Canaccord Genuity Group Forecasts Strong Price Appreciation for Progyny (NASDAQ:PGNY) Stock

Progyny (NASDAQ:PGNY) had its price objective boosted by stock analysts at Canaccord Genuity Group from $17.00 to $23.00 in a report released on Friday,Benzinga reports. The firm presently has a “hold” rating on the stock. Canaccord Genuity Group’s price target would suggest a potential upside of 2.09% from the stock’s previous close.

Several other brokerages have also recently issued reports on PGNY. Bank of America lifted their price objective on Progyny from $21.00 to $25.00 and gave the company a “buy” rating in a research note on Tuesday, February 11th. Barclays dropped their price objective on shares of Progyny from $30.00 to $17.00 and set an “overweight” rating on the stock in a research report on Thursday, November 14th. Truist Financial restated a “hold” rating and issued a $19.00 price objective (down from $26.00) on shares of Progyny in a report on Wednesday, November 13th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Progyny from $17.00 to $23.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 28th. Nine investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $24.82.

Progyny Trading Down 1.5 %

Progyny stock opened at $22.53 on Friday. The firm has a market capitalization of $1.92 billion, a P/E ratio of 38.85, a P/E/G ratio of 2.39 and a beta of 1.34. Progyny has a twelve month low of $13.39 and a twelve month high of $38.98. The stock’s fifty day simple moving average is $20.68 and its 200-day simple moving average is $18.67.

Insiders Place Their Bets

In other Progyny news, CEO Peter Anevski acquired 209,500 shares of the company’s stock in a transaction on Monday, December 23rd. The shares were bought at an average cost of $14.48 per share, for a total transaction of $3,033,560.00. Following the completion of the purchase, the chief executive officer now owns 441,463 shares in the company, valued at $6,392,384.24. This trade represents a 90.32 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Chairman David J. Schlanger bought 150,000 shares of Progyny stock in a transaction dated Thursday, December 26th. The stock was acquired at an average cost of $14.68 per share, with a total value of $2,202,000.00. Following the completion of the acquisition, the chairman now directly owns 228,269 shares of the company’s stock, valued at approximately $3,350,988.92. The trade was a 191.65 % increase in their position. The disclosure for this purchase can be found here. 12.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Progyny

Several institutional investors and hedge funds have recently added to or reduced their stakes in PGNY. Mackenzie Financial Corp increased its holdings in shares of Progyny by 423.8% in the fourth quarter. Mackenzie Financial Corp now owns 117,387 shares of the company’s stock valued at $2,025,000 after purchasing an additional 94,978 shares during the period. AWM Investment Company Inc. grew its position in Progyny by 540.0% in the 4th quarter. AWM Investment Company Inc. now owns 160,000 shares of the company’s stock valued at $2,760,000 after buying an additional 135,000 shares during the last quarter. Voloridge Investment Management LLC increased its stake in Progyny by 85.5% in the 4th quarter. Voloridge Investment Management LLC now owns 1,197,993 shares of the company’s stock valued at $20,665,000 after buying an additional 552,066 shares during the period. Two Sigma Advisers LP raised its position in Progyny by 83.8% during the 4th quarter. Two Sigma Advisers LP now owns 266,100 shares of the company’s stock worth $4,590,000 after buying an additional 121,300 shares during the last quarter. Finally, Two Sigma Investments LP lifted its stake in shares of Progyny by 15.9% in the 4th quarter. Two Sigma Investments LP now owns 657,276 shares of the company’s stock worth $11,338,000 after acquiring an additional 90,197 shares during the period. 94.93% of the stock is 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.