Progyny (NASDAQ:PGNY) Shares Gap Up - Should You Buy?

Progyny, Inc. (NASDAQ:PGNY - Get Free Report) gapped up before the market opened on Monday . The stock had previously closed at $18.76, but opened at $19.50. Progyny shares last traded at $19.83, with a volume of 338,111 shares traded.

Analyst Upgrades and Downgrades

PGNY has been the subject of several analyst reports. JMP Securities lowered Progyny from an "outperform" rating to a "market perform" rating in a research note on Thursday, September 19th. Bank of America dropped their price objective on shares of Progyny from $22.00 to $21.00 and set a "buy" rating for the company in a research note on Wednesday, November 13th. JPMorgan Chase & Co. reissued a "neutral" rating and issued a $17.00 target price (down previously from $22.00) on shares of Progyny in a research note on Monday, December 2nd. Leerink Partners dropped their price target on shares of Progyny from $25.00 to $21.00 and set a "market perform" rating for the company in a research note on Thursday, September 19th. Finally, Barclays reduced their price objective on shares of Progyny from $30.00 to $17.00 and set an "overweight" rating on the stock in a research report on Thursday, November 14th. Nine analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $25.00.

Progyny Trading Up 8.2 %

The firm has a market capitalization of $1.73 billion, a P/E ratio of 35.00, a price-to-earnings-growth ratio of 1.64 and a beta of 1.31. The stock has a 50-day simple moving average of $15.64 and a two-hundred day simple moving average of $19.80.

Progyny (NASDAQ:PGNY - Get Free Report) last released its quarterly earnings data on Tuesday, November 12th. The company reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.26). Progyny had a net margin of 5.03% and a return on equity of 11.36%. The firm had revenue of $286.63 million during the quarter, compared to the consensus estimate of $296.85 million. During the same quarter in the previous year, the firm earned $0.16 earnings per share. The business's revenue was up 2.0% compared to the same quarter last year. As a group, research analysts expect that Progyny, Inc. will post 0.59 EPS for the current year.

Insider Activity at Progyny

In related news, CEO Peter Anevski purchased 209,500 shares of the business's stock in a transaction dated Monday, December 23rd. The shares were acquired at an average cost of $14.48 per share, for a total transaction of $3,033,560.00. Following the acquisition, the chief executive officer now owns 441,463 shares of the company's stock, valued at $6,392,384.24. The trade was a 90.32 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman David J. Schlanger acquired 150,000 shares of the firm's stock in a transaction that occurred on Thursday, December 26th. The shares were bought at an average price 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 disclosure for this purchase can be found here. 12.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. Arizona State Retirement System grew its holdings in Progyny by 2.6% in the second quarter. Arizona State Retirement System now owns 24,313 shares of the company's stock worth $696,000 after purchasing an additional 609 shares during the last quarter. State of New Jersey Common Pension Fund D grew its stake in Progyny by 1.1% during the 2nd quarter. State of New Jersey Common Pension Fund D now owns 70,717 shares of the company's stock worth $2,023,000 after buying an additional 787 shares during the last quarter. Quarry LP grew its stake in Progyny by 1,900.0% during the 2nd quarter. Quarry LP now owns 880 shares of the company's stock worth $25,000 after buying an additional 836 shares during the last quarter. GAMMA Investing LLC increased its position in Progyny by 341.4% during the 4th quarter. GAMMA Investing LLC now owns 1,611 shares of the company's stock valued at $28,000 after buying an additional 1,246 shares in the last quarter. Finally, Creative Planning raised its stake in Progyny by 13.8% in the second quarter. Creative Planning now owns 10,564 shares of the company's stock valued at $302,000 after buying an additional 1,283 shares during the last quarter. Hedge funds and other institutional investors own 94.93% of the company's stock.

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.