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

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

A number of other research firms also recently commented on PGNY. Truist Financial reissued a “hold” rating and issued a $19.00 price objective (down previously from $26.00) on shares of Progyny in a research note on Wednesday, November 13th. Bank of America boosted their price target on shares of Progyny from $21.00 to $25.00 and gave the stock a “buy” rating in a research report on Tuesday, February 11th. Barclays reduced their price objective on shares of Progyny from $30.00 to $17.00 and set an “overweight” rating for the company in a research report on Thursday, November 14th. Finally, JPMorgan Chase & Co. lifted their price objective 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. Nine investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, Progyny has a consensus rating of “Hold” and an average target price of $26.33.

Insider Buying and Selling

In other Progyny 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 price of $14.48 per share, for a total transaction 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 trade represents a 90.32 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman David J. Schlanger acquired 150,000 shares of the stock in a transaction that occurred on Thursday, December 26th. The shares were bought at an average cost of $14.68 per share, for a total transaction of $2,202,000.00. Following the completion of the transaction, the chairman now directly owns 228,269 shares of the company’s stock, valued at $3,350,988.92. This represents a 191.65 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 12.30% of the company’s stock.

Institutional Investors Weigh In On Progyny

A number of institutional investors have recently modified their holdings of the stock. Voya Investment Management LLC raised its holdings in shares of Progyny by 1.4% during the fourth quarter. Voya Investment Management LLC now owns 51,792 shares of the company’s stock worth $893,000 after acquiring an additional 701 shares in the last quarter. GAMMA Investing LLC grew its stake in Progyny by 341.4% in the fourth quarter. GAMMA Investing LLC now owns 1,611 shares of the company’s stock valued at $28,000 after purchasing an additional 1,246 shares in the last quarter. Signaturefd LLC increased its position in Progyny by 1,355.0% in the 4th quarter. Signaturefd LLC now owns 1,455 shares of the company’s stock worth $25,000 after purchasing an additional 1,355 shares during the last quarter. Nisa Investment Advisors LLC raised 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 purchasing an additional 1,526 shares in the last quarter. Finally, KBC Group NV raised its stake in shares of Progyny by 84.6% during the 4th quarter. KBC Group NV now owns 4,669 shares of the company’s stock worth $81,000 after purchasing an additional 2,140 shares in the last quarter. Institutional investors and hedge funds own 94.93% of the company’s stock.

Progyny Trading Down 1.5 %

The firm has a market capitalization of $1.92 billion, a price-to-earnings ratio of 38.85, a price-to-earnings-growth ratio of 2.39 and a beta of 1.34. The company has a fifty day moving average price of $20.52 and a 200-day moving average price of $18.68.

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.