Progyny (NASDAQ:PGNY) Downgraded to Hold Rating by Barclays

Key Points

• Barclays downgraded Progyny from “strong buy” to “hold,” although the broader analyst consensus remains “Moderate Buy” with an average price target of $33.25.
• Progyny reported quarterly adjusted earnings of $0.50 per share, beating estimates of $0.26, while revenue reached $328.5 million; however, revenue declined 26.4% year over year.
• The company authorized a $200 million share-repurchase program, allowing it to buy back up to 10.3% of outstanding shares, while insiders have sold $939,875 worth of stock over the past three months.

Progyny (NASDAQ:PGNY - Get Free Report) was downgraded by Barclays from a "strong-buy" rating to a "hold" rating in a report issued on Tuesday,Zacks.com reports.

Other research analysts also recently issued research reports about the stock. BTIG Research boosted their price objective on shares of Progyny from $30.00 to $40.00 and gave the stock a "buy" rating in a report on Friday, July 24th. Citizens Jmp lifted their target price on Progyny from $30.00 to $31.00 and gave the stock a "market outperform" rating in a research report on Monday, May 11th. Wall Street Zen downgraded Progyny from a "strong-buy" rating to a "buy" rating in a research report on Saturday. Leerink Partners set a $38.00 target price on Progyny in a research note on Wednesday, July 22nd. Finally, Bank of America raised their target price on Progyny from $29.00 to $31.00 and gave the stock a "buy" rating in a research report on Tuesday, June 2nd. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $33.25.

Progyny Stock Down 2.6%

Shares of NASDAQ PGNY opened at $30.76 on Tuesday. The business's 50 day moving average is $28.18 and its two-hundred day moving average is $23.14. The company has a market cap of $2.41 billion, a P/E ratio of 39.95, a P/E/G ratio of 2.51 and a beta of 1.01. Progyny has a 12 month low of $16.10 and a 12 month high of $33.06.

Progyny (NASDAQ:PGNY - Get Free Report) last posted its quarterly earnings data on Thursday, May 7th. The company reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.24. The company had revenue of $328.50 million during the quarter, compared to analysts' expectations of $326.46 million. Progyny had a return on equity of 13.34% and a net margin of 5.23%.Progyny's revenue for the quarter was down 26.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.17 earnings per share. Progyny has set its FY 2026 guidance at 1.980-2.09 EPS and its Q2 2026 guidance at 0.500-0.53 EPS. Sell-side analysts expect that Progyny will post 1.19 earnings per share for the current fiscal year.

Progyny declared that its board has initiated a stock repurchase program on Tuesday, May 26th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the company to repurchase up to 10.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board of directors believes its stock is undervalued.

Insider Buying and Selling

In other news, CFO Mark S. Livingston sold 2,517 shares of the company's stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $25.50, for a total value of $64,183.50. Following the sale, the chief financial officer owned 74,688 shares of the company's stock, valued at approximately $1,904,544. This represents a 3.26% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Cheryl Scott sold 7,439 shares of Progyny stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $26.39, for a total transaction of $196,315.21. Following the transaction, the director directly owned 19,772 shares of the company's stock, valued at $521,783.08. This represents a 27.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 36,916 shares of company stock worth $939,875 in the last three months. Company insiders own 9.90% of the company's stock.

Hedge Funds Weigh In On Progyny

Several institutional investors have recently bought and sold shares of PGNY. Easterly Investment Partners LLC raised its holdings in shares of Progyny by 197.4% in the fourth quarter. Easterly Investment Partners LLC now owns 146,013 shares of the company's stock valued at $3,750,000 after buying an additional 96,912 shares during the last quarter. First Eagle Investment Management LLC increased its position in Progyny by 40.2% in the 4th quarter. First Eagle Investment Management LLC now owns 212,612 shares of the company's stock valued at $5,460,000 after acquiring an additional 60,912 shares in the last quarter. Simcoe Capital LLC bought a new position in shares of Progyny in the fourth quarter worth about $3,902,000. CenterBook Partners LP lifted its position in shares of Progyny by 36.2% during the fourth quarter. CenterBook Partners LP now owns 578,171 shares of the company's stock worth $14,847,000 after purchasing an additional 153,778 shares in the last quarter. Finally, Louisiana State Employees Retirement System bought a new stake in shares of Progyny during the first quarter valued at approximately $604,000. Institutional investors own 94.93% of the company's stock.

About Progyny

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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