Squarepoint Ops LLC Makes New Investment in Progyny, Inc. (NASDAQ:PGNY)

Squarepoint Ops LLC purchased a new stake in shares of Progyny, Inc. (NASDAQ:PGNY - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 75,562 shares of the company's stock, valued at approximately $2,162,000. Squarepoint Ops LLC owned about 0.08% of Progyny at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Caprock Group LLC raised its stake in Progyny by 5.3% during the 1st quarter. Caprock Group LLC now owns 6,288 shares of the company's stock valued at $240,000 after acquiring an additional 319 shares in the last quarter. RiverPark Advisors LLC grew its position in Progyny by 9.6% in the 2nd quarter. RiverPark Advisors LLC now owns 5,408 shares of the company's stock valued at $155,000 after buying an additional 474 shares in the last quarter. State of Michigan Retirement System increased its stake in Progyny by 2.5% during the 1st quarter. State of Michigan Retirement System now owns 20,479 shares of the company's stock valued at $781,000 after buying an additional 500 shares during the period. Allspring Global Investments Holdings LLC raised its position in shares of Progyny by 9.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 6,260 shares of the company's stock worth $239,000 after buying an additional 543 shares in the last quarter. Finally, Arizona State Retirement System raised its position in shares of Progyny by 2.6% during the 2nd quarter. Arizona State Retirement System now owns 24,313 shares of the company's stock worth $696,000 after buying an additional 609 shares in the last quarter. 94.93% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. JMP Securities lowered Progyny from an "outperform" rating to a "market perform" rating in a report on Thursday, September 19th. Canaccord Genuity Group cut shares of Progyny from a "buy" rating to a "hold" rating and reduced their target price for the stock from $37.00 to $24.00 in a report on Wednesday, August 7th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $25.00 price objective on shares of Progyny in a research note on Tuesday. Leerink Partnrs cut shares of Progyny from a "strong-buy" rating to a "hold" rating in a report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Progyny from $31.00 to $22.00 and set an "overweight" rating for the company in a research note on Thursday, September 19th. Seven investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $27.73.

Progyny Price Performance

PGNY stock traded up $0.48 during trading hours on Friday, reaching $16.30. The stock had a trading volume of 1,942,365 shares, compared to its average volume of 1,337,624. The stock has a market capitalization of $1.47 billion, a PE ratio of 26.38, a price-to-earnings-growth ratio of 1.58 and a beta of 1.45. The stock has a 50-day simple moving average of $21.94 and a 200 day simple moving average of $27.49. Progyny, Inc. has a fifty-two week low of $13.93 and a fifty-two week high of $42.08.

Progyny (NASDAQ:PGNY - Get Free Report) last posted its earnings results on Tuesday, August 6th. The company reported $0.17 earnings per share for the quarter, hitting analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $305.32 million. During the same period in the previous year, the firm earned $0.15 EPS. The firm's revenue was up 8.8% compared to the same quarter last year. On average, sell-side analysts forecast that Progyny, Inc. will post 0.64 EPS for the current fiscal year.

Insider Buying and Selling at Progyny

In other Progyny news, President Michael E. Sturmer sold 9,030 shares of the company's stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $30.00, for a total value of $270,900.00. Following the completion of the transaction, the president now owns 362,583 shares of the company's stock, valued at $10,877,490. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 12.30% of the company's stock.

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.