Progyny (NASDAQ:PGNY) Price Target Cut to $18.00 by Analysts at Canaccord Genuity Group

Progyny (NASDAQ:PGNY) had its price target reduced by Canaccord Genuity Group from $24.00 to $18.00 in a report published on Friday, Benzinga reports. They currently have a hold rating on the stock.

Other analysts have also recently issued reports about the company. Truist Financial lowered their target price on Progyny from $33.00 to $26.00 and set a buy rating on the stock in a research note on Thursday, September 19th. JMP Securities downgraded shares of Progyny from an outperform rating to a market perform rating in a research report on Thursday, September 19th. JPMorgan Chase & Co. lowered their target price on shares of Progyny from $31.00 to $22.00 and set an overweight rating on the stock in a report on Thursday, September 19th. Canaccord Genuity Group lowered shares of Progyny from a buy rating to a hold rating and dropped their price target for the stock from $37.00 to $24.00 in a research note on Wednesday, August 7th. Finally, Leerink Partnrs lowered Progyny from a strong-buy rating to a hold rating in a report on Wednesday, August 7th. Seven investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of Hold and a consensus target price of $27.73.

Progyny Trading Up 3.4 %

PGNY stock opened at $17.19 on Friday. The business has a 50 day simple moving average of $23.85 and a 200-day simple moving average of $28.45. The company has a market capitalization of $1.64 billion, a P/E ratio of 28.18, a PEG ratio of 1.97 and a beta of 1.45. Progyny has a twelve month low of $13.93 and a twelve month high of $42.08.

Progyny (NASDAQ:PGNY) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.17 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.17. Progyny had a net margin of 5.54% and a return on equity of 11.97%. The company had revenue of $304.09 million for the quarter, compared to the consensus estimate of $305.32 million. During the same period last year, the firm posted $0.15 EPS. Progyny’s revenue for the quarter was up 8.8% on a year-over-year basis. Research analysts predict that Progyny will post 0.64 EPS for the current fiscal year.

Insiders Place Their Bets

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

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Nordea Investment Management AB raised its stake in Progyny by 122.2% in the 1st quarter. Nordea Investment Management AB now owns 126,446 shares of the company’s stock valued at $4,891,000 after purchasing an additional 69,552 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Progyny by 3.0% during the second quarter. Bank of New York Mellon Corp now owns 756,228 shares of the company’s stock valued at $21,636,000 after buying an additional 22,012 shares during the period. Kestrel Investment Management Corp acquired a new stake in Progyny during the second quarter worth approximately $5,005,000. Jennison Associates LLC grew its stake in Progyny by 2.7% in the 1st quarter. Jennison Associates LLC now owns 2,596,422 shares of the company’s stock worth $99,054,000 after acquiring an additional 67,632 shares during the period. Finally, M&G Plc acquired a new position in Progyny in the 1st quarter valued at $1,156,000. 94.93% of the stock is currently owned by hedge funds and other institutional investors.

Progyny Company Profile

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.