Progyny Inc. (NASDAQ: PGNY) Volatility Spurs A Quest For Clarity


    Macquarie Investment Management B… recently announced the acquisition of new stake in Progyny Inc. (NASDAQ:PGNY). The institutional investor has increased its shareholding in the Healthcare company by 57.10% to 2.9 million shares with purchase of 1.05 million shares. This fresh investment now brings its stake to 3.40% valued currently at $72.27 million. In addition, Fred Alger Management LLC raised its holdings by 1.45 million to 2.01 million shares. And ClearBridge Investments LLC has lifted its position by 12.54% or 0.18 million shares – to 1.62 million shares.

    With over 0.84 million Progyny Inc. (PGNY) shares trading Monday and a closing price of $25.31 on the day, the dollar volume was approximately $21.34 million. The shares have shown a negative weekly performance of -5.74% and its price on 07/13/20 lost nearly -5.59%. Currently, there are 84.54M common shares owned by the public and among those 48.27M shares have been available to trade.

    An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 6 analysts who have offered their price forecasts for PGNY have a consensus price objective of $30.17. The analysts have set the share’s price value over the next 12 months at a high of $35.00 and a low of $26.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Progyny Inc. stock is 1.70 for the next 12 months. The average price target is 16.19% above its last price level and an upside to the estimated low will see the stock gain 2.65% over that period. But an upside of 27.69% will see the stock hit the forecast high price target while mean target price for the stock is $30.00.

    Insiders at the company have transacted a total of 238 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 39 of these insider trades were purchases, accounting for 67,654,762 shares. Insider sales of the common stock occurred on 199 occasions, with total insider shares sold totaling 8,734,626 shares.

    The top 3 mutual fund holders in Progyny Inc. are Delaware Smid Cap Growth Fund, ClearBridge Small Cap Growth Fund, and Alger Funds – Weatherbie Speciali. Delaware Smid Cap Growth Fund owns 2.72 million shares of the company’s stock, all valued at over $67.96 million. The company bought an additional 1.04 million shares recently to bring their total holdings to about 3.20% of the shares outstanding. ClearBridge Small Cap Growth Fund bought 0.14 million shares to see its total holdings expand to 1.44 million shares valued at over $35.89 million and representing 1.69% of the shares outstanding. Alger Funds – Weatherbie Speciali bought 0.46 million shares to bring its total holdings to over 0.65 million shares at a value of $16.25 million. Alger Funds – Weatherbie Speciali now owns shares totaling to 0.76% of the shares outstanding.

    Shares of Progyny Inc. (NASDAQ: PGNY) opened at $27.12, up $0.31 from a prior closing price of $26.81. However, the script later closed the day at $25.31, down -5.59%. The company’s stock has a 5-day price change of -5.74% and 32.72% over the past three months. It has a 12-month low price of $13.29 and touched a high of $36.50 over the same period. Currently, 0.84 million shares have been traded, compared to an average intraday trading volume of 909.78K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 1.57%, 3.63%, and 1.52% respectively.

    Institutional ownership of Progyny Inc. (NASDAQ: PGNY) shares accounts for 66.20% of the company’s 84.54M shares outstanding. Mutual fund holders own 37.01%, while other institutional holders and individual stakeholders account for 4.78% and 10.69% respectively.

    It has a market capitalization of $2.10B. The earnings-per-share (ttm) stands at -$0.06. Price movements for the stock have been influenced by the stock’s volatility, which stands at 6.24% over the week and 6.31% over the month.

    Analysts forecast that Progyny Inc. (PGNY) will achieve an EPS of -$0.03 for the current quarter, $0.05 for the next quarter and $0.49 for 2021. The lowest estimate earnings-per-share for the quarter is -$0.05 while analysts give the company a high EPS estimate of -$0.01. Earnings per share for the fiscal year are expected to increase by 24.30%, and 208.18% over the next financial year.

    If you are looking to buy this stock, then you may note that the average analyst recommendation by 6 brokerage firm advisors rate Progyny Inc. (PGNY) as a “Strong Buy” at a consensus score of 1.70. Specifically, 5 Wall Street analysts polled rate the stock as a buy, while 1 of the 6 advise that investors “hold,” and 0 rated it as a “Sell.”

    Looking at the support for the PGNY, a number of firms have released research notes about the stock. SVB Leerink stated their Outperform rating for the stock in a research note on July 01, 2020, with the firm’s price target at $35. Guggenheim coverage for the Progyny Inc. (PGNY) stock in a research note released on June 02, 2020 offered a Buy rating with a price target of $30. SVB Leerink was of a view on November 19, 2019 that the stock is Outperform, while Piper Jaffray gave the stock Overweight rating on November 19, 2019, issuing a price target of $33. JP Morgan on their part issued Overweight rating on November 19, 2019.


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