Progyny (NASDAQ:PGNY) Releases Earnings Results, Beats Expectations By $0.21 EPS

Key Points

• Progyny reported quarterly EPS of $0.52, beating analyst expectations of $0.31 by $0.21. Revenue was $341.25 million, slightly above the $340.76 million consensus.
• Shares rose 3.6% to $30.10 on Wednesday following the results.
• Analysts maintain a “Moderate Buy” consensus, with a consensus price target of $34.36; nine analysts rate the stock Buy and four rate it Hold.

Progyny (NASDAQ:PGNY - Get Free Report) issued its earnings results on Wednesday. The company reported $0.52 EPS for the quarter, beating analysts' consensus estimates of $0.31 by $0.21, FiscalAI reports. 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 15.98% and a net margin of 6.00%.

Progyny Trading Up 3.6%

NASDAQ PGNY traded up $1.04 on Wednesday, hitting $30.10. 1,244,780 shares of the company were exchanged, compared to its average volume of 1,358,751. The company has a market cap of $2.31 billion, a P/E ratio of 32.72, a P/E/G ratio of 2.03 and a beta of 0.97. Progyny has a 1-year low of $16.10 and a 1-year high of $33.06. The firm has a 50 day moving average of $27.03 and a two-hundred day moving average of $24.46.

Wall Street Analysts Forecast Growth

PGNY has been the subject of a number of recent research reports. Weiss Ratings raised 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 Progyny in a research note on Friday, August 7th. JPMorgan Chase & Co. boosted their target price on shares of Progyny from $27.00 to $30.00 and gave the company a "neutral" rating in a research note on Friday, August 21st. KeyCorp increased their target price on shares of Progyny from $30.00 to $35.00 and gave the stock an "overweight" rating in a research report on Monday, July 13th. Finally, Citizens Jmp lifted their price target on shares of Progyny from $31.00 to $33.00 and gave the company a "market outperform" rating in a report on Tuesday, September 8th. Nine analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $34.36.

Insider Activity

In related news, COO Melissa Cummings sold 1,879 shares of the business's stock in a transaction that occurred on Wednesday, October 14th. The shares were sold at an average price of $28.00, for a total value of $52,612.00. Following the completion of the transaction, the chief operating officer owned 66,496 shares in the company, valued at $1,861,888. The trade was a 2.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Allison Swartz sold 3,903 shares of the company's stock in a transaction on Wednesday, September 23rd. The stock was sold at an average price of $26.10, for a total value of $101,868.30. Following the transaction, the executive vice president directly owned 75,816 shares in the company, valued at approximately $1,978,797.60. This represents a 4.90% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 17,282 shares of company stock valued at $475,790 over the last three months. 9.90% of the stock is owned by insiders.

Progyny Company Profile

Progyny, Inc is a benefits-management company focused on fertility and family-building care. The company works with employers to provide comprehensive benefits that help members access fertility treatments and related services through a network of specialized providers.

Its offerings include coverage and support for services such as in vitro fertilization, fertility testing, egg and sperm freezing, donor services, gestational surrogacy, and adoption. Progyny also provides pharmacy benefits through Progyny Rx, as well as personalized guidance intended to help members navigate treatment options, providers, and the broader family-building process.

Progyny primarily serves self-insured employers and their employees in the United States.

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