during the 2nd quarter valued at $1,145,000. Hedge funds and other institutional investors own 94.93% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on PGNY shares. Truist Financial dropped their target price on shares of Progyny from $33.00 to $26.00 and set a “buy” rating for the company in a report on Thursday. BTIG Research downgraded Progyny from a “buy” rating to a “neutral” rating in a research report on Wednesday, August 7th. Jefferies Financial Group cut their target price on Progyny from $31.00 to $24.00 and set a “buy” rating for the company in a research report on Thursday. JMP Securities cut Progyny from an “outperform” rating to a “market perform” rating in a report on Thursday. Finally, Leerink Partners cut their price objective on shares of Progyny from $25.00 to $21.00 and set a “market perform” rating for the company in a report on Thursday. Seven research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, Progyny presently has a consensus rating of “Hold” and a consensus price target of $27.73.

Progyny Price Performance

NASDAQ PGNY opened at $16.62 on Friday. Progyny, Inc. has a 1-year low of $13.93 and a 1-year high of $42.08. The business has a 50 day simple moving average of $24.08 and a two-hundred day simple moving average of $28.61. The stock has a market capitalization of $1.50 billion, a PE ratio of 27.25, a P/E/G ratio of 1.97 and a beta of 1.45.

Progyny (NASDAQ:PGNY) last posted its 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 net margin of 5.54% and a return on equity of 11.97%. The firm had revenue of $304.09 million during the quarter, compared to analyst estimates of $305.32 million. During the same period last year, the firm posted $0.15 earnings per share. Progyny’s revenue for the quarter was up 8.8% compared to the same quarter last year. On average, analysts anticipate that Progyny, Inc. will post 0.64 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Cheryl Scott sold 1,462 shares of the company’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 sale, the director now directly 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 can be accessed through this link. In related news, President Michael E. Sturmer sold 9,030 shares of the firm’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 $10,877,490. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Cheryl Scott sold 1,462 shares of the business’s stock in a transaction on Friday, June 28th. The shares were sold at an average price of $28.39, for a total transaction 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. Corporate insiders own 12.30% of the company’s stock.

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.