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

Progyny, Inc. (NASDAQ:PGNY) shares gapped up before the market opened 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.

PGNY has been the subject of several other reports. Barclays decreased their price target on shares of Progyny from $30.00 to $17.00 and set an “overweight” rating for the company in a research note on Thursday, November 14th. Truist Financial reaffirmed a “hold” rating and set a $19.00 price target (down from $26.00) on shares of Progyny in a research note on Wednesday, November 13th. JPMorgan Chase & Co. raised their price target on shares of Progyny from $17.00 to $23.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 28th. Finally, Bank of America increased their price objective on Progyny from $21.00 to $25.00 and gave the company a “buy” rating in a report on Tuesday, February 11th. Nine equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Progyny presently has a consensus rating of “Hold” and a consensus target price of $24.82.

Insider Buying and Selling at Progyny

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

Institutional Investors Weigh In On Progyny

A number of hedge funds and other institutional investors have recently modified their holdings of PGNY. Pacer Advisors Inc. lifted its holdings in shares of Progyny by 12,579.4% during the third quarter. Pacer Advisors Inc. now owns 2,492,642 shares of the company’s stock worth $41,777,000 after buying an additional 2,472,983 shares in the last quarter. Invenomic Capital Management LP acquired a new stake in shares of Progyny during the third quarter worth $29,509,000. River Road Asset Management LLC bought a new position in shares of Progyny in the fourth quarter worth $25,529,000. Fort Washington Investment Advisors Inc. OH increased its position in shares of Progyny by 90.1% in the fourth quarter. Fort Washington Investment Advisors Inc. OH now owns 1,467,780 shares of the company’s stock worth $25,319,000 after purchasing an additional 695,740 shares during the period. Finally, Barclays PLC increased its position in shares of Progyny by 95.7% in the fourth quarter. Barclays PLC now owns 1,382,205 shares of the company’s stock worth $23,843,000 after purchasing an additional 676,048 shares during the period. Institutional investors and hedge funds own 94.93% of the company’s stock.

Progyny Price Performance

The company has a market cap of $1.92 billion, a P/E ratio of 38.85, a PEG ratio of 2.39 and a beta of 1.34. The stock has a 50-day moving average of $20.68 and a 200 day moving average of $18.69.

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.