Phreesia (NYSE:PHR) Stock Price Down 4.8% After Analyst Downgrade

Shares of Phreesia, Inc. (NYSE:PHRGet Free Report) fell 4.8% during mid-day trading on Wednesday after Piper Sandler lowered their price target on the stock from $43.00 to $40.00. Piper Sandler currently has an overweight rating on the stock. Phreesia traded as low as $20.23 and last traded at $20.25. 124,445 shares traded hands during trading, a decline of 70% from the average session volume of 413,856 shares. The stock had previously closed at $21.27.

Several other brokerages have also recently weighed in on PHR. Canaccord Genuity Group dropped their price target on shares of Phreesia from $46.00 to $43.00 and set a “buy” rating on the stock in a research report on Thursday, September 7th. KeyCorp decreased their price objective on shares of Phreesia from $45.00 to $40.00 in a research note on Thursday, May 25th. Raymond James decreased their price objective on shares of Phreesia from $40.00 to $30.00 and set an “outperform” rating for the company in a research note on Monday. Robert W. Baird decreased their price objective on shares of Phreesia from $40.00 to $39.00 in a research note on Thursday, September 7th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $40.00 price objective on shares of Phreesia in a research note on Thursday, September 7th. Two equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $37.15.

Get Our Latest Stock Analysis on Phreesia

Insider Activity at Phreesia

In related news, SVP Michael J. Davidoff sold 1,075 shares of Phreesia stock in a transaction that occurred on Friday, July 21st. The shares were sold at an average price of $31.75, for a total value of $34,131.25. Following the completion of the transaction, the senior vice president now directly owns 93,576 shares in the company, valued at approximately $2,971,038. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 5.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Jennison Associates LLC boosted its position in Phreesia by 86.7% during the second quarter. Jennison Associates LLC now owns 2,571,842 shares of the company’s stock valued at $79,753,000 after buying an additional 1,194,479 shares during the period. Granahan Investment Management LLC raised its stake in shares of Phreesia by 108.2% during the first quarter. Granahan Investment Management LLC now owns 1,487,265 shares of the company’s stock valued at $48,024,000 after acquiring an additional 772,923 shares during the last quarter. Thrivent Financial for Lutherans bought a new position in shares of Phreesia during the second quarter valued at about $13,668,000. BlackRock Inc. raised its stake in shares of Phreesia by 5.8% during the first quarter. BlackRock Inc. now owns 6,359,641 shares of the company’s stock valued at $167,640,000 after acquiring an additional 349,301 shares during the last quarter. Finally, Lazard Asset Management LLC raised its stake in Phreesia by 102.5% in the first quarter. Lazard Asset Management LLC now owns 654,294 shares of the company’s stock worth $17,247,000 after buying an additional 331,209 shares in the last quarter. 94.37% of the stock is currently owned by hedge funds and other institutional investors.

Phreesia Trading Down 5.1 %

The company has a market capitalization of $1.08 billion, a P/E ratio of -7.06 and a beta of 0.63. The stock’s 50 day moving average is $29.00 and its 200-day moving average is $30.98. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.89 and a quick ratio of 2.89.

Phreesia (NYSE:PHRGet Free Report) last announced its quarterly earnings data on Wednesday, September 6th. The company reported ($0.68) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.71) by $0.03. The business had revenue of $85.80 million for the quarter, compared to analysts’ expectations of $85.26 million. Phreesia had a negative net margin of 47.75% and a negative return on equity of 52.47%. The business’s revenue was up 26.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.89) earnings per share. As a group, equities research analysts anticipate that Phreesia, Inc. will post -2.69 earnings per share for the current year.

About Phreesia

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Phreesia, Inc provides an integrated SaaS-based software and payment platform for the healthcare industry in the United States and Canada. Its Phreesia Platform offers access solutions that offers appointment scheduling system for online appointments, reminders, and referral tracking; registration solution to automate patient self-registration; revenue cycle solution, which offer insurance-verification processes, point-of-sale payments applications, post-visit payment collection, and flexible payment options; and network connect solution to deliver clinically relevant content to patients.

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