Progyny (NASDAQ:PGNY) Shares Down 1.9% on Insider Selling
Shares of Progyny Inc (NASDAQ:PGNY) were down 1.9% during trading on Thursday following insider selling activity. The company traded as low as $24.73 and last traded at $25.02, approximately 23,376 shares traded hands during mid-day trading. A decline of 98% from the average daily volume of 1,004,572 shares. The stock had previously closed at $25.51.
Specifically, CEO David J. Schlanger sold 8,512 shares of the firm’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $22.17, for a total transaction of $188,711.04. Following the completion of the transaction, the chief executive officer now directly owns 600,010 shares of the company’s stock, valued at approximately $13,302,221.70. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Plc Glaxosmithkline sold 4,000,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $25.75, for a total transaction of $103,000,000.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 4,439,804 shares of company stock valued at $113,631,630.
A number of research analysts have recently weighed in on PGNY shares. Citigroup dropped their price objective on shares of Progyny from $29.00 to $28.00 and set a “buy” rating for the company in a research note on Wednesday, May 13th. Zacks Investment Research cut shares of Progyny from a “buy” rating to a “hold” rating in a research note on Friday, May 1st. Finally, ValuEngine raised shares of Progyny from a “hold” rating to a “buy” rating in a research note on Monday, March 9th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $28.67.
Progyny (NASDAQ:PGNY) last released its earnings results on Tuesday, May 12th. The company reported $0.04 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.02 by $0.02. The firm had revenue of $81.02 million during the quarter, compared to analysts’ expectations of $71.81 million. The firm’s quarterly revenue was up 71.7% on a year-over-year basis. As a group, sell-side analysts forecast that Progyny Inc will post 0.19 EPS for the current fiscal year.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Clearbridge Investments LLC grew its stake in shares of Progyny by 12.5% during the 1st quarter. Clearbridge Investments LLC now owns 1,619,494 shares of the company’s stock valued at $34,317,000 after buying an additional 180,432 shares during the period. Fred Alger Management LLC grew its stake in shares of Progyny by 261.8% during the 1st quarter. Fred Alger Management LLC now owns 2,009,533 shares of the company’s stock valued at $42,582,000 after buying an additional 1,454,157 shares during the period. Advisor Group Holdings Inc. purchased a new stake in shares of Progyny during the 1st quarter valued at $163,000. Morgan Stanley grew its stake in shares of Progyny by 24.2% during the 1st quarter. Morgan Stanley now owns 47,131 shares of the company’s stock valued at $998,000 after buying an additional 9,176 shares during the period. Finally, Silvercrest Asset Management Group LLC purchased a new stake in shares of Progyny during the 1st quarter valued at $3,794,000. 35.07% of the stock is owned by institutional investors.
Progyny Company Profile (NASDAQ:PGNY)
Progyny, Inc, a benefits management company, specializes in fertility and family building benefits solutions for employers 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.
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