Janus Henderson Group PLC Decreases Stake in Progyny, Inc. $PGNY

Janus Henderson Group PLC lowered its holdings in Progyny, Inc. (NASDAQ:PGNY) by 84.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 39,275 shares of the company’s stock after selling 207,934 shares during the period. Janus Henderson Group PLC’s holdings in Progyny were worth $667,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd acquired a new stake in Progyny in the 4th quarter valued at $25,000. Hantz Financial Services Inc. lifted its stake in shares of Progyny by 79.4% during the fourth quarter. Hantz Financial Services Inc. now owns 1,676 shares of the company’s stock worth $43,000 after purchasing an additional 742 shares in the last quarter. Canada Pension Plan Investment Board acquired a new position in shares of Progyny during the second quarter worth about $77,000. Quarry LP boosted its position in shares of Progyny by 2,004.1% in the third quarter. Quarry LP now owns 3,598 shares of the company’s stock worth $77,000 after buying an additional 3,427 shares during the period. Finally, New Age Alpha Advisors LLC purchased a new stake in shares of Progyny in the fourth quarter worth about $94,000. Institutional investors and hedge funds own 94.93% of the company’s stock.

Progyny Trading Down 0.9%

Shares of NASDAQ:PGNY opened at $27.85 on Tuesday. The company has a fifty day simple moving average of $29.11 and a 200 day simple moving average of $23.44. The firm has a market cap of $2.18 billion, a PE ratio of 30.27, a price-to-earnings-growth ratio of 2.23 and a beta of 1.01. Progyny, Inc. has a 12-month low of $16.10 and a 12-month high of $33.06.

Progyny declared that its board has approved a share repurchase program on Tuesday, May 26th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the company to buy up to 10.3% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Insider Activity at Progyny

In other Progyny news, CFO Mark S. Livingston sold 8,275 shares of the firm’s stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $25.50, for a total transaction of $211,012.50. Following the completion of the transaction, the chief financial officer directly owned 79,063 shares of the company’s stock, valued at $2,016,106.50. This trade represents a 9.47% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Melissa B. Cummings sold 9,578 shares of the business’s stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $25.00, for a total transaction of $239,450.00. Following the completion of the sale, the chief operating officer directly owned 73,371 shares of the company’s stock, valued at $1,834,275. The trade was a 11.55% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 36,916 shares of company stock worth $939,875 over the last 90 days. Company insiders own 9.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on PGNY shares. Citizens Jmp boosted their price target on Progyny from $30.00 to $31.00 and gave the stock a “market outperform” rating in a research report on Monday, May 11th. Barclays reiterated an “equal weight” rating and set a $34.00 price objective (up from $27.00) on shares of Progyny in a research note on Tuesday, July 28th. Bank of America boosted their target price on shares of Progyny from $29.00 to $31.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. Wall Street Zen downgraded shares of Progyny from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 25th. Finally, Truist Financial raised their price target on shares of Progyny from $30.00 to $33.00 and gave the company a “buy” rating in a report on Monday, June 22nd. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $34.20.

About Progyny

Progyny, Inc is a New York-based fertility benefits management company that partners with employers and health plans to design and administer comprehensive family-building programs. The company’s digital health platform integrates clinical expertise, patient support tools and data analytics to help members navigate fertility treatments, from in vitro fertilization (IVF) and egg freezing to surrogacy and adoption. By focusing on outcomes-based care, Progyny aims to improve success rates while controlling costs for its clients.

The core of Progyny’s offering is its proprietary Smart Cycle® benefit, which bundles clinical, emotional and logistical support into a single package.