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

Progyny, Inc. (NASDAQ:PGNY - Get Free Report)'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.

PGNY has been the subject of a number of other reports. Barclays reduced their target price 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. JPMorgan Chase & Co. increased their target price on shares of 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 increased their target price on shares of Progyny from $21.00 to $25.00 and gave the company a "buy" rating in a research report on Tuesday, February 11th. Finally, Truist Financial reissued a "hold" rating and issued a $19.00 price objective (down previously from $26.00) on shares of Progyny in a report on Wednesday, November 13th. Nine equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $24.82.

Insiders Place Their Bets

In related news, CEO Peter Anevski bought 209,500 shares of the stock in a transaction on Monday, December 23rd. The stock was bought at an average price of $14.48 per share, with a total value of $3,033,560.00. Following the completion of the purchase, the chief executive officer now directly owns 441,463 shares in the company, valued at $6,392,384.24. This represents a 90.32 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman David J. Schlanger bought 150,000 shares of the stock in a transaction 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 purchase, the chairman now owns 228,269 shares of the company's stock, valued at $3,350,988.92. This trade represents a 191.65 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 12.30% of the stock is currently owned by insiders.

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Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Signaturefd LLC boosted its stake in shares of Progyny by 1,355.0% in the fourth quarter. Signaturefd LLC now owns 1,455 shares of the company's stock valued at $25,000 after purchasing an additional 1,355 shares during the period. GAMMA Investing LLC boosted its stake in shares of 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 during the period. Nisa Investment Advisors LLC boosted its stake in shares of Progyny by 108.4% in the fourth quarter. Nisa Investment Advisors LLC now owns 2,934 shares of the company's stock valued at $51,000 after purchasing an additional 1,526 shares during the period. Caitlin John LLC boosted its stake in shares of Progyny by 2,974.8% in the fourth quarter. Caitlin John LLC now owns 3,290 shares of the company's stock valued at $57,000 after purchasing an additional 3,183 shares during the period. Finally, Natixis purchased a new position in shares of Progyny in the fourth quarter valued at approximately $69,000. Hedge funds and other institutional investors own 94.93% of the company's stock.

Progyny Price Performance

The company's 50 day moving average price is $20.97 and its 200 day moving average price is $18.67. The firm has a market cap of $1.84 billion, a PE ratio of 37.17, a price-to-earnings-growth ratio of 2.39 and a beta of 1.34.

About Progyny

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.