Royal Bank of Canada Has $3.71 Million Position in Progyny, Inc. $PGNY

Royal Bank of Canada lifted its stake in Progyny, Inc. (NASDAQ:PGNY) by 98.0% in the 1st quarter, Holdings Channel reports. The institutional investor owned 218,434 shares of the company’s stock after acquiring an additional 108,137 shares during the period. Royal Bank of Canada’s holdings in Progyny were worth $3,709,000 as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. Easterly Investment Partners LLC increased its stake in Progyny by 197.4% during the fourth quarter. Easterly Investment Partners LLC now owns 146,013 shares of the company’s stock valued at $3,750,000 after acquiring an additional 96,912 shares during the period. First Eagle Investment Management LLC lifted its position in shares of Progyny by 40.2% in the 4th quarter. First Eagle Investment Management LLC now owns 212,612 shares of the company’s stock worth $5,460,000 after acquiring an additional 60,912 shares during the period. Simcoe Capital LLC bought a new stake in shares of Progyny in the 4th quarter worth approximately $3,902,000. CenterBook Partners LP grew its holdings in shares of Progyny by 36.2% during the 4th quarter. CenterBook Partners LP now owns 578,171 shares of the company’s stock worth $14,847,000 after purchasing an additional 153,778 shares in the last quarter. Finally, Louisiana State Employees Retirement System acquired a new stake in shares of Progyny during the 1st quarter worth approximately $604,000. 94.93% of the stock is owned by institutional investors and hedge funds.

Progyny Price Performance

Shares of PGNY stock opened at $26.28 on Friday. The stock’s fifty day simple moving average is $29.16 and its 200 day simple moving average is $23.47. Progyny, Inc. has a one year low of $16.10 and a one year high of $33.06. The firm has a market cap of $2.02 billion, a price-to-earnings ratio of 28.57, a P/E/G ratio of 1.88 and a beta of 1.01.

Progyny announced that its Board of Directors has authorized a stock buyback program on Tuesday, May 26th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 10.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on PGNY. Weiss Ratings upgraded Progyny from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday. Citizens Jmp lifted their price target on shares of Progyny from $30.00 to $31.00 and gave the stock a “market outperform” rating in a research note on Monday, May 11th. Zacks Research raised shares of Progyny from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 8th. Canaccord Genuity Group set a $35.00 price objective on shares of Progyny in a research note on Friday, August 7th. Finally, BTIG Research raised their price objective on shares of Progyny from $30.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $34.10.

Insider Activity

In other news, CFO Mark S. Livingston sold 8,275 shares of the company’s stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $25.50, for a total value of $211,012.50. Following the sale, the chief financial officer owned 79,063 shares of the company’s stock, valued at approximately $2,016,106.50. This represents a 9.47% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Geoffrey Clapp sold 1,530 shares of the company’s stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $25.58, for a total transaction of $39,137.40. Following the completion of the sale, the insider directly owned 59,117 shares in the company, valued at approximately $1,512,212.86. The trade was a 2.52% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 36,916 shares of company stock valued at $939,875. 9.90% of the stock is owned by company insiders.

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.