Easterly Investment Partners LLC Raises Stock Position in Progyny, Inc. $PGNY

Key Points

• Easterly Investment Partners increased its Progyny stake by 197.4% in the fourth quarter, bringing its holdings to 146,013 shares valued at about $3.75 million.
• Progyny reported stronger-than-expected quarterly results, with EPS of $0.50 versus $0.26 expected and revenue of $328.5 million, though sales were still down 26.4% year over year.
• The company announced a new $200 million share repurchase program, while analysts remain generally bullish with a Moderate Buy consensus and a $29.55 average price target.

Easterly Investment Partners LLC increased its stake in Progyny, Inc. (NASDAQ:PGNY - Free Report) by 197.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 146,013 shares of the company's stock after purchasing an additional 96,912 shares during the quarter. Easterly Investment Partners LLC owned 0.17% of Progyny worth $3,750,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Barclays PLC boosted its stake in shares of Progyny by 79.2% during the 3rd quarter. Barclays PLC now owns 1,575,470 shares of the company's stock worth $33,904,000 after acquiring an additional 696,447 shares during the last quarter. Ameriprise Financial Inc. boosted its stake in shares of Progyny by 37.6% during the 2nd quarter. Ameriprise Financial Inc. now owns 1,996,957 shares of the company's stock worth $43,933,000 after acquiring an additional 545,431 shares during the last quarter. Norges Bank purchased a new position in shares of Progyny during the 4th quarter worth $10,167,000. CenterBook Partners LP boosted its stake in shares of Progyny by 272.7% during the 3rd quarter. CenterBook Partners LP now owns 424,393 shares of the company's stock worth $9,133,000 after acquiring an additional 310,516 shares during the last quarter. Finally, Qube Research & Technologies Ltd boosted its stake in shares of Progyny by 161.6% during the 3rd quarter. Qube Research & Technologies Ltd now owns 457,015 shares of the company's stock worth $9,835,000 after acquiring an additional 282,322 shares during the last quarter. Hedge funds and other institutional investors own 94.93% of the company's stock.

Progyny Price Performance

Shares of PGNY stock opened at $25.56 on Monday. The company has a market capitalization of $2.00 billion, a price-to-earnings ratio of 33.19, a PEG ratio of 1.36 and a beta of 1.03. Progyny, Inc. has a one year low of $16.10 and a one year high of $28.75. The company's fifty day moving average price is $19.83 and its 200-day moving average price is $22.24.

Progyny (NASDAQ:PGNY - Get Free Report) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.50 EPS for the quarter, beating the consensus estimate of $0.26 by $0.24. The firm had revenue of $328.50 million for the quarter, compared to the consensus estimate of $326.47 million. Progyny had a net margin of 5.23% and a return on equity of 13.34%. The company's revenue was down 26.4% on a year-over-year basis. During the same period last year, the firm earned $0.17 EPS. Progyny has set its FY 2026 guidance at 1.980-2.09 EPS and its Q2 2026 guidance at 0.500-0.53 EPS. Equities research analysts expect that Progyny, Inc. will post 1.12 earnings per share for the current fiscal year.

Progyny announced that its Board of Directors has initiated a share repurchase plan on Tuesday, May 26th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 10.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board believes its stock is undervalued.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Wall Street Zen upgraded shares of Progyny from a "hold" rating to a "buy" rating in a research note on Saturday, April 18th. BTIG Research dropped their price target on shares of Progyny from $35.00 to $30.00 and set a "buy" rating on the stock in a research note on Thursday, March 5th. Citizens Jmp lifted their price target on shares of Progyny from $30.00 to $31.00 and gave the stock a "market outperform" rating in a research note on Monday, May 11th. Barclays lifted their price target on shares of Progyny from $23.00 to $27.00 and gave the stock an "overweight" rating in a research note on Friday, May 15th. Finally, Truist Financial lifted their price target on shares of Progyny from $28.00 to $30.00 and gave the stock a "buy" rating in a research note on Monday, May 11th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $29.55.

Insider Activity

In other news, Director Kevin K. Gordon sold 5,500 shares of the firm's stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $24.99, for a total transaction of $137,445.00. Following the sale, the director directly owned 9,318 shares in the company, valued at $232,856.82. This trade represents a 37.12% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Melissa B. Cummings sold 9,578 shares of the firm's stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $25.00, for a total transaction of $239,450.00. Following the sale, the chief operating officer owned 73,371 shares in the company, valued at $1,834,275. The trade was a 11.55% 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 28,609 shares of company stock valued at $679,446 over the last 90 days. Company insiders own 9.90% of the company's stock.

Progyny Company Profile

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.

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