Progyny, Inc. (NASDAQ:PGNY) Receives $24.90 Consensus Target Price from Brokerages

Key Points

• Progyny, Inc. has received a consensus rating of "Moderate Buy" from eleven analysts, with an average twelve-month price target of $24.90.
• The recent earnings report indicated a missed EPS estimate ($0.19 vs. $0.42) despite revenue increasing by 9.5% to $332.87 million compared to the same quarter last year.
• Insiders recently sold shares of Progyny, with significant transactions reducing their ownership by approximately 16.67% and 15.93%.

Progyny, Inc. (NASDAQ:PGNY - Get Free Report) has been given a consensus recommendation of "Moderate Buy" by the eleven brokerages that are covering the stock, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a hold recommendation, six have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $24.90.

PGNY has been the topic of several recent analyst reports. Truist Financial lifted their price objective on shares of Progyny from $24.00 to $27.00 and gave the stock a "hold" rating in a research note on Thursday, July 17th. Cantor Fitzgerald reissued an "overweight" rating and set a $28.00 price target (up from $26.00) on shares of Progyny in a research report on Friday, August 8th. Leerink Partnrs upgraded shares of Progyny from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 8th. Raymond James Financial set a $28.00 target price on Progyny in a research note on Friday, August 8th. Finally, Wall Street Zen upgraded Progyny from a "hold" rating to a "buy" rating in a report on Saturday, July 26th.

Progyny Trading Up 1.6%

Shares of PGNY traded up $0.38 during mid-day trading on Friday, hitting $23.78. 880,075 shares of the company traded hands, compared to its average volume of 1,116,568. The stock has a market capitalization of $2.04 billion, a price-to-earnings ratio of 40.31, a PEG ratio of 2.29 and a beta of 1.32. The business has a 50-day moving average of $22.45 and a 200 day moving average of $22.17. Progyny has a one year low of $13.39 and a one year high of $26.76.

Progyny (NASDAQ:PGNY - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.42 by ($0.23). The firm had revenue of $332.87 million for the quarter, compared to the consensus estimate of $315.70 million. Progyny had a return on equity of 10.69% and a net margin of 4.28%. The business's revenue for the quarter was up 9.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.17 earnings per share. As a group, analysts anticipate that Progyny will post 0.6 earnings per share for the current year.

Insider Activity at Progyny

In related news, Director Cheryl Scott sold 2,675 shares of the business's stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $22.07, for a total transaction of $59,037.25. Following the transaction, the director owned 14,112 shares in the company, valued at $311,451.84. The trade was a 15.93% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kevin K. Gordon sold 2,500 shares of the stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $22.04, for a total transaction of $55,100.00. Following the transaction, the director directly owned 12,501 shares in the company, valued at $275,522.04. This trade represents a 16.67% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 9.40% of the company's stock.

Institutional Investors Weigh In On Progyny

Institutional investors and hedge funds have recently made changes to their positions in the business. Cetera Trust Company N.A lifted its position in shares of Progyny by 303.1% during the 2nd quarter. Cetera Trust Company N.A now owns 1,310 shares of the company's stock worth $29,000 after buying an additional 985 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of Progyny during the first quarter valued at approximately $44,000. Militia Capital Partners LP lifted its holdings in Progyny by 100.0% during the first quarter. Militia Capital Partners LP now owns 2,000 shares of the company's stock worth $45,000 after acquiring an additional 1,000 shares during the period. Natixis bought a new stake in Progyny during the fourth quarter worth $69,000. Finally, Brooklyn Investment Group boosted its position in Progyny by 5,216.4% in the first quarter. Brooklyn Investment Group now owns 3,243 shares of the company's stock worth $72,000 after purchasing an additional 3,182 shares during the last quarter. Institutional investors and hedge funds own 94.93% of the company's stock.

About Progyny

Progyny, Inc, a benefits management company, specializes in fertility and family building benefits solutions in the United States. Its fertility benefits solution includes differentiated benefits plan design, personalized concierge-style member support services, and selective network of fertility specialists.