Progyny (NASDAQ:PGNY) Given New $21.00 Price Target at Bank of America

Progyny (NASDAQ:PGNY) had its price target reduced by Bank of America from $22.00 to $21.00 in a research note issued to investors on Wednesday,Benzinga reports. Bank of America currently has a buy rating on the stock.

Several other equities analysts have also commented on the stock. JPMorgan Chase & Co. dropped their price target on shares of Progyny from $31.00 to $22.00 and set an “overweight” rating on the stock in a research note on Thursday, September 19th. JMP Securities downgraded Progyny from an “outperform” rating to a “market perform” rating in a report on Thursday, September 19th. Leerink Partners reduced their target price on Progyny from $25.00 to $21.00 and set a “market perform” rating for the company in a report on Thursday, September 19th. Canaccord Genuity Group dropped their price target on Progyny from $18.00 to $17.00 and set a “hold” rating for the company in a research report on Wednesday. Finally, BTIG Research cut Progyny from a “buy” rating to a “neutral” rating in a research report on Wednesday, August 7th. Eight analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $26.50.

Progyny Price Performance

PGNY opened at $13.90 on Wednesday. The stock has a market cap of $1.25 billion, a P/E ratio of 23.97, a P/E/G ratio of 1.62 and a beta of 1.44. The firm has a fifty day moving average price of $17.69 and a 200 day moving average price of $23.56. Progyny has a 1 year low of $13.77 and a 1 year high of $42.08.

Progyny (NASDAQ:PGNY) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.26). The firm had revenue of $286.63 million for the quarter, compared to analyst estimates of $296.85 million. Progyny had a net margin of 5.03% and a return on equity of 10.87%. The company’s revenue was up 2.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.16 EPS. Equities analysts expect that Progyny will post 0.64 EPS for the current year.

Institutional Investors Weigh In On Progyny

Several hedge funds have recently modified their holdings of PGNY. Hsbc Holdings PLC raised its position in Progyny by 703.9% during the second quarter. Hsbc Holdings PLC now owns 46,475 shares of the company’s stock valued at $1,328,000 after buying an additional 40,694 shares during the period. Bank of New York Mellon Corp raised its position in 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 position in Progyny during the second quarter valued at $5,005,000. Farallon Capital Management LLC raised its position in 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 period. Finally, Kornitzer Capital Management Inc. KS raised its position in Progyny by 15.7% during the third quarter. Kornitzer Capital Management Inc. KS now owns 976,501 shares of the company’s stock valued at $16,366,000 after buying an additional 132,672 shares during the period. 94.93% of the stock is owned by hedge funds and other 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.