Insider Selling: Progyny (NASDAQ:PGNY) Chairman Sells $119,748.00 in Stock

Progyny, Inc. (NASDAQ:PGNY) Chairman David Schlanger sold 3,400 shares of Progyny stock in a transaction on Thursday, November 5th. The shares were sold at an average price of $35.22, for a total value of $119,748.00. Following the sale, the chairman directly owned 238,462 shares of the company’s stock, valued at $8,398,631.64. This represents a 1.41% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Progyny Stock Up 0.2%

Progyny stock opened at $36.50 on Thursday. The stock has a market cap of $2.69 billion, a price-to-earnings ratio of 33.49, a PEG ratio of 1.91 and a beta of 0.97. The business has a 50-day simple moving average of $28.08 and a 200 day simple moving average of $24.76. Progyny, Inc. has a 52 week low of $16.10 and a 52 week high of $36.52.

Progyny (NASDAQ:PGNY) last released its quarterly earnings results on Wednesday, November 4th. The company reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.31 by $0.21. The firm had revenue of $341.25 million for the quarter, compared to analysts’ expectations of $340.76 million. Progyny had a return on equity of 19.82% and a net margin of 6.80%. The company’s revenue was up 8.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.15 EPS. On average, research analysts anticipate that Progyny, Inc. will post 1.25 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have issued reports on PGNY. Citizens Jmp lifted their target price on shares of Progyny from $33.00 to $38.00 and gave the company a “market outperform” rating in a research report on Thursday, November 5th. Cantor Fitzgerald increased their price target on shares of Progyny from $31.00 to $35.00 and gave the stock an “overweight” rating in a report on Thursday, November 5th. Canaccord Genuity Group set a $35.00 price objective on shares of Progyny in a research report on Friday, August 7th. Zacks Research cut shares of Progyny from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 19th. Finally, Wall Street Zen raised shares of Progyny from a “buy” rating to a “strong-buy” rating in a report on Sunday. Eleven equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $35.33.

Hedge Funds Weigh In On Progyny

Several institutional investors have recently modified their holdings of the company. BlackRock Inc. bought a new stake in Progyny in the 2nd quarter worth approximately $334,426,000. Bank of America Corp DE grew its position in Progyny by 75.3% during the first quarter. Bank of America Corp DE now owns 1,190,996 shares of the company’s stock valued at $20,223,000 after acquiring an additional 511,609 shares during the last quarter. William Blair Investment Management LLC grew its position in Progyny by 10.7% during the third quarter. William Blair Investment Management LLC now owns 645,130 shares of the company’s stock valued at $16,251,000 after acquiring an additional 62,178 shares during the last quarter. Principal Financial Group Inc. grew its position in Progyny by 16.4% during the first quarter. Principal Financial Group Inc. now owns 554,916 shares of the company’s stock valued at $9,422,000 after acquiring an additional 78,198 shares during the last quarter. Finally, Danske Bank A S bought a new position in Progyny during the second quarter valued at approximately $15,243,000. 94.93% of the stock is currently owned by institutional investors.

Progyny News Roundup

Investors following PGNY have been watching these news items:

• Positive Sentiment: Progyny reported quarterly adjusted earnings of $0.52 per share, above the $0.31 consensus estimate, and revenue of $341.25 million, slightly ahead of expectations and up 8.9% year over year. Strong results and raised guidance have also prompted a fair-value increase. Article: Progyny fair value bump after results and raised guidance
• Positive Sentiment: JPMorgan raised its price target on PGNY, adding an analyst endorsement amid the company’s recent results. Article: Progyny stock gets price target bump from JPMorgan
• Negative Sentiment: CEO Peter Anevski and Chairman David Schlanger reported sizable share sales on Nov. 9. The sales were made under pre-arranged Rule 10b5-1 plans, which may temper—but do not eliminate—concerns about insider selling. Article: CEO Peter Anevski sells shares Article: Chairman David Schlanger sells shares

Progyny Company Profile

Progyny, Inc. provides fertility and family-building benefits to employers and their employees. Its services are designed to help members navigate care options, access fertility specialists and receive support throughout treatment. The company’s offerings include coverage for treatments such as in vitro fertilization and egg freezing, along with fertility medications through its pharmacy benefit. Progyny also supports other family-building paths, including adoption and surrogacy, depending on the plan selected by an employer.