Progyny (NASDAQ:PGNY) Price Target Raised to $40.00 at BTIG Research

Key Points

• BTIG Research raised Progyny’s price target from $30 to $40 and kept a buy rating, implying about 30% upside from the prior close.
• Analyst sentiment is broadly positive: several firms recently reiterated or upgraded ratings, and MarketBeat shows an average rating of Moderate Buy with a mean price target of $32.67.
• Progyny reported better-than-expected quarterly earnings, with EPS of $0.50 versus $0.26 expected, and its board authorized a $200 million share repurchase program.

Progyny (NASDAQ:PGNY - Get Free Report) had its price objective upped by BTIG Research from $30.00 to $40.00 in a report released on Friday,Benzinga reports. The firm presently has a "buy" rating on the stock. BTIG Research's price target would indicate a potential upside of 30.29% from the company's previous close.

PGNY has been the topic of a number of other research reports. Citigroup restated an "outperform" rating on shares of Progyny in a research note on Monday, May 11th. Zacks Research raised Progyny from a "hold" rating to a "strong-buy" rating in a report on Wednesday, July 8th. Canaccord Genuity Group raised their price target on Progyny from $30.00 to $36.00 and gave the stock a "buy" rating in a research report on Tuesday. Wall Street Zen raised Progyny from a "buy" rating to a "strong-buy" rating in a research note on Saturday, June 27th. Finally, Citizens Jmp upped their price objective on shares of Progyny from $30.00 to $31.00 and gave the stock a "market outperform" rating in a research report 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 given a Hold rating to the company's stock. Based on data from MarketBeat, Progyny currently has an average rating of "Moderate Buy" and an average price target of $32.67.

Progyny Stock Performance

PGNY opened at $30.70 on Friday. The stock has a fifty day moving average of $27.75 and a 200-day moving average of $23.05. The company has a market capitalization of $2.40 billion, a P/E ratio of 39.87, a P/E/G ratio of 2.49 and a beta of 1.01. Progyny has a fifty-two week low of $16.10 and a fifty-two week high of $33.06.

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, beating the consensus estimate of $0.26 by $0.24. Progyny had a net margin of 5.23% and a return on equity of 13.34%. The business had revenue of $328.50 million for the quarter, compared to the consensus estimate of $326.46 million. During the same period in the prior year, the company posted $0.17 earnings per share. Progyny's revenue was down 26.4% compared to the same quarter last year. Progyny has set its FY 2026 guidance at 1.980-2.09 EPS and its Q2 2026 guidance at 0.500-0.53 EPS. On average, equities research analysts predict that Progyny will post 1.19 earnings per share for the current fiscal year.

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

Insider Transactions at Progyny

In other news, insider Geoffrey Clapp sold 1,530 shares of the business's stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $25.58, for a total transaction of $39,137.40. Following the completion of the transaction, the insider owned 59,117 shares of the company's stock, valued at approximately $1,512,212.86. The trade was a 2.52% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Mark S. Livingston sold 2,517 shares of the business's stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $25.50, for a total value of $64,183.50. Following the transaction, the chief financial officer directly owned 74,688 shares of the company's stock, valued at approximately $1,904,544. The trade was a 3.26% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 36,916 shares of company stock worth $939,875. 9.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Progyny

A number of institutional investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada grew its stake in shares of Progyny by 384.8% during the first quarter. Royal Bank of Canada now owns 13,027 shares of the company's stock worth $291,000 after buying an additional 10,340 shares during the last quarter. Amundi lifted its stake in shares of Progyny by 103.8% in the 1st quarter. Amundi now owns 11,419 shares of the company's stock valued at $264,000 after acquiring an additional 5,817 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Progyny by 6.0% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 252,032 shares of the company's stock valued at $5,630,000 after acquiring an additional 14,297 shares in the last quarter. Invesco Ltd. boosted its holdings in shares of Progyny by 37.4% during the 2nd quarter. Invesco Ltd. now owns 379,189 shares of the company's stock valued at $8,342,000 after acquiring an additional 103,253 shares in the last quarter. Finally, Walleye Capital LLC grew its position in Progyny by 6.9% during the 2nd quarter. Walleye Capital LLC now owns 12,080 shares of the company's stock worth $266,000 after acquiring an additional 780 shares during the last quarter. 94.93% of the stock is currently owned by institutional investors and hedge funds.

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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