Sei Investments Co. Lowers Stock Position in Progyny, Inc. $PGNY

Sei Investments Co. lessened its holdings in shares of Progyny, Inc. (NASDAQ:PGNY) by 46.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 80,493 shares of the company’s stock after selling 71,205 shares during the period. Sei Investments Co.’s holdings in Progyny were worth $1,367,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. State Street Corp increased its stake in shares of Progyny by 1.5% in the 4th quarter. State Street Corp now owns 2,953,186 shares of the company’s stock worth $75,838,000 after acquiring an additional 44,642 shares in the last quarter. Fort Washington Investment Advisors Inc. OH grew its holdings in Progyny by 46.9% in the first quarter. Fort Washington Investment Advisors Inc. OH now owns 2,693,393 shares of the company’s stock worth $45,734,000 after purchasing an additional 859,289 shares during the period. Wellington Management Group LLP grew its holdings in Progyny by 260.9% in the fourth quarter. Wellington Management Group LLP now owns 2,243,268 shares of the company’s stock worth $57,607,000 after purchasing an additional 1,621,688 shares during the period. Ameriprise Financial Inc. grew its holdings in Progyny by 37.6% in the second quarter. Ameriprise Financial Inc. now owns 1,996,957 shares of the company’s stock worth $43,933,000 after purchasing an additional 545,431 shares during the period. Finally, Geode Capital Management LLC increased its stake in shares of Progyny by 1.1% during the fourth quarter. Geode Capital Management LLC now owns 1,972,219 shares of the company’s stock valued at $50,655,000 after purchasing an additional 20,533 shares in the last quarter. 94.93% of the stock is owned by hedge funds and other institutional investors.

Progyny Stock Performance

Shares of NASDAQ PGNY opened at $26.57 on Wednesday. The firm’s 50 day moving average price is $29.14 and its 200-day moving average price is $23.45. The company has a market cap of $2.08 billion, a PE ratio of 28.88, a P/E/G ratio of 2.02 and a beta of 1.01. Progyny, Inc. has a 52-week low of $16.10 and a 52-week high of $33.06.

Progyny announced that its board has approved a stock repurchase plan on Tuesday, May 26th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 10.3% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity at Progyny

In other Progyny news, Director Kevin K. Gordon sold 5,500 shares of the stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $24.99, for a total transaction of $137,445.00. Following the sale, the director directly owned 9,318 shares in the company, valued at approximately $232,856.82. This trade represents a 37.12% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Cheryl Scott sold 7,439 shares of the stock in a transaction on Monday, June 1st. The shares were sold at an average price of $26.39, for a total value of $196,315.21. Following the sale, the director owned 19,772 shares in the company, valued at approximately $521,783.08. This represents a 27.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 36,916 shares of company stock valued at $939,875 over the last ninety days. Corporate insiders own 9.90% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. Barclays reiterated an “equal weight” rating and set a $34.00 target price (up from $27.00) on shares of Progyny in a report on Tuesday, July 28th. Zacks Research raised Progyny from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 8th. Wall Street Zen cut Progyny from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 25th. Leerink Partners set a $38.00 target price on Progyny in a report on Wednesday, July 22nd. Finally, Truist Financial increased their target price on Progyny from $30.00 to $33.00 and gave the stock a “buy” rating in a research note on Monday, June 22nd. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, Progyny presently has a consensus rating of “Moderate Buy” and an average price target of $34.20.

Progyny Profile

Progyny, Inc is a New York-based fertility benefits management company that partners with employers and health plans to design and administer comprehensive family-building programs. The company’s digital health platform integrates clinical expertise, patient support tools and data analytics to help members navigate fertility treatments, from in vitro fertilization (IVF) and egg freezing to surrogacy and adoption. By focusing on outcomes-based care, Progyny aims to improve success rates while controlling costs for its clients.

The core of Progyny’s offering is its proprietary Smart Cycle® benefit, which bundles clinical, emotional and logistical support into a single package.