Progyny (NASDAQ:PGNY) Updates Q2 Earnings Guidance

Progyny (NASDAQ:PGNY) updated its second quarter earnings guidance on Thursday. The company provided earnings per share guidance of $0.16 to $0.18 for the period, compared to the consensus earnings per share estimate of $0.18. The company issued revenue guidance of $300.0 million to $310.0 million, compared to the consensus revenue estimate of $335.76 million. Progyny also updated its FY 2024 guidance to 1.610-1.680 EPS.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on PGNY shares. Cantor Fitzgerald reaffirmed an overweight rating and issued a $48.00 target price on shares of Progyny in a research note on Wednesday, February 28th. Truist Financial reiterated a buy rating and issued a $46.00 target price on shares of Progyny in a research note on Wednesday, April 17th. SVB Leerink initiated coverage on Progyny in a report on Monday, February 26th. They issued an outperform rating and a $49.00 price target for the company. KeyCorp lowered their price target on Progyny from $45.00 to $43.00 and set an overweight rating for the company in a research report on Wednesday, February 28th. Finally, Leerink Partnrs restated an outperform rating on shares of Progyny in a research note on Monday, February 26th. Ten investment analysts have rated the stock with a buy rating, According to MarketBeat, Progyny currently has a consensus rating of Buy and an average price target of $48.30.

Progyny Price Performance

Shares of PGNY traded up $0.34 during trading hours on Thursday, hitting $32.50. 1,646,876 shares of the stock were exchanged, compared to its average volume of 800,912. Progyny has a fifty-two week low of $29.44 and a fifty-two week high of $44.95. The firm has a market capitalization of $3.12 billion, a P/E ratio of 52.42, a price-to-earnings-growth ratio of 1.31 and a beta of 1.51. The business has a 50-day moving average of $34.67 and a 200-day moving average of $35.59.

Progyny (NASDAQ:PGNY) last posted its earnings results on Tuesday, February 27th. The company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.04. The business had revenue of $269.94 million for the quarter, compared to analysts’ expectations of $274.08 million. Progyny had a net margin of 5.70% and a return on equity of 12.64%. The business’s revenue for the quarter was up 26.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.03 EPS. As a group, analysts forecast that Progyny will post 0.7 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Chairman David J. Schlanger sold 5,826 shares of the company’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $37.74, for a total transaction of $219,873.24. Following the completion of the transaction, the chairman now owns 86,312 shares in the company, valued at $3,257,414.88. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Progyny news, Chairman David J. Schlanger sold 5,826 shares of the firm’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $37.74, for a total transaction of $219,873.24. Following the completion of the transaction, the chairman now directly owns 86,312 shares of the company’s stock, valued at approximately $3,257,414.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, President Michael E. Sturmer sold 4,515 shares of Progyny stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $31.95, for a total value of $144,254.25. Following the completion of the sale, the president now directly owns 380,038 shares in the company, valued at $12,142,214.10. The disclosure for this sale can be found here. Insiders have sold a total of 102,770 shares of company stock worth $3,853,985 in the last quarter. Corporate insiders own 12.30% of the company’s stock.

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.