Progyny (NASDAQ:PGNY) PT Lowered to $24.00

Progyny (NASDAQ:PGNY) had its price objective decreased by Jefferies Financial Group from $31.00 to $24.00 in a research note released on Thursday, Benzinga reports. Jefferies Financial Group currently has a buy rating on the stock.

PGNY has been the topic of several other reports. JPMorgan Chase & Co. cut their target price on Progyny from $31.00 to $22.00 and set an overweight rating on the stock in a research note on Thursday. BTIG Research lowered Progyny from a buy rating to a neutral rating in a research report on Wednesday, August 7th. Leerink Partnrs downgraded Progyny from a strong-buy rating to a hold rating in a report on Wednesday, August 7th. Canaccord Genuity Group cut shares of Progyny from a buy rating to a hold rating and cut their price target for the company from $37.00 to $24.00 in a report on Wednesday, August 7th. Finally, JMP Securities lowered shares of Progyny from an outperform rating to a market perform rating in a report on Thursday. Seven research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of Hold and a consensus price target of $27.73.

Progyny Stock Performance

Shares of PGNY stock opened at $16.62 on Thursday. The company has a market capitalization of $1.50 billion, a P/E ratio of 27.25, a PEG ratio of 1.97 and a beta of 1.45. Progyny has a fifty-two week low of $13.93 and a fifty-two week high of $42.08. The stock has a 50 day moving average price of $24.08 and a two-hundred day moving average price of $28.61.

Progyny (NASDAQ:PGNY) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.17 EPS for the quarter, meeting analysts’ consensus estimates of $0.17. The company had revenue of $304.09 million during the quarter, compared to analyst estimates of $305.32 million. Progyny had a net margin of 5.54% and a return on equity of 11.97%. The firm’s revenue was up 8.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.15 EPS. As a group, equities analysts predict that Progyny will post 0.64 earnings per share for the current year.

Insider Buying and Selling

In other Progyny news, Director Cheryl Scott sold 1,462 shares of the company’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $28.39, for a total value of $41,506.18. Following the sale, the director now owns 10,098 shares in the company, valued at $286,682.22. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, President Michael E. Sturmer sold 9,030 shares of the firm’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $30.00, for a total transaction of $270,900.00. Following the completion of the transaction, the president now directly owns 362,583 shares in the company, valued at $10,877,490. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Cheryl Scott sold 1,462 shares of the company’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $28.39, for a total transaction of $41,506.18. Following the completion of the transaction, the director now owns 10,098 shares in the company, valued at approximately $286,682.22. The disclosure for this sale can be found here. 12.30% of the stock is owned by company insiders.

Institutional Trading of Progyny

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Farallon Capital Management LLC grew its holdings in shares of Progyny by 120.8% during the second quarter. Farallon Capital Management LLC now owns 1,308,500 shares of the company’s stock valued at $37,436,000 after buying an additional 715,900 shares during the last quarter. Wellington Management Group LLP purchased a new stake in Progyny during the 4th quarter valued at $14,608,000. Norges Bank bought a new stake in shares of Progyny in the 4th quarter worth $14,198,000. Eagle Asset Management Inc. raised its stake in shares of Progyny by 102.7% in the fourth quarter. Eagle Asset Management Inc. now owns 649,897 shares of the company’s stock worth $24,163,000 after purchasing an additional 329,288 shares during the last quarter. Finally, Redmile Group LLC purchased a new position in shares of Progyny in the first quarter worth $12,241,000. 94.93% of the stock is currently owned by 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.