Kornitzer Capital Management Inc. KS Sells 85,000 Shares of Progyny, Inc. $PGNY

Kornitzer Capital Management Inc. KS lessened its position in Progyny, Inc. (NASDAQ:PGNY) by 16.6% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 426,931 shares of the company’s stock after selling 85,000 shares during the quarter. Kornitzer Capital Management Inc. KS owned approximately 0.50% of Progyny worth $9,188,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Ameriprise Financial Inc. lifted its position in Progyny by 37.6% during the second quarter. Ameriprise Financial Inc. now owns 1,996,957 shares of the company’s stock valued at $43,933,000 after buying an additional 545,431 shares during the period. Fort Washington Investment Advisors Inc. OH increased its position in Progyny by 33.1% during the 3rd quarter. Fort Washington Investment Advisors Inc. OH now owns 1,656,558 shares of the company’s stock valued at $35,649,000 after buying an additional 412,395 shares in the last quarter. Bank of America Corp DE boosted its holdings in Progyny by 4.3% in the second quarter. Bank of America Corp DE now owns 684,133 shares of the company’s stock worth $15,051,000 after acquiring an additional 28,151 shares in the last quarter. Jupiter Asset Management Ltd. purchased a new stake in shares of Progyny in the second quarter worth $10,525,000. Finally, Nomura Holdings Inc. purchased a new position in shares of Progyny in the 2nd quarter worth about $9,368,000. 94.93% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Progyny

In related news, CEO Peter Anevski bought 79,500 shares of the firm’s stock in a transaction that occurred on Thursday, November 13th. The shares were bought at an average cost of $24.29 per share, with a total value of $1,931,055.00. Following the acquisition, the chief executive officer owned 680,251 shares in the company, valued at $16,523,296.79. This trade represents a 13.23% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Mark S. Livingston sold 21,303 shares of the business’s stock in a transaction dated Monday, November 17th. The shares were sold at an average price of $25.50, for a total value of $543,226.50. Following the sale, the chief financial officer directly owned 48,358 shares of the company’s stock, valued at $1,233,129. This represents a 30.58% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 22,046 shares of company stock worth $561,691 over the last quarter. Insiders own 9.40% of the company’s stock.

Progyny Stock Performance

Progyny stock opened at $24.84 on Tuesday. Progyny, Inc. has a one year low of $17.98 and a one year high of $28.75. The stock has a fifty day moving average of $25.75 and a 200 day moving average of $23.31. The stock has a market cap of $2.14 billion, a PE ratio of 39.43, a price-to-earnings-growth ratio of 1.60 and a beta of 0.93.

Progyny (NASDAQ:PGNY) last released its quarterly earnings results on Thursday, November 6th. The company reported $0.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.39 by $0.06. Progyny had a return on equity of 10.71% and a net margin of 4.46%.The business had revenue of $313.35 million during the quarter, compared to the consensus estimate of $299.23 million. During the same period in the previous year, the company posted $0.11 EPS. The business’s quarterly revenue was up 9.3% compared to the same quarter last year. Progyny has set its FY 2025 guidance at 1.790-1.820 EPS and its Q4 2025 guidance at 0.370-0.400 EPS. As a group, sell-side analysts predict that Progyny, Inc. will post 0.6 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. Citigroup raised shares of Progyny to an “outperform” rating in a report on Tuesday, January 20th. JPMorgan Chase & Co. set a $35.00 target price on Progyny in a report on Wednesday, January 21st. Barclays started coverage on Progyny in a report on Monday, December 8th. They set an “overweight” rating and a $29.00 price target on the stock. Canaccord Genuity Group increased their price objective on Progyny from $23.00 to $26.00 and gave the company a “hold” rating in a research report on Monday, November 17th. Finally, Citizens Jmp raised Progyny from a “market perform” rating to an “outperform” rating and set a $30.00 target price for the company in a research report on Tuesday, January 20th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $29.36.

About Progyny

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.