Progyny (NASDAQ:PGNY) Shares Gap Up After Analyst Upgrade

Key Points

• Progyny's stock price increased significantly after Cantor Fitzgerald raised its price target from $26.00 to $28.00, resulting in an opening price of $26.21 compared to a previous close of $23.06.
• Several analysts upgraded their ratings on Progyny, with the current consensus rating being a "Moderate Buy" and an average target price of $24.90.
• Insider trading activity was noted, including the sale of 2,675 shares by Director Cheryl Scott, which resulted in a 15.93% decrease in her ownership stake in the company.

Progyny, Inc. (NASDAQ:PGNY - Get Free Report)'s stock price gapped up prior to trading on Friday after Cantor Fitzgerald raised their price target on the stock from $26.00 to $28.00. The stock had previously closed at $23.06, but opened at $26.21. Cantor Fitzgerald currently has an overweight rating on the stock. Progyny shares last traded at $22.64, with a volume of 414,785 shares traded.

Other analysts also recently issued research reports about the company. Canaccord Genuity Group dropped their target price on 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 Progyny from $24.00 to $27.00 and gave the stock a "hold" rating in a research report on Thursday, July 17th. Wall Street Zen upgraded Progyny from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Leerink Partners upgraded Progyny from a "market perform" rating to an "outperform" rating and set a $28.00 target price for the company in a research report on Tuesday, July 8th. Finally, Leerink Partnrs upgraded Progyny from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 8th. Four research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $24.90.

Insider Activity

In other news, Director Cheryl Scott sold 2,675 shares of the business'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 transaction, the director directly owned 14,112 shares of the company's stock, valued at approximately $311,451.84. The trade was a 15.93% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 9.40% of the company's stock.

Hedge Funds Weigh In On Progyny

Several hedge funds have recently made changes to their positions in the business. Barclays PLC increased its stake in shares of Progyny by 95.7% during the fourth quarter. Barclays PLC now owns 1,382,205 shares of the company's stock valued at $23,843,000 after buying an additional 676,048 shares during the period. Millennium Management LLC grew its stake in Progyny by 7.5% in the first quarter. Millennium Management LLC now owns 1,302,890 shares of the company's stock worth $29,107,000 after purchasing an additional 90,367 shares during the period. Voloridge Investment Management LLC grew its stake in Progyny by 85.5% in the fourth quarter. Voloridge Investment Management LLC now owns 1,197,993 shares of the company's stock worth $20,665,000 after purchasing an additional 552,066 shares during the period. Dimensional Fund Advisors LP grew its stake in Progyny by 6.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,186,027 shares of the company's stock worth $20,458,000 after purchasing an additional 74,740 shares during the period. Finally, Bank of America Corp DE grew its stake in Progyny by 3.7% in the fourth quarter. Bank of America Corp DE now owns 952,777 shares of the company's stock worth $16,435,000 after purchasing an additional 33,668 shares during the period. 94.93% of the stock is owned by hedge funds and other institutional investors.

Progyny Price Performance

The company has a market capitalization of $1.96 billion, a PE ratio of 38.73, a PEG ratio of 2.29 and a beta of 1.32. The company has a 50 day moving average of $22.32 and a two-hundred day moving average of $22.18.

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

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.