Progyny (NASDAQ:PGNY) Shares Gap Up on 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 trading hands.

A number of other research firms have also recently issued reports on PGNY. JPMorgan Chase & Co. lifted their target price on Progyny from $17.00 to $23.00 and gave the company a “neutral” rating in a research report on Tuesday, January 28th. Bank of America lifted their price target on Progyny from $21.00 to $25.00 and gave the company a “buy” rating in a research note on Tuesday, February 11th. Barclays cut their price target on Progyny from $30.00 to $17.00 and set an “overweight” rating on the stock in a research note on Thursday, November 14th. Finally, Truist Financial reissued 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. Nine research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $24.82.

Insider Buying and Selling

In related news, Chairman David J. Schlanger acquired 150,000 shares of the business’s stock in a transaction that occurred on Thursday, December 26th. The shares were bought at an average cost 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 ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Peter Anevski purchased 209,500 shares of the company’s stock in a transaction on Monday, December 23rd. The stock was acquired at an average cost of $14.48 per share, for a total transaction of $3,033,560.00. Following the completion of the purchase, the chief executive officer now 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 position. The disclosure for this purchase can be found here. 12.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Progyny

Several institutional investors have recently added to or reduced their stakes in the business. Mackenzie Financial Corp lifted its stake in Progyny by 423.8% in the fourth quarter. Mackenzie Financial Corp now owns 117,387 shares of the company’s stock valued at $2,025,000 after buying an additional 94,978 shares during the period. AWM Investment Company Inc. lifted its stake in Progyny by 540.0% in the fourth quarter. AWM Investment Company Inc. now owns 160,000 shares of the company’s stock valued at $2,760,000 after buying an additional 135,000 shares during the period. Voloridge Investment Management LLC lifted its stake in Progyny by 85.5% in the fourth quarter. Voloridge Investment Management LLC now owns 1,197,993 shares of the company’s stock valued at $20,665,000 after buying an additional 552,066 shares during the period. Two Sigma Advisers LP increased its holdings in shares of Progyny by 83.8% during the fourth quarter. Two Sigma Advisers LP now owns 266,100 shares of the company’s stock valued at $4,590,000 after acquiring an additional 121,300 shares in the last quarter. Finally, Two Sigma Investments LP increased its holdings in shares of Progyny by 15.9% during the fourth quarter. Two Sigma Investments LP now owns 657,276 shares of the company’s stock valued at $11,338,000 after acquiring an additional 90,197 shares in the last quarter. 94.93% of the stock is owned by institutional investors and hedge funds.

Progyny Price Performance

The stock has a market cap of $1.92 billion, a P/E ratio of 38.85, a P/E/G ratio of 2.39 and a beta of 1.34. The company has a fifty day moving average price of $20.68 and a 200 day moving average price 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.