Progyny (NASDAQ:PGNY) Shares Gap Up Following Analyst Upgrade

Progyny, Inc. (NASDAQ:PGNY)’s share price gapped up prior to trading on Friday after Canaccord Genuity Group raised their price target on the stock from $17.00 to $23.00. The stock had previously closed at $22.88, but opened at $26.55. Canaccord Genuity Group currently has a hold rating on the stock. Progyny shares last traded at $23.58, with a volume of 915,302 shares traded.

A number of other research firms have also recently issued reports on PGNY. Truist Financial reissued a “hold” rating and set a $19.00 target price (down from $26.00) on shares of Progyny in a research note on Wednesday, November 13th. JPMorgan Chase & Co. increased their price objective on shares of Progyny from $17.00 to $23.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 28th. 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 upped their target price on shares of Progyny from $21.00 to $25.00 and gave the stock a “buy” rating in a research note on Tuesday, February 11th. Nine analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $24.82.

Insider Buying and Selling at Progyny

In other news, CEO Peter Anevski bought 209,500 shares of the company’s stock in a transaction dated Monday, December 23rd. The shares were bought at an average cost of $14.48 per share, with a total value of $3,033,560.00. Following the acquisition, the chief executive officer now owns 441,463 shares in the company, valued at $6,392,384.24. This trade represents a 90.32 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman David J. Schlanger bought 150,000 shares of the business’s stock in a transaction that occurred on Thursday, December 26th. The stock was purchased at an average price of $14.68 per share, with a total value of $2,202,000.00. Following the completion of the purchase, the chairman now directly owns 228,269 shares in the company, valued at $3,350,988.92. The trade was a 191.65 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 12.30% of the company’s stock.

Institutional Trading of Progyny

A number of hedge funds have recently made changes to their positions in the business. Signaturefd LLC raised its stake in Progyny by 1,355.0% in the 4th quarter. Signaturefd LLC now owns 1,455 shares of the company’s stock valued at $25,000 after acquiring an additional 1,355 shares during the period. GAMMA Investing LLC lifted its stake in shares of Progyny by 341.4% during the 4th quarter. GAMMA Investing LLC now owns 1,611 shares of the company’s stock worth $28,000 after buying an additional 1,246 shares during the last quarter. Nisa Investment Advisors LLC lifted its stake in shares of Progyny by 108.4% during the 4th quarter. Nisa Investment Advisors LLC now owns 2,934 shares of the company’s stock worth $51,000 after buying an additional 1,526 shares during the last quarter. Caitlin John LLC boosted its holdings in shares of Progyny by 2,974.8% during the 4th quarter. Caitlin John LLC now owns 3,290 shares of the company’s stock worth $57,000 after buying an additional 3,183 shares during the period. Finally, Natixis acquired a new position in Progyny in the 4th quarter valued at about $69,000. 94.93% of the stock is owned by institutional investors and hedge funds.

Progyny Stock Performance

The company’s fifty day simple moving average is $20.68 and its two-hundred day simple moving average is $18.67. The stock has a market capitalization of $1.92 billion, a P/E ratio of 38.85, a PEG ratio of 2.39 and a beta of 1.34.

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.