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

Progyny (NASDAQ:PGNY) had its price target upped by research analysts at Canaccord Genuity Group from $30.00 to $36.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target would indicate a potential upside of 13.31% from the stock’s previous close.

Several other analysts have also weighed in on PGNY. Citigroup restated an “outperform” rating on shares of Progyny in a report on Monday, May 11th. Bank of America lifted their price objective on shares of Progyny from $29.00 to $31.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Truist Financial increased their target price on shares of Progyny from $30.00 to $33.00 and gave the company a “buy” rating in a research note on Monday, June 22nd. Citizens Jmp raised their target price on shares of Progyny from $30.00 to $31.00 and gave the stock a “market outperform” rating in a report on Monday, May 11th. Finally, Barclays lifted their price target on shares of Progyny from $23.00 to $27.00 and gave the stock an “overweight” rating in a research note on Friday, May 15th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $31.27.

Progyny Trading Down 0.5%

PGNY opened at $31.77 on Tuesday. The firm has a market cap of $2.49 billion, a P/E ratio of 41.26, a P/E/G ratio of 2.53 and a beta of 1.01. Progyny has a 12 month low of $16.10 and a 12 month high of $33.06. The stock has a 50-day moving average of $27.26 and a 200 day moving average of $22.93.

Progyny (NASDAQ:PGNY) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.24. The company had revenue of $328.50 million for the quarter, compared to analysts’ expectations of $326.46 million. Progyny had a return on equity of 13.34% and a net margin of 5.23%.The firm’s revenue for the quarter was down 26.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.17 earnings per share. 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 forecast that Progyny will post 1.19 earnings per share for the current fiscal year.

Progyny declared that its Board of Directors has approved a stock buyback plan on Tuesday, May 26th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 10.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In other news, Director Kevin K. Gordon sold 5,500 shares of Progyny stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $24.99, for a total transaction of $137,445.00. Following the completion of the sale, the director directly owned 9,318 shares in the company, valued at approximately $232,856.82. This trade represents a 37.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Allison Swartz sold 1,199 shares of the business’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $25.02, for a total transaction of $29,998.98. Following the sale, the executive vice president directly owned 83,316 shares of the company’s stock, valued at $2,084,566.32. This represents a 1.42% decrease in their ownership of the stock. 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. Over the last 90 days, insiders have sold 36,916 shares of company stock valued at $939,875. Insiders own 9.90% of the company’s stock.

Hedge Funds Weigh In On Progyny

Hedge funds have recently added to or reduced their stakes in the stock. Fort Washington Investment Advisors Inc. OH lifted its position in shares of Progyny by 10.7% during the fourth quarter. Fort Washington Investment Advisors Inc. OH now owns 1,834,104 shares of the company’s stock valued at $47,100,000 after buying an additional 177,546 shares during the last quarter. Easterly Investment Partners LLC grew its position in shares of Progyny by 197.4% in the 4th quarter. Easterly Investment Partners LLC now owns 146,013 shares of the company’s stock worth $3,750,000 after buying an additional 96,912 shares during the last quarter. First Eagle Investment Management LLC grew its position in shares of Progyny by 40.2% in the 4th quarter. First Eagle Investment Management LLC now owns 212,612 shares of the company’s stock worth $5,460,000 after buying an additional 60,912 shares during the last quarter. Simcoe Capital LLC bought a new position in shares of Progyny during the 4th quarter worth approximately $3,902,000. Finally, CenterBook Partners LP raised its stake in shares of Progyny by 36.2% during the 4th quarter. CenterBook Partners LP now owns 578,171 shares of the company’s stock worth $14,847,000 after acquiring an additional 153,778 shares in the last quarter. 94.93% of the stock is currently owned by institutional investors.

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.