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

Shares of Progyny, Inc. (NASDAQ:PGNY) gapped up prior to trading on Friday after an insider bought additional shares in the company. 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 changing hands.

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

Analyst Ratings Changes

A number of equities analysts have weighed in on PGNY shares. JPMorgan Chase & Co. reissued a “neutral” rating and set a $17.00 price objective (down previously from $22.00) on shares of Progyny in a research note on Monday, December 2nd. Jefferies Financial Group lowered their price target on shares of Progyny from $31.00 to $24.00 and set a “buy” rating on the stock in a research report on Thursday, September 19th. JMP Securities cut shares of Progyny from an “outperform” rating to a “market perform” rating in a research report on Thursday, September 19th. Barclays decreased their target price on shares of Progyny from $30.00 to $17.00 and set an “overweight” rating on the stock in a report on Thursday, November 14th. Finally, Truist Financial reissued a “hold” rating and issued a $19.00 price target (down previously from $26.00) on shares of Progyny in a research note on Wednesday, November 13th. Nine equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $25.00.

Progyny Trading Up 14.9 %

The stock has a market cap of $1.44 billion, a price-to-earnings ratio of 29.14, a P/E/G ratio of 1.64 and a beta of 1.35. The company’s fifty day moving average is $15.23 and its two-hundred day moving average is $20.51.

Progyny (NASDAQ:PGNY) last issued its quarterly earnings data on Tuesday, November 12th. The company reported $0.11 earnings per share for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.26). The firm had revenue of $286.63 million during the quarter, compared to analyst estimates of $296.85 million. Progyny had a net margin of 5.03% and a return on equity of 11.36%. The company’s quarterly revenue was up 2.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.16 earnings per share. Analysts predict that Progyny, Inc. will post 0.59 EPS for the current year.

Institutional Trading of Progyny

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Franklin Resources Inc. grew its holdings in shares of Progyny by 17.0% in the third quarter. Franklin Resources Inc. now owns 48,248 shares of the company’s stock valued at $759,000 after purchasing an additional 7,003 shares in the last quarter. Tidal Investments LLC grew its stake in shares of Progyny by 67.7% in the third quarter. Tidal Investments LLC now owns 60,722 shares of the company’s stock worth $1,018,000 after acquiring an additional 24,507 shares in the last quarter. Disciplined Growth Investors Inc. MN grew its stake in shares of Progyny by 56.5% in the third quarter. Disciplined Growth Investors Inc. MN now owns 826,726 shares of the company’s stock worth $13,856,000 after acquiring an additional 298,314 shares in the last quarter. Barclays PLC raised its stake in shares of Progyny by 530.4% in the third quarter. Barclays PLC now owns 706,157 shares of the company’s stock valued at $11,835,000 after acquiring an additional 594,140 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd acquired a new stake in shares of Progyny in the third quarter valued at $469,000. 94.93% of the stock is currently owned by hedge funds and other institutional investors.

About Progyny

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.