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

Shares of Progyny, Inc. (NASDAQ:PGNY) 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.

Other equities analysts have also issued reports about the company. Bank of America upped their target price on Progyny from $21.00 to $25.00 and gave the company a “buy” rating in a research note on Tuesday, February 11th. Truist Financial reissued a “hold” rating and issued a $19.00 target price (down from $26.00) on shares of Progyny in a research report on Wednesday, November 13th. Barclays dropped their price target 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 target on shares of Progyny from $17.00 to $23.00 and gave the company a “neutral” rating in a report on Tuesday, January 28th. Nine investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $26.33.

Insider Transactions at Progyny

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 acquired at an average cost of $14.48 per share, with a total value of $3,033,560.00. Following the completion of the transaction, the chief executive officer now owns 441,463 shares in the company, valued at $6,392,384.24. The trade was a 90.32 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman David J. Schlanger acquired 150,000 shares of the stock in a transaction on Thursday, December 26th. The shares were acquired at an average price of $14.68 per share, with a total value of $2,202,000.00. Following the purchase, the chairman now owns 228,269 shares in the company, valued at $3,350,988.92. This represents a 191.65 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 12.30% of the company’s stock.

Hedge Funds Weigh In On Progyny

A number of institutional investors have recently made changes to their positions in the business. Leibman Financial Services Inc. increased its stake in shares of Progyny by 100.7% in the fourth quarter. Leibman Financial Services Inc. now owns 63,509 shares of the company’s stock worth $1,096,000 after buying an additional 31,872 shares during the last quarter. Fort Washington Investment Advisors Inc. OH raised its position in shares of Progyny by 90.1% during the 4th 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. Kornitzer Capital Management Inc. KS lifted its holdings in shares of Progyny by 15.7% in the 3rd quarter. Kornitzer Capital Management Inc. KS now owns 976,501 shares of the company’s stock worth $16,366,000 after purchasing an additional 132,672 shares during the last quarter. Aurora Investment Counsel bought a new position in Progyny during the 3rd quarter worth $1,280,000. Finally, Clear Harbor Asset Management LLC acquired a new stake in Progyny in the fourth quarter worth $989,000. 94.93% of the stock is owned by institutional investors and hedge funds.

Progyny Price Performance

The stock 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 50-day simple moving average of $20.52 and a two-hundred day simple moving average 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.