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

Progyny, Inc. (NASDAQ:PGNY)’s share price 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.

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

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Bank of America dropped their price objective on shares of Progyny from $22.00 to $21.00 and set a “buy” rating on the stock in a report on Wednesday, November 13th. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $17.00 price objective (down from $22.00) on shares of Progyny in a report on Monday, December 2nd. Leerink Partners decreased their target price on Progyny from $25.00 to $21.00 and set a “market perform” rating for the company in a report on Thursday, September 19th. JMP Securities lowered Progyny from an “outperform” rating to a “market perform” rating in a research report on Thursday, September 19th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $25.00 price target on shares of Progyny in a research report on Tuesday, October 1st. Nine investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $25.00.

Progyny Trading Up 14.9 %

The firm’s fifty day moving average price is $15.23 and its two-hundred day moving average price is $20.51. The stock has a market capitalization of $1.44 billion, a PE ratio of 29.14, a price-to-earnings-growth ratio of 1.64 and a beta of 1.35.

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). 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 company posted $0.16 EPS. The company’s revenue was up 2.0% on a year-over-year basis. As a group, sell-side analysts anticipate that Progyny, Inc. will post 0.59 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Pacer Advisors Inc. grew its stake in Progyny by 12,579.4% in the 3rd quarter. Pacer Advisors Inc. now owns 2,492,642 shares of the company’s stock valued at $41,777,000 after acquiring an additional 2,472,983 shares during the period. International Assets Investment Management LLC grew its position in shares of Progyny by 1,576.0% in the third quarter. International Assets Investment Management LLC now owns 2,565,118 shares of the company’s stock valued at $42,991,000 after purchasing an additional 2,412,068 shares during the period. Invenomic Capital Management LP acquired a new stake in shares of Progyny in the third quarter valued at about $29,509,000. Farallon Capital Management LLC increased its stake in shares of Progyny by 120.8% during the second quarter. Farallon Capital Management LLC now owns 1,308,500 shares of the company’s stock worth $37,436,000 after purchasing an additional 715,900 shares in the last quarter. Finally, Barclays PLC raised its position in shares of Progyny by 530.4% during the 3rd quarter. Barclays PLC now owns 706,157 shares of the company’s stock worth $11,835,000 after purchasing an additional 594,140 shares during the last quarter. 94.93% of the stock is owned by institutional investors and hedge funds.

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.