Progyny (NASDAQ:PGNY) Shares Gap Up After Analyst Upgrade

Progyny, Inc. (NASDAQ:PGNY) gapped up before the market opened on Friday after Wall Street Zen upgraded the stock from a hold rating to a buy rating. The stock had previously closed at $23.06, but opened at $26.21. Progyny shares last traded at $22.64, with a volume of 414,785 shares changing hands.

Other analysts have also issued research reports about the company. BTIG Research upgraded Progyny from a “neutral” rating to a “buy” rating and set a $28.00 price objective for the company in a report on Monday, March 31st. Leerink Partnrs raised Progyny from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 8th. Truist Financial raised their price objective on Progyny from $24.00 to $27.00 and gave the stock a “hold” rating in a research report on Thursday, July 17th. Leerink Partners raised Progyny from a “market perform” rating to an “outperform” rating and set a $28.00 price objective for the company in a research report on Tuesday, July 8th. Finally, Canaccord Genuity Group lowered their price objective on Progyny from $23.00 to $21.00 and set a “hold” rating for the company in a research report on Monday, May 12th. Four investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy 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 $24.90.

Insider Transactions at Progyny

In other Progyny news, Director Cheryl Scott sold 2,675 shares of Progyny stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $22.07, for a total transaction of $59,037.25. Following the completion of the transaction, the director owned 14,112 shares in the company, valued at approximately $311,451.84. This trade represents a 15.93% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 9.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Progyny

A number of institutional investors have recently modified their holdings of PGNY. JPMorgan Chase & Co. raised its stake in shares of Progyny by 15.7% during the 4th quarter. JPMorgan Chase & Co. now owns 425,682 shares of the company’s stock valued at $7,343,000 after buying an additional 57,606 shares during the last quarter. Wells Fargo & Company MN raised its stake in shares of Progyny by 37.8% during the 4th quarter. Wells Fargo & Company MN now owns 39,593 shares of the company’s stock valued at $683,000 after buying an additional 10,856 shares during the last quarter. Cerity Partners LLC purchased a new position in shares of Progyny during the 4th quarter valued at about $229,000. Invesco Ltd. raised its stake in shares of Progyny by 2.9% during the 4th quarter. Invesco Ltd. now owns 274,819 shares of the company’s stock valued at $4,741,000 after buying an additional 7,845 shares during the last quarter. Finally, CenterBook Partners LP purchased a new position in shares of Progyny during the 4th quarter valued at about $1,593,000. Hedge funds and other institutional investors own 94.93% of the company’s stock.

Progyny Stock Performance

The stock has a 50 day simple moving average of $22.32 and a two-hundred day simple moving average of $22.17. The firm has a market cap of $1.96 billion, a PE ratio of 38.73, a price-to-earnings-growth ratio of 2.31 and a beta of 1.32.

Progyny (NASDAQ:PGNY) last announced its quarterly earnings results on Thursday, August 7th. The company reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.42 by ($0.23). Progyny had a net margin of 4.28% and a return on equity of 11.13%. The business had revenue of $332.87 million during the quarter, compared to analysts’ expectations of $315.70 million. During the same quarter in the prior year, the firm earned $0.17 EPS. Progyny’s revenue for the quarter was up 9.5% on a year-over-year basis. Equities research analysts forecast that Progyny, Inc. will post 0.6 earnings per share for the current year.

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.