First Sabrepoint Capital Management LP Invests $9.66 Million in Progyny, Inc. (NASDAQ:PGNY)

First Sabrepoint Capital Management LP bought a new position in shares of Progyny, Inc. (NASDAQ:PGNY) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 560,000 shares of the company’s stock, valued at approximately $9,660,000. Progyny makes up about 2.6% of First Sabrepoint Capital Management LP’s portfolio, making the stock its 11th largest position. First Sabrepoint Capital Management LP owned approximately 0.66% of Progyny at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. D. E. Shaw & Co. Inc. purchased a new position in Progyny in the 4th quarter worth $11,265,000. Deutsche Bank AG increased its stake in shares of Progyny by 533.2% in the fourth quarter. Deutsche Bank AG now owns 376,357 shares of the company’s stock worth $6,492,000 after purchasing an additional 316,918 shares in the last quarter. Corton Capital Inc. bought a new stake in Progyny in the 4th quarter worth approximately $264,000. Brevan Howard Capital Management LP purchased a new position in Progyny during the fourth quarter worth $904,000. Finally, Bastion Asset Management Inc. bought a new stake in Progyny during the 4th quarter valued at about $850,000. Institutional investors own 94.93% of the company’s stock.

Progyny Trading Down 0.1 %

PGNY opened at $23.40 on Friday. The stock has a fifty day simple moving average of $21.96 and a two-hundred day simple moving average of $19.47. Progyny, Inc. has a 12-month low of $13.39 and a 12-month high of $32.57. The company has a market cap of $2.00 billion, a price-to-earnings ratio of 40.34, a price-to-earnings-growth ratio of 2.39 and a beta of 1.37.

Progyny (NASDAQ:PGNY) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.28). Progyny had a net margin of 5.03% and a return on equity of 11.36%. During the same period in the prior year, the company earned $0.17 EPS. The company’s revenue was up 16.5% on a year-over-year basis. On average, analysts predict that Progyny, Inc. will post 0.6 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages have commented on PGNY. Bank of America lifted their price objective on shares of Progyny from $21.00 to $25.00 and gave the company a “buy” rating in a research note on Tuesday, February 11th. Canaccord Genuity Group lifted their price target on shares of Progyny from $17.00 to $23.00 and gave the stock a “hold” rating in a research note on Friday, February 28th. BTIG Research raised Progyny from a “neutral” rating to a “buy” rating and set a $28.00 price objective on the stock in a report on Monday, March 31st. Finally, JPMorgan Chase & Co. upped their price objective on shares of Progyny from $17.00 to $23.00 and gave the company a “neutral” rating in a research note on Tuesday, January 28th. Eight investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $23.64.

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.