Progyny (NASDAQ:PGNY) Reaches New 52-Week High – Should You Buy?

Progyny, Inc. (NASDAQ:PGNY) shares hit a new 52-week high during trading on Wednesday. The stock traded as high as $36.50 and last traded at $36.3240, with a volume of 19,853 shares traded. The stock had previously closed at $36.43.

Analyst Upgrades and Downgrades

PGNY has been the subject of a number of research analyst reports. Citizens Jmp upped their price target on Progyny from $33.00 to $38.00 and gave the stock a “market outperform” rating in a report on Thursday, November 5th. Zacks Research cut shares of Progyny from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 19th. Wells Fargo & Company increased their price target on shares of Progyny from $37.00 to $38.00 and gave the stock an “overweight” rating in a research report on Thursday, November 5th. Cantor Fitzgerald raised their price target on shares of Progyny from $31.00 to $35.00 and gave the stock an “overweight” rating in a research note on Thursday, November 5th. Finally, BTIG Research boosted their price target on Progyny from $30.00 to $40.00 and gave the company a “buy” rating in a research note on Friday, July 24th. Eleven research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $35.33.

Progyny Price Performance

The stock’s 50 day moving average is $28.29 and its two-hundred day moving average is $24.82. The firm has a market capitalization of $2.69 billion, a P/E ratio of 33.56, a P/E/G ratio of 1.91 and a beta of 0.97.

Progyny (NASDAQ:PGNY) last posted its quarterly earnings results on Wednesday, November 4th. The company reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.31 by $0.21. Progyny had a return on equity of 19.82% and a net margin of 6.80%. The business had revenue of $341.25 million for the quarter, compared to analyst estimates of $340.76 million. During the same period last year, the company earned $0.15 EPS. The firm’s revenue was up 8.9% on a year-over-year basis. As a group, equities research analysts expect that Progyny, Inc. will post 1.25 EPS for the current year.

Insider Buying and Selling

In related news, CEO Peter Anevski sold 236,630 shares of the company’s stock in a transaction on Tuesday, November 10th. The shares were sold at an average price of $35.84, for a total value of $8,480,819.20. Following the completion of the sale, the chief executive officer owned 710,972 shares in the company, valued at $25,481,236.48. This represents a 24.97% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Mark Livingston sold 2,139 shares of the company’s stock in a transaction on Wednesday, November 4th. The shares were sold at an average price of $30.00, for a total transaction of $64,170.00. Following the completion of the sale, the chief financial officer owned 70,314 shares of the company’s stock, valued at approximately $2,109,420. This represents a 2.95% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 629,298 shares of company stock worth $22,334,902 over the last ninety days. Insiders own 9.90% of the company’s stock.

Institutional Investors Weigh In On Progyny

Several large investors have recently modified their holdings of the business. Public Employees Retirement System of Ohio acquired a new position in shares of Progyny in the 2nd quarter valued at approximately $29,000. Nykredit A S acquired a new stake in Progyny during the 2nd quarter worth approximately $38,000. IFP Advisors Inc raised its holdings in Progyny by 376.0% during the 2nd quarter. IFP Advisors Inc now owns 1,961 shares of the company’s stock worth $57,000 after buying an additional 1,549 shares during the period. Toth Financial Advisory Corp bought a new position in Progyny in the second quarter valued at approximately $65,000. Finally, Integrated Wealth Concepts LLC bought a new position in Progyny in the second quarter valued at approximately $74,000. 94.93% of the stock is currently owned by institutional investors.

Progyny Company Profile

Progyny, Inc. provides fertility and family-building benefits to employers and their employees. Its services are designed to help members navigate care options, access fertility specialists and receive support throughout treatment. The company’s offerings include coverage for treatments such as in vitro fertilization and egg freezing, along with fertility medications through its pharmacy benefit. Progyny also supports other family-building paths, including adoption and surrogacy, depending on the plan selected by an employer.