Canaccord Genuity Group Issues Pessimistic Forecast for Phreesia (NYSE:PHR) Stock Price

Phreesia (NYSE:PHR) had its price target dropped by equities researchers at Canaccord Genuity Group from $35.00 to $34.00 in a research report issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective would suggest a potential upside of 38.49% from the company’s current price.

A number of other brokerages have also weighed in on PHR. KeyCorp decreased their price objective on shares of Phreesia from $30.00 to $28.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. Needham & Company LLC restated a “buy” rating and issued a $29.00 price objective on shares of Phreesia in a report on Thursday, March 13th. Wall Street Zen lowered shares of Phreesia from a “buy” rating to a “hold” rating in a report on Saturday, May 24th. Piper Sandler restated an “overweight” rating and issued a $33.00 price objective (up from $31.00) on shares of Phreesia in a report on Wednesday, January 29th. Finally, Citigroup restated a “buy” rating on shares of Phreesia in a report on Wednesday. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $31.33.

Phreesia Price Performance

PHR stock opened at $24.55 on Thursday. The firm has a 50 day moving average price of $24.80 and a 200-day moving average price of $25.26. Phreesia has a 52-week low of $17.07 and a 52-week high of $30.53. The firm has a market capitalization of $1.46 billion, a price-to-earnings ratio of -16.70 and a beta of 0.74. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.74 and a current ratio of 1.74.

Phreesia (NYSE:PHR) last announced its quarterly earnings data on Wednesday, May 28th. The company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.06. Phreesia had a negative net margin of 20.43% and a negative return on equity of 32.78%. The company had revenue of $115.94 million during the quarter, compared to analyst estimates of $115.00 million. During the same period in the previous year, the business earned ($0.05) EPS. The firm’s revenue for the quarter was up 14.5% on a year-over-year basis. Equities research analysts forecast that Phreesia will post -1.1 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, General Counsel Allison C. Hoffman sold 1,213 shares of the business’s stock in a transaction on Wednesday, April 16th. The shares were sold at an average price of $23.81, for a total transaction of $28,881.53. Following the completion of the sale, the general counsel now owns 137,921 shares of the company’s stock, valued at $3,283,899.01. The trade was a 0.87% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Balaji Gandhi sold 1,827 shares of the business’s stock in a transaction on Wednesday, March 26th. The shares were sold at an average price of $27.46, for a total transaction of $50,169.42. Following the sale, the chief financial officer now directly owns 103,591 shares of the company’s stock, valued at approximately $2,844,608.86. The trade was a 1.73% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 42,474 shares of company stock valued at $1,023,208. Company insiders own 5.50% of the company’s stock.

Institutional Investors Weigh In On Phreesia

A number of hedge funds have recently modified their holdings of PHR. Barclays PLC grew its position in shares of Phreesia by 83.6% during the 3rd quarter. Barclays PLC now owns 94,929 shares of the company’s stock valued at $2,163,000 after acquiring an additional 43,225 shares during the period. R Squared Ltd bought a new position in Phreesia in the 4th quarter worth $30,000. Rhumbline Advisers boosted its holdings in Phreesia by 7.4% in the 4th quarter. Rhumbline Advisers now owns 83,631 shares of the company’s stock worth $2,104,000 after buying an additional 5,756 shares during the period. Venturi Wealth Management LLC bought a new position in Phreesia in the 4th quarter worth $76,000. Finally, Peregrine Capital Management LLC boosted its holdings in Phreesia by 0.8% in the 4th quarter. Peregrine Capital Management LLC now owns 319,327 shares of the company’s stock worth $8,034,000 after buying an additional 2,531 shares during the period. Institutional investors own 92.10% of the company’s stock.

About Phreesia

Phreesia, Inc provides an integrated SaaS-based software and payment platform for the healthcare industry in the United States and Canada. The company offers access solutions that offers appointment scheduling system for online appointments, reminders, and referral tracking management; 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.