Progyny (NASDAQ:PGNY) Raised to Strong-Buy at Wall Street Zen

by · The Markets Daily

Progyny (NASDAQ:PGNY – Get Free Report) was upgraded by research analysts at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a research report issued on Sunday, Wall Street Zen reports.

PGNY has been the subject of several other reports. Wells Fargo & Company lifted their target price on shares of Progyny from $37.00 to $38.00 and gave the company an “overweight” rating in a report on Thursday. Zacks Research downgraded Progyny from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 19th. Weiss Ratings raised Progyny from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, October 8th. Truist Financial lifted their price objective on Progyny from $33.00 to $36.00 and gave the company a “buy” rating in a research note on Thursday, August 13th. Finally, Leerink Partners lifted their price objective on Progyny from $37.00 to $38.00 and gave the company an “outperform” rating in a research note on Thursday, November 5th. Eleven investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $35.33.

Read Our Latest Stock Report on Progyny

Progyny Price Performance

Shares of Progyny stock opened at $35.95 on Friday. The company has a 50-day moving average of $27.65 and a 200 day moving average of $24.64. The firm has a market cap of $2.76 billion, a price-to-earnings ratio of 32.98, a PEG ratio of 2.08 and a beta of 0.97. Progyny has a 1 year low of $16.10 and a 1 year high of $36.00.

Progyny (NASDAQ:PGNY – Get Free Report) last issued its quarterly earnings results on Wednesday, November 4th. The company reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.31 by $0.21. Progyny had a net margin of 6.80% and a return on equity of 19.23%. The company had revenue of $341.25 million during the quarter, compared to analysts’ expectations of $340.76 million. During the same period last year, the company posted $0.15 EPS. Progyny’s revenue was up 8.9% on a year-over-year basis. On average, equities analysts anticipate that Progyny will post 1.25 EPS for the current year.

Insiders Place Their Bets

In other news, Chairman David Schlanger sold 161,208 shares of the company’s stock in a transaction that occurred on Monday, November 9th. The shares were sold at an average price of $35.73, for a total value of $5,759,961.84. Following the transaction, the chairman owned 238,462 shares in the company, valued at approximately $8,520,247.26. This represents a 40.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Mark Livingston sold 2,139 shares of the company’s stock in a transaction that occurred on Wednesday, November 4th. The stock was sold at an average price of $30.00, for a total transaction of $64,170.00. Following the completion of the transaction, the chief financial officer owned 70,314 shares in the company, valued at approximately $2,109,420. This represents a 2.95% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 357,276 shares of company stock valued at $12,602,622. 9.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Progyny

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. bought a new stake in shares of Progyny in the 2nd quarter worth $334,426,000. Bank of America Corp DE raised its stake in shares of Progyny by 75.3% in the first quarter. Bank of America Corp DE now owns 1,190,996 shares of the company’s stock worth $20,223,000 after purchasing an additional 511,609 shares during the last quarter. William Blair Investment Management LLC lifted its holdings in shares of Progyny by 10.7% during the third quarter. William Blair Investment Management LLC now owns 645,130 shares of the company’s stock valued at $16,251,000 after purchasing an additional 62,178 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Progyny by 16.4% during the first quarter. Principal Financial Group Inc. now owns 554,916 shares of the company’s stock valued at $9,422,000 after purchasing an additional 78,198 shares in the last quarter. Finally, Danske Bank A S purchased a new stake in shares of Progyny during the second quarter valued at $15,243,000. 94.93% of the stock is owned by institutional investors.

Key Stories Impacting Progyny

Here are the key news stories impacting Progyny this week:

  • Positive Sentiment: Wall Street Zen upgraded Progyny to “Strong Buy,” providing a bullish signal for the stock. Article: Progyny Upgraded to Strong-Buy at Wall Street Zen
  • Neutral Sentiment: JPMorgan raised its price target to $35 from $30 but kept a “Neutral” rating, indicating a higher valuation expectation without an outright bullish call. JPMorgan ratings
  • Negative Sentiment: CEO Peter Anevski and Chairman David Schlanger each reported selling about 161,000 shares on Nov. 9, in addition to smaller sales reported for Nov. 5. The sizable sales could raise investor concerns about insider confidence, although the transactions were conducted under pre-arranged Rule 10b5-1 plans. CEO SEC filing Chairman SEC filing

About Progyny

(Get Free Report)

Progyny, Inc provides fertility and family-building benefits to employers and their employees. Its services are designed to help members navigate care options, access fertility specialists and receive support throughout treatment.

The company’s offerings include coverage for treatments such as in vitro fertilization and egg freezing, along with fertility medications through its pharmacy benefit. Progyny also supports other family-building paths, including adoption and surrogacy, depending on the plan selected by an employer.

Founded in 2008, Progyny serves employer clients and their workforces in the United States.

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