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

Shares of Progyny, Inc. (NASDAQ:PGNY) 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 changing hands.

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

Analysts Set New Price Targets

Several analysts recently commented on PGNY shares. JMP Securities lowered Progyny from an “outperform” rating to a “market perform” rating in a report on Thursday, September 19th. Canaccord Genuity Group dropped their target price on Progyny from $18.00 to $17.00 and set a “hold” rating on the stock in a research report on Wednesday, November 13th. Jefferies Financial Group reduced their price target on shares of Progyny from $31.00 to $24.00 and set a “buy” rating for the company in a research report on Thursday, September 19th. Barclays dropped their price objective 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, Bank of America reduced their target price on shares of Progyny from $22.00 to $21.00 and set a “buy” rating for the company in a report on Wednesday, November 13th. Nine investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, Progyny presently has an average rating of “Hold” and a consensus price target of $25.00.

Progyny Stock Up 10.5 %

The stock has a fifty day simple moving average of $15.23 and a 200 day simple moving average of $20.59. The firm has a market capitalization of $1.38 billion, a P/E ratio of 28.03, a PEG ratio of 1.64 and a beta of 1.35.

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

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. State Street Corp boosted its stake in Progyny by 4.5% during the third quarter. State Street Corp now owns 3,113,654 shares of the company’s stock valued at $52,185,000 after buying an additional 134,861 shares during the last quarter. International Assets Investment Management LLC boosted its position in shares of Progyny by 1,576.0% during the 3rd quarter. International Assets Investment Management LLC now owns 2,565,118 shares of the company’s stock valued at $42,991,000 after acquiring an additional 2,412,068 shares during the last quarter. Pacer Advisors Inc. grew its holdings in shares of Progyny by 12,579.4% in the third quarter. Pacer Advisors Inc. now owns 2,492,642 shares of the company’s stock valued at $41,777,000 after purchasing an additional 2,472,983 shares in the last quarter. Invenomic Capital Management LP bought a new stake in Progyny in the third quarter worth $29,509,000. Finally, Farallon Capital Management LLC raised its stake in Progyny by 120.8% during the second quarter. Farallon Capital Management LLC now owns 1,308,500 shares of the company’s stock valued at $37,436,000 after purchasing an additional 715,900 shares in the last quarter. Hedge funds and other institutional investors 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.