Progyny (NASDAQ:PGNY) Price Target Raised to $25.00 at Bank of America

Progyny (NASDAQ:PGNY - Free Report) had its target price raised by Bank of America from $21.00 to $25.00 in a report issued on Tuesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other analysts have also recently commented on the company. Canaccord Genuity Group reduced their price objective on Progyny from $18.00 to $17.00 and set a "hold" rating for the company in a research report on Wednesday, November 13th. Truist Financial reiterated a "hold" rating and set a $19.00 price objective (down previously from $26.00) on shares of Progyny in a research report on Wednesday, November 13th. Barclays reduced their price objective on Progyny from $30.00 to $17.00 and set an "overweight" rating for the company in a research report on Thursday, November 14th. Finally, JPMorgan Chase & Co. upped their price objective on Progyny from $17.00 to $23.00 and gave the company a "neutral" rating in a research report on Tuesday, January 28th. Nine investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $25.83.

Progyny Stock Performance

Shares of NASDAQ:PGNY traded up $0.36 during midday trading on Tuesday, reaching $22.31. 511,268 shares of the company's stock traded hands, compared to its average volume of 1,811,146. The company has a market cap of $1.90 billion, a price-to-earnings ratio of 38.74, a P/E/G ratio of 2.18 and a beta of 1.34. Progyny has a one year low of $13.39 and a one year high of $42.08. The stock has a 50 day moving average of $18.90 and a 200 day moving average of $18.85.

Progyny (NASDAQ:PGNY - Get Free Report) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $0.11 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.37 by ($0.26). The business had revenue of $286.63 million for the quarter, compared to the consensus estimate of $296.85 million. Progyny had a net margin of 5.03% and a return on equity of 11.36%. The company's revenue for the quarter was up 2.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.16 earnings per share. Sell-side analysts predict that Progyny will post 0.6 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Peter Anevski acquired 209,500 shares of the stock in a transaction dated Monday, December 23rd. The stock was acquired at an average cost of $14.48 per share, with a total value of $3,033,560.00. Following the purchase, the chief executive officer now directly owns 441,463 shares of the company's stock, valued at approximately $6,392,384.24. This trade represents a 90.32 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Chairman David J. Schlanger purchased 150,000 shares of Progyny stock in a transaction dated Thursday, December 26th. The stock was acquired at an average price of $14.68 per share, for a total transaction of $2,202,000.00. Following the completion of the acquisition, the chairman now owns 228,269 shares of the company's stock, valued at approximately $3,350,988.92. This trade represents a 191.65 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 12.30% of the company's stock.

Institutional Investors Weigh In On Progyny

Several hedge funds and other institutional investors have recently modified their holdings of PGNY. Creative Planning raised its holdings in shares of Progyny by 13.8% in the second quarter. Creative Planning now owns 10,564 shares of the company's stock worth $302,000 after buying an additional 1,283 shares during the period. Everence Capital Management Inc. purchased a new stake in shares of Progyny in the third quarter worth approximately $173,000. Cetera Trust Company N.A increased its holdings in Progyny by 30.0% during the 3rd quarter. Cetera Trust Company N.A now owns 7,210 shares of the company's stock worth $121,000 after purchasing an additional 1,665 shares during the period. International Assets Investment Management LLC increased its holdings in Progyny by 1,576.0% during the 3rd quarter. International Assets Investment Management LLC now owns 2,565,118 shares of the company's stock worth $42,991,000 after purchasing an additional 2,412,068 shares during the period. Finally, Louisiana State Employees Retirement System increased its holdings in Progyny by 62.4% during the 3rd quarter. Louisiana State Employees Retirement System now owns 38,000 shares of the company's stock worth $637,000 after purchasing an additional 14,600 shares during the period. 94.93% of the stock is currently owned by hedge funds and other institutional investors.

About Progyny

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.