Canaccord Genuity Group Forecasts Strong Price Appreciation for Progyny (NASDAQ:PGNY) Stock

Progyny (NASDAQ:PGNY) had its price target hoisted by stock analysts at Canaccord Genuity Group from $30.00 to $36.00 in a note issued to investors on Tuesday, Marketbeat.com reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective would suggest a potential upside of 14.83% from the stock’s previous close.

A number of other equities research analysts have also weighed in on the stock. Citigroup reissued an “outperform” rating on shares of Progyny in a report on Monday, May 11th. Zacks Research raised Progyny from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 8th. Truist Financial boosted their price target on Progyny from $30.00 to $33.00 and gave the company a “buy” rating in a research note on Monday, June 22nd. Citizens Jmp increased their price objective on Progyny from $30.00 to $31.00 and gave the company a “market outperform” rating in a report on Monday, May 11th. Finally, Barclays raised their price objective on Progyny from $23.00 to $27.00 and gave the stock an “overweight” rating in a research note on Friday, May 15th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $31.83.

Progyny Stock Down 2.8%

PGNY opened at $31.35 on Tuesday. The company has a market cap of $2.46 billion, a P/E ratio of 40.71, a price-to-earnings-growth ratio of 2.56 and a beta of 1.01. The firm’s 50-day moving average price is $27.59 and its 200-day moving average price is $23.02. Progyny has a 52-week low of $16.10 and a 52-week high of $33.06.

Progyny (NASDAQ:PGNY) last released its earnings results on Thursday, May 7th. The company reported $0.50 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.24. Progyny had a net margin of 5.23% and a return on equity of 13.34%. The company had revenue of $328.50 million during the quarter, compared to analysts’ expectations of $326.46 million. During the same period last year, the business earned $0.17 EPS. Progyny’s revenue for the quarter was down 26.4% on a year-over-year basis. Progyny has set its FY 2026 guidance at 1.980-2.09 EPS and its Q2 2026 guidance at 0.500-0.53 EPS. On average, research analysts anticipate that Progyny will post 1.19 EPS for the current fiscal year.

Progyny announced that its Board of Directors has authorized a stock repurchase program on Tuesday, May 26th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 10.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling at Progyny

In other news, Director Cheryl Scott sold 7,439 shares of the business’s stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $26.39, for a total value of $196,315.21. Following the completion of the transaction, the director owned 19,772 shares of the company’s stock, valued at $521,783.08. The trade was a 27.34% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Melissa B. Cummings sold 9,578 shares of the company’s stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $25.00, for a total value of $239,450.00. Following the completion of the sale, the chief operating officer owned 73,371 shares in the company, valued at $1,834,275. The trade was a 11.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 36,916 shares of company stock worth $939,875. Insiders own 9.90% of the company’s stock.

Hedge Funds Weigh In On Progyny

Several large investors have recently made changes to their positions in the company. Versant Capital Management Inc boosted its holdings in Progyny by 53.3% during the second quarter. Versant Capital Management Inc now owns 4,330 shares of the company’s stock worth $125,000 after buying an additional 1,506 shares in the last quarter. Pacer Advisors Inc. raised its position in shares of Progyny by 49.4% in the first quarter. Pacer Advisors Inc. now owns 435,558 shares of the company’s stock worth $7,396,000 after acquiring an additional 144,073 shares during the period. Segall Bryant & Hamill LLC raised its position in shares of Progyny by 68.4% in the first quarter. Segall Bryant & Hamill LLC now owns 82,198 shares of the company’s stock worth $1,396,000 after acquiring an additional 33,380 shares during the period. Bank of America Corp DE boosted its stake in shares of Progyny by 75.3% during the 1st quarter. Bank of America Corp DE now owns 1,190,996 shares of the company’s stock worth $20,223,000 after acquiring an additional 511,609 shares in the last quarter. Finally, South Dakota Investment Council boosted its stake in shares of Progyny by 20.0% during the 1st quarter. South Dakota Investment Council now owns 137,524 shares of the company’s stock worth $2,335,000 after acquiring an additional 22,900 shares in the last quarter. 94.93% of the stock is currently owned by institutional investors and hedge funds.

Progyny Company Profile

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.