JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Progyny (NASDAQ:PGNY) Stock

Progyny (NASDAQ:PGNY) had its target price lifted by JPMorgan Chase & Co. from $30.00 to $35.00 in a report issued on Monday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target indicates a potential downside of 2.48% from the stock’s current price.

A number of other research analysts have also recently issued reports on PGNY. Leerink Partners lifted their target price on shares of Progyny from $37.00 to $38.00 and gave the company an “outperform” rating in a research note on Thursday. Zacks Research lowered Progyny from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 19th. BTIG Research raised their price target on Progyny from $30.00 to $40.00 and gave the company a “buy” rating in a report on Friday, July 24th. Jefferies Financial Group set a $33.00 price objective on Progyny in a research note on Tuesday, September 8th. Finally, Cantor Fitzgerald boosted their price objective on Progyny from $31.00 to $35.00 and gave the stock an “overweight” rating in a research note on Thursday. Eleven equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $35.33.

Progyny Stock Up 3.0%

Progyny stock traded up $1.05 during trading hours on Monday, hitting $35.89. The stock had a trading volume of 1,160,225 shares, compared to its average volume of 1,364,849. The company has a 50-day moving average of $27.45 and a two-hundred day moving average of $24.59. Progyny has a fifty-two week low of $16.10 and a fifty-two week high of $36.00. The company has a market cap of $2.75 billion, a PE ratio of 32.94, a price-to-earnings-growth ratio of 1.83 and a beta of 0.97.

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

Insider Transactions at Progyny

In related news, Director Kevin K. Gordon sold 11,500 shares of Progyny stock in a transaction dated Thursday, September 10th. The stock was sold at an average price of $27.94, for a total value of $321,310.00. Following the completion of the sale, the director directly owned 6,792 shares in the company, valued at $189,768.48. This trade represents a 62.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Allison Swartz sold 3,903 shares of the business’s stock in a transaction dated Wednesday, September 23rd. The stock was sold at an average price of $26.10, for a total value of $101,868.30. Following the sale, the executive vice president directly owned 75,816 shares of the company’s stock, valued at $1,978,797.60. This represents a 4.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 19,421 shares of company stock worth $539,960. 9.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Progyny

A number of institutional investors and hedge funds have recently modified their holdings of the business. Hantz Financial Services Inc. lifted its stake in Progyny by 14.4% in the third quarter. Hantz Financial Services Inc. now owns 4,124 shares of the company’s stock valued at $104,000 after buying an additional 520 shares during the period. William Blair Investment Management LLC raised its holdings in shares of Progyny by 10.7% during the third quarter. William Blair Investment Management LLC now owns 645,130 shares of the company’s stock worth $16,251,000 after acquiring an additional 62,178 shares during the period. Russell Investments Group Ltd. lifted its holdings in shares of Progyny by 465.5% in the third quarter. Russell Investments Group Ltd. now owns 128,417 shares of the company’s stock valued at $3,213,000 after purchasing an additional 105,707 shares in the last quarter. Maryland State Retirement & Pension System lifted its stake in Progyny by 62.0% in the 3rd quarter. Maryland State Retirement & Pension System now owns 17,044 shares of the company’s stock valued at $429,000 after acquiring an additional 6,526 shares in the last quarter. Finally, Illinois Municipal Retirement Fund acquired a new position in Progyny during the third quarter worth $888,000. 94.93% of the stock is 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.

Founded in 2008, Progyny serves employer clients and their workforces in the United States.