598,815 Shares of Progyny, Inc. $PGNY Bought by Bank of America Corp DE

Key Points

• Bank of America acquired 598,815 Progyny shares worth approximately $17.3 million in the second quarter, giving it a 0.78% stake. Institutional investors and hedge funds collectively own 94.93% of the company.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $34.36, despite Barclays lowering its target to $30.
• Progyny beat quarterly expectations with earnings of $0.55 per share versus a $0.33 estimate and revenue of $350.5 million. However, director Kevin Gordon sold 11,500 shares, reducing his direct ownership by 62.87%.

Bank of America Corp DE acquired a new stake in Progyny, Inc. (NASDAQ:PGNY - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 598,815 shares of the company's stock, valued at approximately $17,264,000. Bank of America Corp DE owned 0.78% of Progyny at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Man Group plc bought a new position in Progyny during the 2nd quarter worth $1,019,000. Jupiter Topco LLC bought a new stake in shares of Progyny in the 2nd quarter valued at $12,986,000. AWM Investment Company Inc. bought a new stake in shares of Progyny in the 2nd quarter valued at $6,343,000. Hsbc Holdings PLC acquired a new stake in shares of Progyny during the second quarter worth $760,000. Finally, Canada Pension Plan Investment Board acquired a new stake in shares of Progyny during the second quarter worth $680,000. 94.93% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on PGNY shares. Barclays dropped their target price 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. Citigroup reissued an "outperform" rating on shares of Progyny in a research report on Tuesday, September 8th. Zacks Research raised Progyny from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 8th. Canaccord Genuity Group set a $35.00 target price on Progyny in a research report on Friday, August 7th. Finally, Truist Financial raised their target price on Progyny from $33.00 to $36.00 and gave the stock a "buy" rating in a research note on Thursday, August 13th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $34.36.

Insiders Place Their Bets

In other news, Director Kevin Gordon sold 11,500 shares of the company's stock in a transaction dated Thursday, September 10th. The stock was sold at an average price of $27.94, for a total transaction of $321,310.00. Following the sale, the director directly owned 6,792 shares in the company, valued at $189,768.48. This represents a 62.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 9.90% of the stock is owned by insiders.

Progyny Stock Performance

Shares of NASDAQ:PGNY opened at $25.97 on Friday. The business's 50 day simple moving average is $27.89 and its two-hundred day simple moving average is $24.53. The firm has a market cap of $1.99 billion, a P/E ratio of 28.23, a PEG ratio of 1.81 and a beta of 0.99. Progyny, Inc. has a 52-week low of $16.10 and a 52-week high of $33.06.

Progyny (NASDAQ:PGNY - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported $0.55 EPS for the quarter, beating analysts' consensus estimates of $0.33 by $0.22. The business had revenue of $350.51 million during the quarter, compared to analyst estimates of $349.05 million. Progyny had a net margin of 6.00% and a return on equity of 15.98%. Progyny's quarterly revenue was up 5.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.19 EPS. Progyny has set its Q3 2026 guidance at 0.500-0.520 EPS and its FY 2026 guidance at 2.040-2.100 EPS. On average, equities analysts forecast that Progyny, Inc. will post 1.25 earnings per share for the current fiscal year.

About Progyny

Progyny, Inc is a benefits management company that provides fertility and family-building solutions to employers and their employees. Its platform is designed to support individuals and couples pursuing fertility treatment, including in vitro fertilization, egg freezing, donor services, gestational surrogacy and adoption.

The company's services combine access to a network of fertility specialists with personalized guidance, care coordination and treatment support. Progyny also offers pharmacy benefits through Progyny Rx, helping members obtain and manage medications commonly used in fertility treatments.

Progyny primarily serves employer-sponsored benefit programs in the United States.

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