Champlain Investment Partners Cuts Phreesia Holdings by 7.5%

Champlain Investment Partners LLC has reduced its stake in Phreesia, Inc. (NYSE: PHR) by 7.5% during the second quarter of 2023. According to the firm’s recent disclosure with the Securities and Exchange Commission (SEC), Champlain now holds 2,724,553 shares of Phreesia after selling 221,936 shares in the period. The remaining shares are valued at approximately $77.5 million as of the latest reporting.

Other institutional investors have also made adjustments to their holdings in Phreesia. Diversified Trust Co increased its stake by 1.0%, acquiring an additional 426 shares to bring its total to 45,042 shares, valued at $1.3 million. PNC Financial Services Group Inc. lifted its position by 2.8%, owning now 19,983 shares worth $569,000 after purchasing an additional 540 shares.

Oppenheimer Asset Management Inc. increased its stake by 9.9%, owning 8,803 shares valued at $251,000. Similarly, the Bank of Montreal’s Canadian division expanded its holdings by 9.2%, now possessing 11,277 shares worth $321,000. Meanwhile, the Police and Firemen’s Retirement System of New Jersey grew its stake by 8.8%, now holding 12,847 shares valued at $366,000. Notably, institutional investors collectively own approximately 92.10% of Phreesia’s stock.

Phreesia’s Current Market Position

As of the latest trading session, Phreesia shares opened at $20.04. The company has a market capitalization of $1.2 billion, a debt-to-equity ratio of 0.02, and a PE ratio of -47.70. Over the past year, the stock has fluctuated between a low of $18.55 and a high of $32.76. The company has a 50-day moving average price of $22.77 and a 200-day moving average price of $25.64.

Recent insider trading activities indicate a cautious outlook from company executives. On September 16, 2023, insider David Linetsky sold 2,165 shares at an average price of $23.28, totaling $50,401.20. Post-transaction, Linetsky retains 174,952 shares valued at approximately $4.1 million. Similarly, on August 27, 2023, insider Evan Roberts sold 45,147 shares for a total of $1.45 million, resulting in a decrease of 5.84% in his ownership.

In total, insiders have sold 74,721 shares over the last three months, amounting to a value of $2.16 million. Notably, insiders currently own 5.50% of the company’s stock.

Analysts’ Perspectives on Phreesia

Wall Street analysts have expressed mixed sentiments regarding Phreesia’s future. Citigroup reissued an “outperform” rating on the stock on September 8, 2023. Meanwhile, Needham & Company LLC raised its price target from $29.00 to $35.00, maintaining a “buy” rating. BMO Capital Markets began coverage of Phreesia, issuing an “outperform” rating with a price target of $32.00.

Conversely, KeyCorp reduced its price objective from $35.00 to $32.00, while Weiss Ratings reaffirmed a “sell (e+)” rating. The consensus rating for Phreesia, according to data from MarketBeat.com, is “Moderate Buy,” with a consensus price target set at $33.71.

Phreesia, Inc. specializes in providing a comprehensive Software as a Service (SaaS) platform for the healthcare sector across the United States and Canada. Its services include appointment scheduling, patient self-registration, revenue cycle solutions, and delivering relevant clinical content to patients.

For those interested in further insights or to track the latest movements of hedge funds regarding Phreesia, resources such as HoldingsChannel.com provide comprehensive updates, including 13F filings and insider trading details.