Progyny (NASDAQ:PGNY) Shares Gap Up Following Insider Buying Activity

Progyny, Inc. (NASDAQ:PGNY) shares gapped up prior to trading on Friday following insider buying activity. The stock had previously closed at $14.71, but opened at $15.81. Progyny shares last traded at $16.60, with a volume of 686,384 shares traded.

Specifically, CEO Peter Anevski acquired 209,500 shares of the firm’s stock in a transaction that occurred on Monday, December 23rd. The stock was bought at an average price of $14.48 per share, for a total transaction of $3,033,560.00. Following the acquisition, the chief executive officer now directly owns 441,463 shares of the company’s stock, valued at $6,392,384.24. This represents a 90.32 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Chairman David J. Schlanger acquired 150,000 shares of the company’s stock in a transaction that occurred on Thursday, December 26th. The shares were bought at an average cost of $14.68 per share, for a total transaction of $2,202,000.00. Following the transaction, the chairman now owns 228,269 shares of the company’s stock, valued at $3,350,988.92. This represents a 191.65 % increase in their ownership of the stock. The disclosure for this purchase can be found here.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $17.00 price target (down previously from $22.00) on shares of Progyny in a research report on Monday, December 2nd. Cantor Fitzgerald reissued an “overweight” rating and issued a $25.00 price target on shares of Progyny in a report on Tuesday, October 1st. Truist Financial reaffirmed a “hold” rating and issued a $19.00 price objective (down previously from $26.00) on shares of Progyny in a report on Wednesday, November 13th. Barclays reduced their price objective on shares of Progyny from $30.00 to $17.00 and set an “overweight” rating for the company in a research report on Thursday, November 14th. Finally, Leerink Partners decreased their price target on shares of Progyny from $25.00 to $21.00 and set a “market perform” rating on the stock in a research note on Thursday, September 19th. Nine analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $25.00.

Progyny Price Performance

The firm has a market capitalization of $1.44 billion, a price-to-earnings ratio of 29.14, a PEG ratio of 1.64 and a beta of 1.35. The firm’s fifty day moving average is $15.23 and its 200 day moving average is $20.46.

Progyny (NASDAQ:PGNY) last posted its earnings results on Tuesday, November 12th. The company reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.26). Progyny had a return on equity of 11.36% and a net margin of 5.03%. The firm had revenue of $286.63 million during the quarter, compared to analyst estimates of $296.85 million. During the same quarter last year, the business posted $0.16 earnings per share. The company’s revenue for the quarter was up 2.0% on a year-over-year basis. Equities research analysts forecast that Progyny, Inc. will post 0.59 EPS for the current fiscal year.

Institutional Trading of Progyny

Several large investors have recently made changes to their positions in PGNY. Hsbc Holdings PLC lifted its holdings in Progyny by 703.9% during the second quarter. Hsbc Holdings PLC now owns 46,475 shares of the company’s stock worth $1,328,000 after buying an additional 40,694 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Progyny by 3.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 756,228 shares of the company’s stock worth $21,636,000 after purchasing an additional 22,012 shares during the last quarter. Kestrel Investment Management Corp acquired a new position in Progyny during the 2nd quarter valued at approximately $5,005,000. Farallon Capital Management LLC grew its stake in Progyny by 120.8% during the 2nd quarter. Farallon Capital Management LLC now owns 1,308,500 shares of the company’s stock worth $37,436,000 after buying an additional 715,900 shares during the last quarter. Finally, Kornitzer Capital Management Inc. KS increased its position in Progyny by 15.7% in the third quarter. Kornitzer Capital Management Inc. KS now owns 976,501 shares of the company’s stock worth $16,366,000 after buying an additional 132,672 shares during the period. Institutional investors and hedge funds own 94.93% of the company’s stock.

Progyny Company Profile

Progyny, Inc, a benefits management company, specializes in fertility and family building benefits solutions in the United States. Its fertility benefits solution includes differentiated benefits plan design, personalized concierge-style member support services, and selective network of fertility specialists.