Fred Alger Management LLC Sells 282,190 Shares of Progyny, Inc. (NASDAQ:PGNY)

Fred Alger Management LLC lessened its holdings in Progyny, Inc. (NASDAQ:PGNY) by 12.6% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,953,164 shares of the company’s stock after selling 282,190 shares during the period. Fred Alger Management LLC’s holdings in Progyny were worth $32,735,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. Quarry LP increased its stake in Progyny by 1,900.0% in the 2nd quarter. Quarry LP now owns 880 shares of the company’s stock worth $25,000 after acquiring an additional 836 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Progyny during the second quarter worth about $44,000. Cambridge Trust Co. bought a new position in shares of Progyny in the first quarter worth approximately $95,000. Mendota Financial Group LLC bought a new position in shares of Progyny in the third quarter worth approximately $56,000. Finally, 1620 Investment Advisors Inc. purchased a new stake in Progyny in the second quarter valued at approximately $97,000. Institutional investors own 94.93% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Jefferies Financial Group cut their price target on shares of Progyny from $31.00 to $24.00 and set a “buy” rating for the company in a research note on Thursday, September 19th. Bank of America cut their target price on shares of Progyny from $22.00 to $21.00 and set a “buy” rating for the company in a research report on Wednesday, November 13th. BTIG Research downgraded Progyny from a “buy” rating to a “neutral” rating in a research report on Wednesday, August 7th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $25.00 price objective on shares of Progyny in a report on Tuesday, October 1st. Finally, Canaccord Genuity Group lowered Progyny from a “buy” rating to a “hold” rating and reduced their price objective for the company from $37.00 to $24.00 in a research report on Wednesday, August 7th. Eight research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $25.42.

Progyny Stock Performance

Shares of Progyny stock opened at $15.57 on Friday. The company’s 50 day moving average price is $15.84 and its 200-day moving average price is $22.31. Progyny, Inc. has a 52-week low of $13.39 and a 52-week high of $42.08. The stock has a market capitalization of $1.33 billion, a price-to-earnings ratio of 26.85, a P/E/G ratio of 1.79 and a beta of 1.44.

Progyny (NASDAQ:PGNY) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $0.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.26). The firm had revenue of $286.63 million during the quarter, compared to the consensus estimate of $296.85 million. Progyny had a return on equity of 11.36% and a net margin of 5.03%. Progyny’s revenue was up 2.0% on a year-over-year basis. During the same period last year, the business earned $0.16 EPS. As a group, equities research analysts forecast that Progyny, Inc. will post 0.58 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.