Pacer Advisors Inc. raised its stake in shares of Progyny, Inc. (NASDAQ:PGNY – Free Report) by 49.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 435,558 shares of the company’s stock after purchasing an additional 144,073 shares during the period. Pacer Advisors Inc. owned 0.56% of Progyny worth $7,396,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors have also modified their holdings of the company. Caitong International Asset Management Co. Ltd bought a new position in shares of Progyny during the 4th quarter valued at approximately $25,000. Hantz Financial Services Inc. lifted its position in Progyny by 79.4% in the fourth quarter. Hantz Financial Services Inc. now owns 1,676 shares of the company’s stock worth $43,000 after buying an additional 742 shares during the last quarter. Quarry LP boosted its stake in Progyny by 2,004.1% during 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. Canada Pension Plan Investment Board purchased a new position in Progyny during the second quarter worth $77,000. Finally, New Age Alpha Advisors LLC bought a new position in Progyny during the fourth quarter valued at $94,000. 94.93% of the stock is owned by institutional investors.
Progyny Trading Down 0.3%
NASDAQ:PGNY opened at $31.37 on Thursday. The company has a market cap of $2.46 billion, a price-to-earnings ratio of 40.74, a price-to-earnings-growth ratio of 2.50 and a beta of 1.01. Progyny, Inc. has a twelve month low of $16.10 and a twelve month high of $33.06. The stock has a fifty day simple moving average of $28.93 and a 200-day simple moving average of $23.36.
Progyny announced that its Board of Directors has authorized a share buyback plan on Tuesday, May 26th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the company to purchase up to 10.3% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its stock is undervalued.
Analyst Upgrades and Downgrades
PGNY has been the subject of several analyst reports. Citizens Jmp raised their target price on shares of Progyny from $30.00 to $31.00 and gave the stock a “market outperform” rating in a report on Monday, May 11th. Wall Street Zen downgraded shares of Progyny from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 25th. Barclays reissued an “equal weight” rating and issued a $34.00 price objective (up from $27.00) on shares of Progyny in a research report on Tuesday, July 28th. Weiss Ratings raised shares of Progyny from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, June 26th. Finally, Citigroup restated an “outperform” rating on shares of Progyny in a research report on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $33.25.
Read Our Latest Report on PGNY
Insider Activity at Progyny
In other Progyny news, CFO Mark S. Livingston sold 2,517 shares of the business’s stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $25.50, for a total value of $64,183.50. Following the completion of the sale, the chief financial officer directly owned 74,688 shares of the company’s stock, valued at $1,904,544. The trade was a 3.26% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Kevin K. Gordon sold 5,500 shares of the company’s stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $24.99, for a total transaction of $137,445.00. Following the completion of the transaction, the director owned 9,318 shares in the company, valued at $232,856.82. This represents a 37.12% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 36,916 shares of company stock worth $939,875 over the last ninety days. 9.90% of the stock is currently owned by company insiders.
Progyny Company Profile
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.
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