Progyny (NASDAQ:PGNY) Shares Up 7.1% - Time to Buy?

Progyny, Inc. (NASDAQ:PGNY - Get Free Report)'s stock price traded up 7.1% during trading on Tuesday . The stock traded as high as $22.60 and last traded at $22.98. 245,123 shares were traded during mid-day trading, a decline of 86% from the average session volume of 1,699,695 shares. The stock had previously closed at $21.45.

Analysts Set New Price Targets

Several research analysts have recently weighed in on PGNY shares. Leerink Partnrs raised shares of Progyny from a "hold" rating to a "strong-buy" rating in a report on Tuesday. Leerink Partners upgraded Progyny from a "market perform" rating to an "outperform" rating and set a $28.00 target price on the stock in a research note on Tuesday. BTIG Research raised Progyny from a "neutral" rating to a "buy" rating and set a $28.00 price target on the stock in a report on Monday, March 31st. Finally, Canaccord Genuity Group dropped their price target on Progyny from $23.00 to $21.00 and set a "hold" rating for the company in a research report on Monday, May 12th. Five research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Progyny has a consensus rating of "Moderate Buy" and an average target price of $24.09.

Progyny Price Performance

The company has a 50 day simple moving average of $21.81 and a 200-day simple moving average of $21.53. The stock has a market cap of $1.99 billion, a P/E ratio of 40.72, a price-to-earnings-growth ratio of 2.43 and a beta of 1.31.

Progyny (NASDAQ:PGNY - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.17 earnings per share for the quarter, missing analysts' consensus estimates of $0.45 by ($0.28). The firm had revenue of $324.04 million for the quarter, compared to analysts' expectations of $307.86 million. Progyny had a net margin of 4.33% and a return on equity of 10.90%. The business's quarterly revenue was up 16.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.17 earnings per share. As a group, research analysts expect that Progyny, Inc. will post 0.6 earnings per share for the current year.

Insider Buying and Selling at Progyny

In related news, Director Cheryl Scott sold 2,675 shares of the stock in a transaction 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 transaction, the director owned 14,112 shares of the company's stock, valued at approximately $311,451.84. This trade represents a 15.93% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 9.40% of the company's stock.

Institutional Trading of Progyny

Several hedge funds have recently added to or reduced their stakes in PGNY. Victory Capital Management Inc. increased its holdings in shares of Progyny by 79.4% in the fourth quarter. Victory Capital Management Inc. now owns 203,277 shares of the company's stock worth $3,507,000 after buying an additional 89,941 shares during the period. PNC Financial Services Group Inc. grew its position in Progyny by 129.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 19,967 shares of the company's stock worth $344,000 after acquiring an additional 11,268 shares during the last quarter. Amundi purchased a new position in Progyny in the 4th quarter worth approximately $102,000. First Eagle Investment Management LLC bought a new stake in Progyny in the fourth quarter valued at approximately $2,500,000. Finally, Royce & Associates LP bought a new stake in Progyny in the fourth quarter valued at approximately $339,000. 94.93% of the stock is owned by institutional investors.

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.