Progyny, Inc. (NASDAQ:PGNY) Stock Has Average Price Target of $35.33 According to Analysts

Key Points

• Analysts are moderately bullish: Progyny has a “Moderate Buy” consensus from 15 firms, with 11 buy ratings and an average 12-month price target of $35.33.
• Quarterly results beat earnings expectations: Progyny reported EPS of $0.52 versus the $0.31 consensus, while revenue rose 8.9% year over year to $341.25 million.
• Top executives sold sizable stakes: The CEO and chairman each sold about 161,000 shares on Nov. 9 under pre-arranged Rule 10b5-1 plans.

Progyny, Inc. (NASDAQ:PGNY - Get Free Report) has been given a consensus rating of "Moderate Buy" by the fifteen research firms that are covering the firm, Marketbeat reports. Four analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $35.33.

PGNY has been the subject of several research reports. Truist Financial raised their price target on Progyny from $33.00 to $36.00 and gave the company a "buy" rating in a report on Thursday, August 13th. Barclays decreased their price objective on shares of Progyny from $34.00 to $30.00 and set an "equal weight" rating on the stock in a report on Wednesday, August 12th. Jefferies Financial Group set a $33.00 price objective on shares of Progyny in a research report on Tuesday, September 8th. KeyCorp lifted their target price on shares of Progyny from $30.00 to $35.00 and gave the stock an "overweight" rating in a report on Monday, July 13th. Finally, Cantor Fitzgerald raised their price objective on shares of Progyny from $31.00 to $35.00 and gave the stock an "overweight" rating in a research report on Thursday, November 5th.

Insider Activity at Progyny

In related news, Chairman David Schlanger sold 161,208 shares of Progyny stock in a transaction that occurred on Monday, November 9th. The stock was sold at an average price of $35.73, for a total transaction of $5,759,961.84. Following the completion of the sale, the chairman directly owned 238,462 shares of the company's stock, valued at approximately $8,520,247.26. This trade represents a 40.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Peter Anevski sold 161,308 shares of Progyny stock in a transaction that occurred on Monday, November 9th. The stock was sold at an average price of $35.73, for a total value of $5,763,534.84. Following the sale, the chief executive officer directly owned 762,468 shares of the company's stock, valued at approximately $27,242,981.64. The trade was a 17.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 357,276 shares of company stock valued at $12,602,622 in the last 90 days. Corporate insiders own 9.90% of the company's stock.

Hedge Funds Weigh In On Progyny

Several hedge funds and other institutional investors have recently made changes to their positions in PGNY. Bank of America Corp DE bought a new position in Progyny during the second quarter worth $17,264,000. Hsbc Holdings PLC acquired a new position in Progyny in the second quarter valued at $760,000. AWM Investment Company Inc. bought a new stake in Progyny during the second quarter valued at $6,343,000. Corient Private Wealth LP bought a new stake in Progyny during the second quarter valued at $3,488,000. Finally, Squarepoint Ops LLC bought a new stake in Progyny during the second quarter valued at $1,705,000. 94.93% of the stock is currently owned by institutional investors and hedge funds.

Key Progyny News

Here are the key news stories impacting Progyny this week:

• Positive Sentiment: Wall Street Zen upgraded Progyny to “Strong Buy,” providing a bullish signal for the stock. Article: Progyny Upgraded to Strong-Buy at Wall Street Zen
• Neutral Sentiment: JPMorgan raised its price target to $35 from $30 but kept a “Neutral” rating, indicating a higher valuation expectation without an outright bullish call. JPMorgan ratings
• Negative Sentiment: CEO Peter Anevski and Chairman David Schlanger each reported selling about 161,000 shares on Nov. 9, in addition to smaller sales reported for Nov. 5. The sizable sales could raise investor concerns about insider confidence, although the transactions were conducted under pre-arranged Rule 10b5-1 plans. CEO SEC filing Chairman SEC filing

Progyny Stock Performance

Progyny stock opened at $35.95 on Tuesday. The stock has a 50-day simple moving average of $27.65 and a 200 day simple moving average of $24.64. The stock has a market capitalization of $2.76 billion, a P/E ratio of 32.98, a PEG ratio of 2.08 and a beta of 0.97. Progyny has a 52 week low of $16.10 and a 52 week high of $36.00.

Progyny (NASDAQ:PGNY - Get Free Report) last released its quarterly earnings data on Wednesday, November 4th. The company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.21. Progyny had a return on equity of 19.23% and a net margin of 6.80%. The firm had revenue of $341.25 million for the quarter, compared to analyst estimates of $340.76 million. During the same quarter in the prior year, the company earned $0.15 earnings per share. The business's revenue for the quarter was up 8.9% compared to the same quarter last year. Research analysts forecast that Progyny will post 1.25 earnings per share for the current year.

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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