Wall Street Zen Upgrades Progyny (NASDAQ:PGNY) to Buy

Progyny (NASDAQ:PGNY) was upgraded by research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a report issued on Saturday.

A number of other analysts have also recently commented on the company. Weiss Ratings restated a “hold (c)” rating on shares of Progyny in a research report on Monday, December 29th. Barclays initiated coverage on shares of Progyny in a report on Monday, December 8th. They issued an “overweight” rating and a $29.00 price target for the company. Canaccord Genuity Group upped their price objective on shares of Progyny from $23.00 to $26.00 and gave the stock a “hold” rating in a research report on Monday, November 17th. JPMorgan Chase & Co. boosted their target price on shares of Progyny from $25.00 to $26.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 11th. Finally, KeyCorp raised Progyny from a “sector weight” rating to an “overweight” rating and set a $30.00 target price for the company in a report on Tuesday, November 11th. Two equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $27.50.

Progyny Stock Up 0.2%

Shares of Progyny stock opened at $25.74 on Friday. The firm’s 50 day moving average price is $24.26 and its 200-day moving average price is $22.86. Progyny has a 52-week low of $17.01 and a 52-week high of $27.76. The company has a market cap of $2.22 billion, a P/E ratio of 40.86, a PEG ratio of 1.63 and a beta of 0.93.

Progyny (NASDAQ:PGNY) last issued its quarterly earnings results on Thursday, November 6th. The company reported $0.45 earnings per share for the quarter, topping 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 for the quarter, compared to analyst estimates of $299.23 million. During the same quarter in the previous year, the firm earned $0.11 earnings per share. The company’s revenue was up 9.3% on a year-over-year basis. 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, equities research analysts forecast that Progyny will post 0.6 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Mark S. Livingston sold 21,303 shares of Progyny stock in a transaction on Monday, November 17th. The shares were sold at an average price of $25.50, for a total value of $543,226.50. Following the transaction, the chief financial officer directly owned 48,358 shares of the company’s stock, valued at $1,233,129. The trade was a 30.58% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Peter Anevski purchased 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 completion of the acquisition, the chief executive officer owned 680,251 shares of the company’s stock, valued at approximately $16,523,296.79. This trade represents a 13.23% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last three months, insiders sold 22,046 shares of company stock valued at $561,691. 9.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Progyny

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Nordea Investment Management AB increased its position in Progyny by 0.6% during the second quarter. Nordea Investment Management AB now owns 183,362 shares of the company’s stock worth $4,052,000 after purchasing an additional 1,140 shares during the last quarter. Cresset Asset Management LLC grew its stake in shares of Progyny by 715.3% in the second quarter. Cresset Asset Management LLC now owns 85,053 shares of the company’s stock valued at $1,871,000 after buying an additional 74,621 shares in the last quarter. Voya Investment Management LLC grew its position in Progyny by 258.2% in the first quarter. Voya Investment Management LLC now owns 185,495 shares of the company’s stock valued at $4,144,000 after acquiring an additional 133,703 shares in the last quarter. Millennium Management LLC lifted its stake in shares of Progyny by 7.5% in the first quarter. Millennium Management LLC now owns 1,302,890 shares of the company’s stock worth $29,107,000 after acquiring an additional 90,367 shares in the last quarter. Finally, Acadian Asset Management LLC raised its position in shares of Progyny by 243.6% in the 1st quarter. Acadian Asset Management LLC now owns 205,650 shares of the company’s stock valued at $4,589,000 after purchasing an additional 145,802 shares in the last quarter. Institutional investors and hedge funds own 94.93% of the company’s stock.

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.