Progyny (NASDAQ:PGNY) Shares Gap Up on Better-Than-Expected Earnings

Progyny, Inc. (NASDAQ:PGNYGet Rating)’s share price gapped up before the market opened on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $29.77, but opened at $36.15. Progyny shares last traded at $39.34, with a volume of 24,756 shares changing hands.

The company reported $0.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.05 by $0.04. The firm had revenue of $195.00 million during the quarter, compared to analysts’ expectations of $190.51 million. Progyny had a net margin of 10.09% and a return on equity of 23.15%. The company’s revenue for the quarter was up 51.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.19 earnings per share.

Insiders Place Their Bets

In other news, Chairman David J. Schlanger sold 1,452 shares of the firm’s stock in a transaction dated Monday, June 27th. The shares were sold at an average price of $31.21, for a total value of $45,316.92. Following the completion of the sale, the chairman now owns 82,548 shares in the company, valued at approximately $2,576,323.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Progyny news, Director Norman Payson sold 6,618 shares of the firm’s stock in a transaction dated Wednesday, August 3rd. The shares were sold at an average price of $32.27, for a total transaction of $213,562.86. Following the transaction, the director now owns 411,412 shares of the company’s stock, valued at approximately $13,276,265.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman David J. Schlanger sold 1,452 shares of Progyny stock in a transaction that occurred on Monday, June 27th. The stock was sold at an average price of $31.21, for a total transaction of $45,316.92. Following the completion of the transaction, the chairman now directly owns 82,548 shares in the company, valued at approximately $2,576,323.08. The disclosure for this sale can be found here. Insiders sold 41,240 shares of company stock valued at $1,291,601 in the last three months. Corporate insiders own 14.00% of the company’s stock.

Institutional Trading of Progyny

Large investors have recently bought and sold shares of the stock. American Century Companies Inc. lifted its stake in Progyny by 407.4% during the 4th quarter. American Century Companies Inc. now owns 2,323,001 shares of the company’s stock valued at $116,963,000 after acquiring an additional 1,865,151 shares during the period. Baillie Gifford & Co. lifted its stake in shares of Progyny by 337,578.8% in the 1st quarter. Baillie Gifford & Co. now owns 1,337,208 shares of the company’s stock valued at $68,732,000 after purchasing an additional 1,336,812 shares during the period. Riverbridge Partners LLC increased its holdings in Progyny by 87.7% in the 1st quarter. Riverbridge Partners LLC now owns 1,525,055 shares of the company’s stock worth $78,388,000 after acquiring an additional 712,722 shares in the last quarter. Wafra Inc. increased its holdings in Progyny by 64.1% in the 1st quarter. Wafra Inc. now owns 1,252,197 shares of the company’s stock worth $64,363,000 after acquiring an additional 489,179 shares in the last quarter. Finally, Carnegie Capital Asset Management LLC purchased a new stake in Progyny in the 2nd quarter worth $23,652,000. Hedge funds and other institutional investors own 82.51% of the company’s stock.

Progyny Trading Up 38.2 %

The company has a market cap of $3.78 billion, a PE ratio of 73.48, a price-to-earnings-growth ratio of 17.17 and a beta of 1.85. The firm’s fifty day moving average is $30.23 and its 200 day moving average is $37.34.

Progyny Company Profile

(Get Rating)

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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