Progyny (PGNY) was Smart Insider's stock pick of the week after the company's Chief Executive Peter Anevski bought $3 million worth of Progyny's shares at $14.48 apiece on Dec. 23, "nearly doubling" his stake.

Executive Chair David Schlanger also purchased $2 million of the company's stock at $14.68 apiece on Dec. 26, almost "tripling" his ownership, Smart Insider said in a note Tuesday.

For both the CEO and chair, these are their first share purchases and a "reversal from a long series of sales", according to the note.

"It's interesting to see the change of sentiment from 2 key officers," the note said.

Progyny's shares fell in September after losing a "large" client and this is the first insider activity since that fall, the note added. "While likely coordinated, these are confident purchases in this depressed stock."

Smart Insider ranked the stock +1, or strong positive signal, on Dec. 27.