Progyny (NASDAQ:PGNY) Price Target Raised to $28.00

Key Points

• Analysts at Cantor Fitzgerald have raised the price target for Progyny (NASDAQ:PGNY) from $26.00 to $28.00, indicating a potential upside of 28.18% based on the company's previous close.
• Progyny's stock has recently experienced a 5.3% decline, trading down to $21.85 on Friday, despite reporting a 9.5% year-over-year increase in revenue for the recent quarter.
• The company has a consensus rating of "Moderate Buy" from analysts, with 4 hold ratings, 7 buy ratings, and 1 strong buy rating currently assigned.

Progyny (NASDAQ:PGNY - Get Free Report) had its price target raised by research analysts at Cantor Fitzgerald from $26.00 to $28.00 in a research note issued on Friday, Marketbeat reports. The firm presently has an "overweight" rating on the stock. Cantor Fitzgerald's target price would indicate a potential upside of 22.54% from the company's previous close.

PGNY has been the subject of a number of other research reports. Leerink Partners raised Progyny from a "market perform" rating to an "outperform" rating and set a $28.00 target price for the company in a report on Tuesday, July 8th. Canaccord Genuity Group lowered their target price on Progyny from $23.00 to $21.00 and set a "hold" rating for the company in a report on Monday, May 12th. Truist Financial upped their target price on Progyny from $24.00 to $27.00 and gave the stock a "hold" rating in a report on Thursday, July 17th. Leerink Partnrs raised Progyny from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 8th. Finally, Wall Street Zen raised Progyny from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Four equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $24.90.

Progyny Price Performance

Shares of PGNY stock traded down $0.21 on Friday, hitting $22.85. 2,655,392 shares of the company's stock were exchanged, compared to its average volume of 951,696. Progyny has a 12 month low of $13.39 and a 12 month high of $26.76. The stock has a market cap of $1.96 billion, a P/E ratio of 38.73, a price-to-earnings-growth ratio of 2.31 and a beta of 1.32. The company has a 50 day moving average of $22.32 and a 200 day moving average of $22.17.

Progyny (NASDAQ:PGNY - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported $0.19 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.42 by ($0.23). Progyny had a return on equity of 11.13% and a net margin of 4.28%. The firm had revenue of $332.87 million during the quarter, compared to analyst estimates of $315.70 million. During the same period in the previous year, the company earned $0.17 EPS. Progyny's revenue for the quarter was up 9.5% on a year-over-year basis. Sell-side analysts predict that Progyny will post 0.6 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Cheryl Scott sold 2,675 shares of the firm's stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $22.07, for a total transaction of $59,037.25. Following the completion of the sale, the director owned 14,112 shares of the company's stock, valued at $311,451.84. This trade represents a 15.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 9.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Progyny

Large investors have recently added to or reduced their stakes in the business. Cetera Trust Company N.A grew its stake in Progyny by 303.1% during the second quarter. Cetera Trust Company N.A now owns 1,310 shares of the company's stock worth $29,000 after purchasing an additional 985 shares during the period. BI Asset Management Fondsmaeglerselskab A S bought a new position in Progyny in the first quarter worth approximately $44,000. Militia Capital Partners LP boosted its holdings in Progyny by 100.0% in 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 in the last quarter. Natixis bought a new position in Progyny in the fourth quarter worth approximately $69,000. Finally, Brooklyn Investment Group boosted its holdings 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 acquiring an additional 3,182 shares in the last quarter. Institutional investors and hedge funds own 94.93% of the company's stock.

Progyny Company Profile

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.