Royal Bank of Canada Upgrades Phreesia (NYSE:PHR) to “Outperform”

Phreesia (NYSE:PHR) was upgraded by analysts at Royal Bank of Canada from a “sector perform” rating to an “outperform” rating in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a $32.00 price objective on the stock, up from their previous price objective of $24.00. Royal Bank of Canada’s target price points to a potential upside of 18.56% from the stock’s current price.

A number of other equities research analysts have also recently commented on the stock. Truist Financial increased their price objective on shares of Phreesia from $31.00 to $34.00 and gave the company a “buy” rating in a research note on Wednesday, December 11th. JMP Securities reiterated a “market outperform” rating and issued a $30.00 price target on shares of Phreesia in a research report on Tuesday, December 10th. Robert W. Baird cut their price objective on Phreesia from $34.00 to $30.00 and set an “outperform” rating for the company in a research report on Wednesday, December 11th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $29.00 target price on shares of Phreesia in a report on Tuesday, December 10th. Eleven equities research analysts have rated the stock with a buy rating, According to MarketBeat, Phreesia presently has an average rating of “Buy” and an average target price of $30.18.

Phreesia Price Performance

PHR stock opened at $26.99 on Wednesday. The firm has a 50 day moving average of $22.30 and a 200-day moving average of $22.49. The company has a market cap of $1.57 billion, a price-to-earnings ratio of -18.36 and a beta of 0.94. The company has a current ratio of 1.74, a quick ratio of 1.77 and a debt-to-equity ratio of 0.04. Phreesia has a 12-month low of $17.07 and a 12-month high of $29.16.

Phreesia (NYSE:PHR) last issued its quarterly earnings data on Monday, December 9th. The company reported ($0.25) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.29) by $0.04. The firm had revenue of $106.80 million during the quarter, compared to analysts’ expectations of $106.33 million. Phreesia had a negative return on equity of 32.78% and a negative net margin of 20.43%. Phreesia’s revenue was up 16.6% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.58) earnings per share. As a group, equities analysts expect that Phreesia will post -1.16 EPS for the current fiscal year.

Insider Transactions at Phreesia

In other Phreesia news, General Counsel Allison C. Hoffman sold 1,212 shares of the stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $21.03, for a total transaction of $25,488.36. Following the transaction, the general counsel now owns 119,791 shares of the company’s stock, valued at $2,519,204.73. This trade represents a 1.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Amy Beth Vanduyn sold 25,447 shares of the business’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $20.93, for a total transaction of $532,605.71. Following the sale, the senior vice president now directly owns 93,470 shares of the company’s stock, valued at $1,956,327.10. This represents a 21.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 90,342 shares of company stock worth $2,041,225 over the last quarter. 5.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Franklin Resources Inc. raised its holdings in shares of Phreesia by 3.0% in the 3rd quarter. Franklin Resources Inc. now owns 1,497,631 shares of the company’s stock worth $31,495,000 after purchasing an additional 42,973 shares during the period. Geode Capital Management LLC raised its holdings in Phreesia by 4.7% in the third quarter. Geode Capital Management LLC now owns 1,245,797 shares of the company’s stock valued at $28,397,000 after buying an additional 55,934 shares during the period. M&T Bank Corp raised its holdings in Phreesia by 4.6% in the third quarter. M&T Bank Corp now owns 35,127 shares of the company’s stock valued at $801,000 after buying an additional 1,535 shares during the period. Barclays PLC lifted its position in Phreesia by 83.6% during the third quarter. Barclays PLC now owns 94,929 shares of the company’s stock valued at $2,163,000 after buying an additional 43,225 shares in the last quarter. Finally, XTX Topco Ltd purchased a new stake in Phreesia during the third quarter worth approximately $247,000. Institutional investors and hedge funds 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.