Shares of Progyny, Inc. (NASDAQ: PGNY) have garnered an average recommendation of “Moderate Buy” from analysts following the company. According to Marketbeat.com, twelve analysts currently cover Progyny, with three assigning a hold rating, seven recommending a buy, and two suggesting a strong buy. The average 12-month price target for the stock is set at $28.40.
Recent analyst evaluations have influenced this rating. For instance, Canaccord Genuity Group adjusted its price target for Progyny from $23.00 to $26.00, maintaining a “hold” rating in a report published on November 17, 2023. Additionally, Weiss Ratings reaffirmed a “hold (c)” rating on December 29, 2023. On December 8, 2023, Barclays initiated coverage with an “overweight” rating and a target price of $29.00. Moreover, Zacks Research upgraded Progyny from a “hold” to a “strong-buy” rating on January 1, 2024, while Truist Financial raised its rating from “hold” to “buy” with a price objective of $34.00 on January 8, 2024.
Institutional Investors Increase Holdings
A number of institutional investors have recently modified their stakes in Progyny. Cetera Trust Company N.A. increased its holdings by 303.1% in the second quarter, acquiring an additional 985 shares for a total of 1,310 shares valued at $29,000. Federated Hermes Inc. raised its position by 147.3% in the third quarter, obtaining 1,375 shares valued at $30,000 after adding 819 shares.
In the same period, Versant Capital Management Inc. boosted its holdings by 61.8%, acquiring 894 shares to own a total of 2,340 shares worth $50,000. Covestor Ltd. also increased its position by 164.9%, acquiring 1,624 shares for a total of 2,609 shares valued at $56,000. Lastly, Quarry LP significantly increased its stake by 2,004.1%, ending with 3,598 shares valued at $77,000. Currently, institutional investors own approximately 94.93% of Progyny’s stock.
Recent Financial Performance
On November 6, 2023, Progyny announced its latest earnings results, reporting earnings per share (EPS) of $0.45, exceeding the consensus estimate of $0.39 by $0.06. The company achieved a net margin of 4.46% and a return on equity of 10.71%. For the quarter, Progyny generated revenue of $313.35 million, surpassing analyst expectations of $299.23 million. This revenue marks a 9.3% increase year-over-year, compared to $0.11 EPS during the same period last year.
Progyny has set its fiscal year 2025 guidance at an EPS range of $1.790-$1.820 and a fourth-quarter guidance of $0.370-$0.400. Analysts anticipate that the company will achieve $0.60 EPS for the current year.
Founded in New York, Progyny, Inc. specializes in fertility benefits management, partnering with employers and health plans to create comprehensive family-building programs. The company’s digital health platform combines clinical expertise with patient support tools and data analytics, facilitating navigation through various fertility treatments. Central to Progyny’s offerings is the proprietary Smart Cycle® benefit, which integrates clinical, emotional, and logistical support into a single package, aiming to enhance success rates while managing costs for clients.
