Kestrel Investment Management Corp Buys Shares of 174,950 Progyny, Inc. (NASDAQ:PGNY)

Kestrel Investment Management Corp acquired a new stake in Progyny, Inc. (NASDAQ:PGNY) in the second quarter, according to its most recent filing with the SEC. The fund acquired 174,950 shares of the company’s stock, valued at approximately $5,005,000. Progyny makes up 3.3% of Kestrel Investment Management Corp’s holdings, making the stock its 10th largest holding. Kestrel Investment Management Corp owned approximately 0.18% of Progyny as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Nordea Investment Management AB grew its position in Progyny by 122.2% in the first quarter. Nordea Investment Management AB now owns 126,446 shares of the company’s stock worth $4,891,000 after acquiring an additional 69,552 shares in the last quarter. Vitruvian Partners LLP purchased a new stake in Progyny in the fourth quarter worth about $2,957,000. Bank of New York Mellon Corp grew its stake in shares of Progyny by 3.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 756,228 shares of the company’s stock worth $21,636,000 after buying an additional 22,012 shares during the last quarter. Jennison Associates LLC increased its holdings in shares of Progyny by 2.7% during the first quarter. Jennison Associates LLC now owns 2,596,422 shares of the company’s stock valued at $99,054,000 after acquiring an additional 67,632 shares in the last quarter. Finally, M&G Plc bought a new stake in Progyny during the 1st quarter valued at about $1,156,000. 94.93% of the stock is currently owned by institutional investors.

Progyny Price Performance

Shares of Progyny stock opened at $24.15 on Monday. The stock has a market capitalization of $2.30 billion, a price-to-earnings ratio of 39.59, a PEG ratio of 1.86 and a beta of 1.45. Progyny, Inc. has a 12 month low of $19.60 and a 12 month high of $42.08. The firm’s fifty day simple moving average is $24.77 and its 200-day simple moving average is $29.06.

Progyny (NASDAQ:PGNY) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.17 EPS for the quarter, meeting the consensus estimate 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 during the quarter, compared to analysts’ expectations of $305.32 million. During the same period last year, the firm earned $0.15 EPS. The company’s quarterly revenue was up 8.8% compared to the same quarter last year. Analysts anticipate that Progyny, Inc. will post 0.64 earnings per share for the current year.

Insider Buying and Selling

In other Progyny news, President Michael E. Sturmer sold 9,030 shares of Progyny stock in a transaction that occurred on Tuesday, July 16th. The shares were 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 of the company’s stock, valued at approximately $10,877,490. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Progyny news, President Michael E. Sturmer sold 9,030 shares of the business’s stock in a transaction dated 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 sale, the president now owns 362,583 shares of the company’s stock, valued at $10,877,490. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 $286,682.22. The disclosure for this sale can be found here. 12.30% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Leerink Partnrs lowered Progyny from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 7th. JMP Securities cut their price objective on Progyny from $36.00 to $31.00 and set a “market outperform” rating for the company in a research note on Wednesday, August 7th. Canaccord Genuity Group lowered Progyny from a “buy” rating to a “hold” rating and cut their price target for the stock from $37.00 to $24.00 in a research note on Wednesday, August 7th. JPMorgan Chase & Co. decreased their price target on shares of Progyny from $41.00 to $31.00 and set an “overweight” rating on the stock in a research note on Monday, August 19th. Finally, Canaccord Genuity Group reiterated a “hold” rating and issued a $24.00 price target (down previously from $37.00) on shares of Progyny in a research report on Wednesday, August 7th. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price 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.