Needham & Company LLC Reaffirms Buy Rating for Phreesia (NYSE:PHR)

Needham & Company LLC reaffirmed their buy rating on shares of Phreesia (NYSE:PHR) in a research report sent to investors on Thursday morning, Benzinga reports. They currently have a $40.00 price objective on the stock.

A number of other equities analysts have also commented on PHR. Royal Bank of Canada dropped their price objective on Phreesia from $33.00 to $29.00 and set a sector perform rating on the stock in a research note on Thursday. KeyCorp dropped their price objective on Phreesia from $45.00 to $40.00 in a research note on Thursday, May 25th. Canaccord Genuity Group reiterated a buy rating and issued a $46.00 price objective on shares of Phreesia in a research note on Friday, September 1st. Robert W. Baird lowered their price target on Phreesia from $40.00 to $39.00 in a research note on Thursday. Finally, Citigroup lowered their price target on Phreesia from $40.00 to $37.00 and set a buy rating on the stock in a research note on Thursday. Two analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, Phreesia currently has an average rating of Moderate Buy and an average target price of $38.00.

Phreesia Stock Performance

Shares of Phreesia stock opened at $21.90 on Thursday. The stock has a market cap of $1.18 billion, a PE ratio of -7.66 and a beta of 0.63. Phreesia has a 12 month low of $21.08 and a 12 month high of $40.00. The company has a quick ratio of 2.89, a current ratio of 2.89 and a debt-to-equity ratio of 0.03. The business has a fifty day simple moving average of $29.35 and a 200-day simple moving average of $31.18.

Phreesia (NYSE:PHR) last announced its quarterly earnings results 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. Phreesia had a negative return on equity of 52.47% and a negative net margin of 47.75%. The company had revenue of $85.80 million during the quarter, compared to analysts’ expectations of $85.26 million. During the same quarter in the previous year, the firm earned ($0.89) earnings per share. The business’s quarterly revenue was up 26.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Phreesia will post -2.69 EPS for the current fiscal year.

Insider Buying and Selling at Phreesia

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of PHR. Envestnet Asset Management Inc. lifted its holdings in Phreesia by 11.7% during the 1st quarter. Envestnet Asset Management Inc. now owns 9,692 shares of the company’s stock worth $255,000 after buying an additional 1,015 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in Phreesia by 160.9% during the 1st quarter. JPMorgan Chase & Co. now owns 85,546 shares of the company’s stock worth $2,254,000 after buying an additional 52,755 shares in the last quarter. Raymond James Financial Services Advisors Inc. lifted its holdings in Phreesia by 20.7% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 8,427 shares of the company’s stock worth $222,000 after buying an additional 1,447 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in Phreesia by 0.9% during the 1st quarter. Bank of New York Mellon Corp now owns 219,598 shares of the company’s stock worth $5,788,000 after buying an additional 2,047 shares in the last quarter. Finally, PNC Financial Services Group Inc. lifted its holdings in Phreesia by 27.6% during the 1st quarter. PNC Financial Services Group Inc. now owns 16,059 shares of the company’s stock worth $424,000 after buying an additional 3,473 shares in the last quarter. 94.37% of the stock is owned by institutional investors and hedge funds.

About Phreesia

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.