Key Points
- Chairman David Schlanger sold 161,208 Progyny shares for about $5.76 million at an average price of $35.73, reducing his direct stake by 40.34% to 238,462 shares. The transaction was made under a pre-arranged Rule 10b5-1 plan.
- Progyny reported quarterly EPS of $0.52, beating the $0.31 consensus; revenue of $341.25 million was slightly above estimates and rose 8.9% year over year.
- Analyst views were generally favorable, with Progyny carrying a “Moderate Buy” consensus and an average price target of $35.33. The article also notes that CEO Peter Anevski reported a similarly sized stock sale under a pre-arranged plan.
Progyny, Inc. (NASDAQ:PGNY - Get Free Report) Chairman David Schlanger sold 3,400 shares of Progyny stock in a transaction dated Thursday, November 5th. The shares were sold at an average price of $35.22, for a total transaction of $119,748.00. Following the completion of the sale, the chairman owned 238,462 shares in the company, valued at approximately $8,398,631.64. This trade represents a 1.41% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Progyny Price Performance
Shares of NASDAQ:PGNY opened at $35.95 on Tuesday. The business's 50 day moving average price is $27.65 and its 200-day moving average price is $24.64. The firm has a market capitalization of $2.76 billion, a PE ratio of 32.98, a P/E/G ratio of 2.08 and a beta of 0.97. Progyny, Inc. has a 1 year low of $16.10 and a 1 year high of $36.00.
Progyny (NASDAQ:PGNY - Get Free Report) last posted its quarterly earnings data on Wednesday, November 4th. The company reported $0.52 EPS for the quarter, beating the consensus estimate of $0.31 by $0.21. Progyny had a return on equity of 19.23% and a net margin of 6.80%. The firm had revenue of $341.25 million during the quarter, compared to the consensus estimate of $340.76 million. During the same period in the prior year, the company earned $0.15 EPS. The firm's revenue was up 8.9% compared to the same quarter last year. As a group, analysts expect that Progyny, Inc. will post 1.25 earnings per share for the current year.
Progyny News Roundup
Here are the key news stories impacting Progyny this week:
- Positive Sentiment: Wall Street Zen upgraded Progyny to “Strong Buy,” providing a bullish signal for the stock. Article: Progyny Upgraded to Strong-Buy at Wall Street Zen
- Neutral Sentiment: JPMorgan raised its price target to $35 from $30 but kept a “Neutral” rating, indicating a higher valuation expectation without an outright bullish call. JPMorgan ratings
- Negative Sentiment: CEO Peter Anevski and Chairman David Schlanger each reported selling about 161,000 shares on Nov. 9, in addition to smaller sales reported for Nov. 5. The sizable sales could raise investor concerns about insider confidence, although the transactions were conducted under pre-arranged Rule 10b5-1 plans. CEO SEC filing Chairman SEC filing
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently modified their holdings of PGNY. BlackRock Inc. purchased a new stake in shares of Progyny in the second quarter valued at about $334,426,000. Bank of America Corp DE increased 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 worth $20,223,000 after purchasing an additional 511,609 shares during the last quarter. William Blair Investment Management LLC raised its stake in Progyny by 10.7% during the third quarter. William Blair Investment Management LLC now owns 645,130 shares of the company's stock worth $16,251,000 after purchasing an additional 62,178 shares during the period. Principal Financial Group Inc. raised its stake in Progyny by 16.4% during the first quarter. Principal Financial Group Inc. now owns 554,916 shares of the company's stock worth $9,422,000 after purchasing an additional 78,198 shares during the period. Finally, Danske Bank A S purchased a new position in Progyny during the second quarter worth about $15,243,000. Institutional investors and hedge funds own 94.93% of the company's stock.
Wall Street Analyst Weigh In
A number of analysts have commented on PGNY shares. Citizens Jmp increased their price objective on shares of Progyny from $33.00 to $38.00 and gave the company a "market outperform" rating in a report on Thursday, November 5th. Cantor Fitzgerald boosted their target price on Progyny from $31.00 to $35.00 and gave the stock an "overweight" rating in a report on Thursday, November 5th. Zacks Research cut Progyny from a "strong-buy" rating to a "hold" rating in a report on Monday, October 19th. Barclays dropped their price target on Progyny from $34.00 to $30.00 and set an "equal weight" rating for the company in a research report on Wednesday, August 12th. Finally, Jefferies Financial Group set a $33.00 price target on Progyny in a report on Tuesday, September 8th. Eleven equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $35.33.
Get Our Latest Report on PGNY
Progyny Company Profile
(
Get Free Report)
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.
Founded in 2008, Progyny serves employer clients and their workforces in the United States.
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