Progyny (NASDAQ:PGNY) Price Target Raised to $35.00

Key Points

• JPMorgan raised Progyny’s price target from $30 to $35 but maintained a neutral rating; the new target implied 2.48% downside from the prior close.
• Analyst sentiment overall was more positive: MarketBeat reported a “Moderate Buy” consensus and an average price target of $35.33, with 11 Buy and four Hold ratings.
• Progyny reported quarterly EPS of $0.52, above the $0.31 consensus estimate, while revenue of $341.25 million slightly exceeded estimates and grew 8.9% year over year.

Progyny (NASDAQ:PGNY - Get Free Report) had its price target raised by equities researchers at JPMorgan Chase & Co. from $30.00 to $35.00 in a report released on Monday, Benzinga reports. The brokerage presently has a "neutral" rating on the stock. JPMorgan Chase & Co.'s target price points to a potential downside of 2.48% from the stock's previous close.

Several other analysts also recently commented on PGNY. Wall Street Zen raised shares of Progyny from a "buy" rating to a "strong-buy" rating in a research report on Sunday. Weiss Ratings upgraded shares of Progyny from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, October 8th. Canaccord Genuity Group set a $35.00 price objective on shares of Progyny in a research note on Friday, August 7th. Barclays decreased their price objective on shares of Progyny from $34.00 to $30.00 and set an "equal weight" rating for the company in a report on Wednesday, August 12th. Finally, Leerink Partners increased their target price on shares of Progyny from $37.00 to $38.00 and gave the stock an "outperform" rating in a research report on Thursday. Eleven investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $35.33.

Progyny Stock Up 3.0%

Shares of NASDAQ:PGNY traded up $1.05 during trading on Monday, reaching $35.89. 1,160,225 shares of the company traded hands, compared to its average volume of 1,364,849. The firm has a fifty day simple moving average of $27.45 and a 200 day simple moving average of $24.59. Progyny has a 1-year low of $16.10 and a 1-year high of $36.00. The firm has a market cap of $2.75 billion, a P/E ratio of 32.94, a price-to-earnings-growth ratio of 1.83 and a beta of 0.97.

Progyny (NASDAQ:PGNY - Get Free Report) last announced its quarterly earnings data on Wednesday, November 4th. The company reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.31 by $0.21. The business had revenue of $341.25 million during the quarter, compared to analyst estimates of $340.76 million. Progyny had a return on equity of 19.82% and a net margin of 6.80%. Progyny's quarterly revenue was up 8.9% compared to the same quarter last year. During the same period last year, the company earned $0.15 earnings per share. As a group, research analysts anticipate that Progyny will post 1.25 EPS for the current year.

Insider Buying and Selling

In related news, COO Melissa B. Cummings sold 1,879 shares of the company's stock in a transaction on Wednesday, October 14th. The shares were sold at an average price of $28.00, for a total transaction of $52,612.00. Following the completion of the sale, the chief operating officer directly owned 66,496 shares of the company's stock, valued at approximately $1,861,888. This represents a 2.75% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Kevin K. Gordon sold 11,500 shares of the firm's stock in a transaction on Thursday, September 10th. The shares were sold at an average price of $27.94, for a total transaction of $321,310.00. Following the completion of the transaction, the director owned 6,792 shares in the company, valued at $189,768.48. The trade was a 62.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 19,421 shares of company stock worth $539,960 over the last ninety days. Company insiders own 9.90% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. acquired a new position in shares of Progyny during the 2nd quarter worth about $334,426,000. Bank of America Corp DE increased its position in Progyny by 75.3% in the 1st quarter. Bank of America Corp DE now owns 1,190,996 shares of the company's stock worth $20,223,000 after buying an additional 511,609 shares during the period. William Blair Investment Management LLC bought a new position in Progyny in the 2nd quarter worth approximately $16,807,000. Danske Bank A S acquired a new position in shares of Progyny during the second quarter worth approximately $15,243,000. Finally, Jupiter Topco LLC acquired a new position in shares of Progyny during the second quarter worth approximately $12,986,000. Institutional investors and hedge funds own 94.93% of the company's stock.

About Progyny

Progyny, Inc provides fertility and family-building benefits to employers and their employees. Its services are designed to help members navigate care options, access fertility specialists and receive support throughout treatment.

The company's offerings include coverage for treatments such as in vitro fertilization and egg freezing, along with fertility medications through its pharmacy benefit. Progyny also supports other family-building paths, including adoption and surrogacy, depending on the plan selected by an employer.

Founded in 2008, Progyny serves employer clients and their workforces in the United States.

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