Empowered Funds LLC purchased a new stake in shares of Progyny, Inc. (NASDAQ:PGNY – Free Report) in the second quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 218,505 shares of the company’s stock, valued at approximately $6,299,000.
A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Caitlin John LLC bought a new position in shares of Progyny during the second quarter valued at approximately $173,000. Jefferies Financial Group Inc. bought a new stake in shares of Progyny in the 2nd quarter worth approximately $1,759,000. Public Employees Retirement System of Ohio bought a new stake in shares of Progyny in the 2nd quarter worth approximately $29,000. Corient Private Wealth LP purchased a new stake in shares of Progyny in the 2nd quarter worth approximately $3,170,000. Finally, Bank of America Corp DE purchased a new stake in shares of Progyny in the 2nd quarter worth approximately $17,264,000. Hedge funds and other institutional investors own 94.93% of the company’s stock.
Progyny Price Performance
Shares of PGNY opened at $26.00 on Monday. The company has a market capitalization of $1.99 billion, a P/E ratio of 28.26, a price-to-earnings-growth ratio of 1.79 and a beta of 1.01. The firm has a 50 day moving average of $29.08 and a 200 day moving average of $23.64. Progyny, Inc. has a twelve month low of $16.10 and a twelve month high of $33.06.
Progyny declared that its board has initiated a stock buyback plan on Tuesday, May 26th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 10.3% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.
Wall Street Analysts Forecast Growth
PGNY has been the subject of a number of recent research reports. Citigroup reiterated an “outperform” rating on shares of Progyny in a research note on Monday, May 11th. Canaccord Genuity Group set a $35.00 target price on Progyny in a research note on Friday, August 7th. Bank of America raised their price target on Progyny from $29.00 to $31.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. JPMorgan Chase & Co. lifted their price target on Progyny from $27.00 to $30.00 and gave the stock a “neutral” rating in a research report on Friday, August 21st. Finally, Leerink Partners set a $38.00 price target on shares of Progyny in a research note on Wednesday, July 22nd. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $33.91.
View Our Latest Report on PGNY
Insider Transactions at Progyny
In other news, CFO Mark S. Livingston sold 2,517 shares of the business’s stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $25.50, for a total value of $64,183.50. Following the completion of the transaction, the chief financial officer owned 74,688 shares in the company, valued at $1,904,544. The trade was a 3.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Allison Swartz sold 1,199 shares of the company’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $25.02, for a total value of $29,998.98. Following the transaction, the executive vice president directly owned 83,316 shares in the company, valued at approximately $2,084,566.32. The trade was a 1.42% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 6,124 shares of company stock worth $155,653 over the last quarter. 9.90% of the stock is currently owned by 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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