Progyny, Inc. (NASDAQ:PGNY) Receives Average Recommendation of “Moderate Buy” from Brokerages

Progyny, Inc. (NASDAQ:PGNY) has earned a consensus rating of “Moderate Buy” from the ten research firms that are currently covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $43.11.

Several brokerages have issued reports on PGNY. Canaccord Genuity Group dropped their price target on Progyny from $46.00 to $37.00 and set a “buy” rating for the company in a research note on Friday, May 10th. Barclays reduced their price target on shares of Progyny from $48.00 to $30.00 and set an “overweight” rating on the stock in a research report on Monday, May 13th. Truist Financial lowered their price objective on shares of Progyny from $46.00 to $37.00 and set a “buy” rating for the company in a report on Friday, May 17th. SVB Leerink began coverage on shares of Progyny in a report on Monday, February 26th. They set an “outperform” rating and a $49.00 target price on the stock. Finally, KeyCorp cut shares of Progyny from an “overweight” rating to a “sector weight” rating in a research report on Friday, May 10th.

Progyny Stock Performance

Shares of PGNY opened at $26.71 on Tuesday. The stock’s 50-day simple moving average is $30.09 and its 200 day simple moving average is $34.82. Progyny has a 52-week low of $23.90 and a 52-week high of $44.95. The stock has a market capitalization of $2.54 billion, a price-to-earnings ratio of 43.79, a price-to-earnings-growth ratio of 1.75 and a beta of 1.46.

Progyny (NASDAQ:PGNY) last posted its earnings results on Thursday, May 9th. The company reported $0.17 EPS for the quarter, topping the consensus estimate of $0.14 by $0.03. The business had revenue of $278.08 million during the quarter, compared to analysts’ expectations of $289.41 million. Progyny had a return on equity of 11.61% and a net margin of 5.53%. The firm’s revenue was up 7.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.18 earnings per share. On average, research analysts forecast that Progyny will post 0.73 earnings per share for the current fiscal year.

Insider Buying and Selling at Progyny

In other news, President Michael E. Sturmer sold 4,515 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $31.95, for a total transaction of $144,254.25. Following the transaction, the president now directly owns 380,038 shares of the company’s stock, valued at $12,142,214.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Progyny news, President Michael E. Sturmer sold 4,515 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $31.95, for a total transaction of $144,254.25. Following the transaction, the president now owns 380,038 shares in the company, valued at approximately $12,142,214.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman David J. Schlanger sold 71,272 shares of the firm’s stock in a transaction that occurred on Wednesday, March 27th. The shares were sold at an average price of $37.80, for a total value of $2,694,081.60. Following the completion of the transaction, the chairman now owns 86,312 shares of the company’s stock, valued at approximately $3,262,593.60. The disclosure for this sale can be found here. Insiders sold 102,770 shares of company stock valued at $3,853,985 in the last 90 days. Insiders own 12.30% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. International Assets Investment Management LLC lifted its holdings in shares of Progyny by 352,414.2% during the fourth quarter. International Assets Investment Management LLC now owns 5,876,411 shares of the company’s stock valued at $218,485,000 after purchasing an additional 5,874,744 shares during the last quarter. Farallon Capital Management LLC purchased a new stake in shares of Progyny in the first quarter worth $22,608,000. Vanguard Group Inc. increased its holdings in shares of Progyny by 7.4% during the third quarter. Vanguard Group Inc. now owns 8,157,604 shares of the company’s stock valued at $277,522,000 after acquiring an additional 565,160 shares in the last quarter. Wellington Management Group LLP purchased a new position in shares of Progyny in the 4th quarter worth about $14,608,000. Finally, Norges Bank bought a new position in Progyny in the 4th quarter worth about $14,198,000. 94.93% of the stock is 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.