Progyny (NASDAQ:PGNY) Sets New 52-Week High Following Analyst Upgrade

Progyny, Inc. (NASDAQ:PGNY)’s stock price reached a new 52-week high on Thursday after Truist Financial upgraded the stock from a hold rating to a buy rating. Truist Financial now has a $34.00 price target on the stock. Progyny traded as high as $28.49 and last traded at $27.7490, with a volume of 232865 shares. The stock had previously closed at $26.80.

Several other brokerages also recently weighed in on PGNY. KeyCorp increased their price target on Progyny from $30.00 to $32.00 and gave the stock an “overweight” rating in a research report on Thursday. JPMorgan Chase & Co. upped their target price on Progyny from $25.00 to $26.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 11th. Zacks Research raised Progyny from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 1st. Weiss Ratings reiterated a “hold (c)” rating on shares of Progyny in a research report on Monday, December 29th. Finally, Canaccord Genuity Group upped their price objective on Progyny from $23.00 to $26.00 and gave the stock a “hold” rating in a research report on Monday, November 17th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, Progyny presently has an average rating of “Moderate Buy” and a consensus price target of $28.40.

Insider Transactions at Progyny

In related news, CEO Peter Anevski acquired 79,500 shares of the stock in a transaction on Thursday, November 13th. The shares were bought at an average price of $24.29 per share, with a total value of $1,931,055.00. Following the completion of the purchase, the chief executive officer owned 680,251 shares of the company’s stock, valued at approximately $16,523,296.79. This represents a 13.23% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Mark S. Livingston sold 21,303 shares of the firm’s stock in a transaction on Monday, November 17th. The stock was sold at an average price of $25.50, for a total value of $543,226.50. Following the completion of the sale, the chief financial officer directly owned 48,358 shares of the company’s stock, valued at $1,233,129. This trade represents a 30.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 22,046 shares of company stock valued at $561,691. 9.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Nordea Investment Management AB boosted its position in Progyny by 0.6% in the 2nd quarter. Nordea Investment Management AB now owns 183,362 shares of the company’s stock valued at $4,052,000 after buying an additional 1,140 shares during the period. Cresset Asset Management LLC raised its stake in shares of Progyny by 715.3% in the second quarter. Cresset Asset Management LLC now owns 85,053 shares of the company’s stock valued at $1,871,000 after acquiring an additional 74,621 shares in the last quarter. Voya Investment Management LLC raised its stake in shares of Progyny by 258.2% in the first quarter. Voya Investment Management LLC now owns 185,495 shares of the company’s stock valued at $4,144,000 after acquiring an additional 133,703 shares in the last quarter. Millennium Management LLC boosted its holdings in Progyny by 7.5% in the first quarter. Millennium Management LLC now owns 1,302,890 shares of the company’s stock valued at $29,107,000 after purchasing an additional 90,367 shares during the period. Finally, Y Intercept Hong Kong Ltd grew its stake in Progyny by 88.0% during the 2nd quarter. Y Intercept Hong Kong Ltd now owns 56,196 shares of the company’s stock worth $1,236,000 after purchasing an additional 26,310 shares in the last quarter. 94.93% of the stock is currently owned by institutional investors and hedge funds.

Progyny Trading Down 1.6%

The company has a fifty day simple moving average of $25.04 and a two-hundred day simple moving average of $23.04. The company has a market cap of $2.33 billion, a PE ratio of 42.84, a P/E/G ratio of 1.74 and a beta of 0.93.

Progyny (NASDAQ:PGNY) last released its quarterly earnings data on Thursday, November 6th. The company reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.06. The company had revenue of $313.35 million during the quarter, compared to the consensus estimate of $299.23 million. Progyny had a net margin of 4.46% and a return on equity of 10.71%. Progyny’s revenue for the quarter was up 9.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.11 earnings per share. Progyny has set its FY 2025 guidance at 1.790-1.820 EPS and its Q4 2025 guidance at 0.370-0.400 EPS. On average, research analysts anticipate that Progyny, Inc. will post 0.6 EPS for the current fiscal year.

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.