Progyny (NASDAQ:PGNY) Price Target Raised to $31.00

Key Points

• Bank of America raised Progyny’s price target from $29 to $31 and kept a buy rating, implying about 21.7% upside from the prior close.
• Other analysts have also turned more positive recently, with several price target increases and the stock carrying an overall Moderate Buy consensus and average target of $29.67.
• Progyny reported better-than-expected quarterly EPS of $0.50 and announced a $200 million share repurchase plan, though the shares were trading lower on the day and insiders recently sold stock.

Progyny (NASDAQ:PGNY - Get Free Report) had its target price increased by Bank of America from $29.00 to $31.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Bank of America's price target indicates a potential upside of 21.71% from the stock's previous close.

Several other analysts have also recently weighed in on the company. Canaccord Genuity Group raised Progyny from a "hold" rating to a "buy" rating and increased their price target for the company from $19.00 to $30.00 in a research note on Tuesday, May 19th. Jefferies Financial Group reissued a "buy" rating and issued a $30.00 price target on shares of Progyny in a research note on Friday, March 6th. Barclays increased their price target on Progyny from $23.00 to $27.00 and gave the company an "overweight" rating in a research note on Friday, May 15th. Zacks Research raised Progyny from a "hold" rating to a "strong-buy" rating in a research note on Thursday, May 7th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Progyny in a research note on Friday, March 27th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $29.67.

Progyny Trading Down 2.8%

Shares of PGNY traded down $0.73 during trading hours on Tuesday, hitting $25.47. 1,822,898 shares of the stock traded hands, compared to its average volume of 1,726,606. Progyny has a 1-year low of $16.10 and a 1-year high of $28.75. The business has a fifty day moving average of $19.99 and a 200-day moving average of $22.25. The firm has a market capitalization of $2.00 billion, a PE ratio of 33.38, a price-to-earnings-growth ratio of 1.36 and a beta of 0.91.

Progyny (NASDAQ:PGNY - Get Free Report) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.50 EPS for the quarter, topping analysts' consensus estimates of $0.26 by $0.24. The company had revenue of $328.50 million for the quarter, compared to analyst estimates of $326.47 million. Progyny had a return on equity of 13.34% and a net margin of 5.23%.Progyny's revenue was down 26.4% compared to the same quarter last year. During the same quarter last year, the firm posted $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. As a group, equities research analysts expect that Progyny will post 1.12 earnings per share for the current fiscal year.

Progyny announced that its board has approved a share repurchase plan on Tuesday, May 26th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 10.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's management believes its stock is undervalued.

Insiders Place Their Bets

In other Progyny news, Director Kevin K. Gordon sold 5,500 shares of the business's stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $24.99, for a total value of $137,445.00. Following the transaction, the director owned 9,318 shares of the company's stock, valued at approximately $232,856.82. The trade was a 37.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Mark S. Livingston sold 8,275 shares of the business's stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $25.50, for a total value of $211,012.50. Following the completion of the transaction, the chief financial officer directly owned 79,063 shares in the company, valued at approximately $2,016,106.50. This represents a 9.47% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 23,952 shares of company stock valued at $598,414. Insiders own 9.90% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of Progyny by 2.4% during the 3rd quarter. Vanguard Group Inc. now owns 10,106,147 shares of the company's stock valued at $217,484,000 after purchasing an additional 235,513 shares during the period. State Street Corp raised its stake in shares of Progyny by 1.5% during the 4th quarter. State Street Corp now owns 2,953,186 shares of the company's stock valued at $75,838,000 after purchasing an additional 44,642 shares during the period. Fort Washington Investment Advisors Inc. OH raised its stake in shares of Progyny by 46.9% during the 1st quarter. Fort Washington Investment Advisors Inc. OH now owns 2,693,393 shares of the company's stock valued at $45,734,000 after purchasing an additional 859,289 shares during the period. Wellington Management Group LLP raised its stake in shares of Progyny by 260.9% during the 4th quarter. Wellington Management Group LLP now owns 2,243,268 shares of the company's stock valued at $57,607,000 after purchasing an additional 1,621,688 shares during the period. Finally, Ameriprise Financial Inc. raised 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 valued at $43,933,000 after purchasing an additional 545,431 shares during the period. Institutional investors own 94.93% 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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