Wall Street Zen Upgrades Progyny (NASDAQ:PGNY) to Buy

Key Points

• Progyny's stock rating was upgraded from "hold" to "buy" by Wall Street Zen, signaling increased analyst confidence in the company's performance.
• Analyst target prices for Progyny vary, with estimates ranging from $21.00 to $28.00, reflecting differing outlooks among investment firms.
• Despite a strong revenue report showing a 16.5% year-over-year increase, Progyny missed its earnings estimates for the latest quarter.

Wall Street Zen upgraded shares of Progyny (NASDAQ:PGNY - Free Report) from a hold rating to a buy rating in a report released on Saturday.

A number of other brokerages also recently weighed in on PGNY. Canaccord Genuity Group decreased their price objective on shares of Progyny from $23.00 to $21.00 and set a "hold" rating for the company in a research report on Monday, May 12th. Truist Financial boosted their target price 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. BTIG Research raised shares of Progyny from a "neutral" rating to a "buy" rating and set a $28.00 target price for the company in a research note on Monday, March 31st. Leerink Partners raised shares of Progyny from a "market perform" rating to an "outperform" rating and set a $28.00 price objective for the company in a research note on Tuesday, July 8th. Finally, Leerink Partnrs raised shares of Progyny from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 8th. Five research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Progyny has a consensus rating of "Moderate Buy" and a consensus price target of $24.82.

Progyny Stock Performance

Shares of PGNY traded up $0.15 during midday trading on Friday, hitting $23.35. 63,469 shares of the company traded hands, compared to its average volume of 1,438,543. The firm has a 50 day moving average of $21.96 and a 200-day moving average of $22.04. Progyny has a 52 week low of $13.39 and a 52 week high of $29.65. The stock has a market cap of $2.00 billion, a price-to-earnings ratio of 40.97, a PEG ratio of 2.32 and a beta of 1.31.

Progyny (NASDAQ:PGNY - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported $0.17 EPS for the quarter, missing analysts' consensus estimates of $0.45 by ($0.28). Progyny had a return on equity of 10.90% and a net margin of 4.33%. The business had revenue of $324.04 million during the quarter, compared to the consensus estimate of $307.86 million. During the same period last year, the firm earned $0.17 EPS. The business's quarterly revenue was up 16.5% on a year-over-year basis. Sell-side analysts predict that Progyny will post 0.6 earnings per share for the current fiscal year.

Insider Buying and Selling at Progyny

In related news, Director Cheryl Scott sold 2,675 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the director owned 14,112 shares of the company's stock, valued at approximately $311,451.84. This represents a 15.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 9.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Progyny

Institutional investors have recently bought and sold shares of the business. Wealth Enhancement Advisory Services LLC purchased a new stake in Progyny during the first quarter worth approximately $354,000. Oppenheimer Asset Management Inc. boosted its stake in shares of Progyny by 18.7% in the first quarter. Oppenheimer Asset Management Inc. now owns 34,675 shares of the company's stock valued at $775,000 after purchasing an additional 5,459 shares during the period. GAMMA Investing LLC boosted its stake in shares of Progyny by 233.9% in the first quarter. GAMMA Investing LLC now owns 5,379 shares of the company's stock valued at $120,000 after purchasing an additional 3,768 shares during the period. Cerity Partners LLC purchased a new position in shares of Progyny in the fourth quarter valued at $229,000. Finally, Voya Investment Management LLC boosted its stake in shares of Progyny by 1.4% in the fourth quarter. Voya Investment Management LLC now owns 51,792 shares of the company's stock valued at $893,000 after purchasing an additional 701 shares during the period. 94.93% of the stock is currently owned by hedge funds and other institutional investors.

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.