Progyny (NASDAQ:PGNY) Cut to “Hold” at Wall Street Zen

Wall Street Zen downgraded shares of Progyny (NASDAQ:PGNY) from a buy rating to a hold rating in a report issued on Saturday morning.

A number of other analysts have also weighed in on PGNY. JPMorgan Chase & Co. raised their target price on Progyny from $25.00 to $26.00 and gave the company a “neutral” rating in a research note on Tuesday, November 11th. KeyCorp raised shares of Progyny from a “sector weight” rating to an “overweight” rating and set a $30.00 price objective on the stock in a report on Tuesday, November 11th. Barclays assumed coverage on shares of Progyny in a research note on Monday, December 8th. They issued an “overweight” rating and a $29.00 target price for the company. Canaccord Genuity Group upped their target price on shares of Progyny from $23.00 to $26.00 and gave the stock a “hold” rating in a research report on Monday, November 17th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Progyny in a report on Monday, December 15th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, Progyny currently has a consensus rating of “Moderate Buy” and an average price target of $27.50.

Progyny Stock Performance

Shares of NASDAQ:PGNY opened at $26.97 on Friday. The company’s fifty day moving average is $23.21 and its 200-day moving average is $22.60. Progyny has a 52 week low of $14.11 and a 52 week high of $27.76. The company has a market capitalization of $2.33 billion, a PE ratio of 42.81, a P/E/G ratio of 2.10 and a beta of 0.96.

Progyny (NASDAQ:PGNY) last released its quarterly earnings results on Thursday, November 6th. The company reported $0.45 EPS for the quarter, beating analysts’ consensus estimates of $0.39 by $0.06. Progyny had a net margin of 4.46% and a return on equity of 10.71%. The firm had revenue of $313.35 million for the quarter, compared to analyst estimates of $299.23 million. During the same period in the previous year, the business earned $0.11 earnings per share. The company’s revenue for the quarter was up 9.3% compared to the same quarter last year. 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, analysts forecast that Progyny will post 0.6 EPS for the current year.

Insiders Place Their Bets

In other Progyny news, CEO Peter Anevski bought 79,500 shares of the company’s stock in a transaction on Thursday, November 13th. The stock was bought at an average price of $24.29 per share, for a total transaction of $1,931,055.00. Following the transaction, the chief executive officer owned 680,251 shares of the company’s stock, valued at approximately $16,523,296.79. The trade was a 13.23% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Mark S. Livingston sold 21,303 shares of Progyny 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 sale, the chief financial officer directly owned 48,358 shares of the company’s stock, valued at approximately $1,233,129. This trade represents a 30.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 22,046 shares of company stock valued at $561,691 in the last ninety days. Company insiders own 9.40% of the company’s stock.

Hedge Funds Weigh In On Progyny

Several institutional investors have recently modified their holdings of the stock. Nordea Investment Management AB grew its stake in shares of Progyny by 0.6% during the 2nd quarter. Nordea Investment Management AB now owns 183,362 shares of the company’s stock worth $4,052,000 after acquiring an additional 1,140 shares in the last quarter. Cresset Asset Management LLC boosted its holdings in Progyny by 715.3% during the second quarter. Cresset Asset Management LLC now owns 85,053 shares of the company’s stock worth $1,871,000 after purchasing an additional 74,621 shares during the last quarter. Voya Investment Management LLC grew its position in 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 purchasing an additional 133,703 shares in the last quarter. Millennium Management LLC grew its position 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 in the last quarter. Finally, Acadian Asset Management LLC increased its stake in Progyny by 243.6% in the 1st quarter. Acadian Asset Management LLC now owns 205,650 shares of the company’s stock valued at $4,589,000 after buying an additional 145,802 shares during the last quarter. 94.93% of the stock is currently owned by institutional investors and hedge funds.

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.