Progyny (NASDAQ:PGNY) Price Target Cut to $21.00

Progyny (NASDAQ:PGNY) had its price target dropped by equities researchers at Leerink Partners from $25.00 to $21.00 in a report issued on Thursday, Benzinga reports. The firm currently has a “market perform” rating on the stock. Leerink Partners’ price target indicates a potential downside of 14.08% from the stock’s current price.

PGNY has been the subject of a number of other reports. Cantor Fitzgerald reiterated an “overweight” rating and set a $37.00 target price on shares of Progyny in a report on Tuesday, August 20th. Canaccord Genuity Group reiterated a “hold” rating and issued a $24.00 price objective (down previously from $37.00) on shares of Progyny in a report on Wednesday, August 7th. Truist Financial reduced their target price on Progyny from $37.00 to $33.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Canaccord Genuity Group downgraded Progyny from a “buy” rating to a “hold” rating and decreased their target price for the company from $37.00 to $24.00 in a report on Wednesday, August 7th. Finally, BTIG Research cut shares of Progyny from a “buy” rating to a “neutral” rating in a report on Wednesday, August 7th. Seven equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $31.50.

Progyny Trading Down 1.5 %

PGNY opened at $24.44 on Thursday. Progyny has a 1-year low of $19.60 and a 1-year high of $42.08. The company has a fifty day moving average price of $24.62 and a two-hundred day moving average price of $28.90. The company has a market cap of $2.33 billion, a P/E ratio of 40.07, a price-to-earnings-growth ratio of 1.88 and a beta of 1.45.

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

Insider Activity at Progyny

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 related news, 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 completion of the transaction, the director now owns 10,098 shares of the company’s stock, valued at approximately $286,682.22. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, President Michael E. Sturmer sold 9,030 shares of Progyny stock in a transaction 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 transaction, the president now owns 362,583 shares of the company’s stock, valued at approximately $10,877,490. The disclosure for this sale can be found here. 12.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Progyny

A number of hedge funds have recently bought and sold shares of the company. Nordea Investment Management AB raised its holdings in Progyny by 122.2% in the first quarter. Nordea Investment Management AB now owns 126,446 shares of the company’s stock worth $4,891,000 after buying an additional 69,552 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in Progyny by 3.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 756,228 shares of the company’s stock worth $21,636,000 after acquiring an additional 22,012 shares during the last quarter. Kestrel Investment Management Corp purchased a new position in Progyny in the 2nd quarter worth approximately $5,005,000. Jennison Associates LLC lifted its position in Progyny by 2.7% in the 1st quarter. Jennison Associates LLC now owns 2,596,422 shares of the company’s stock valued at $99,054,000 after acquiring an additional 67,632 shares in the last quarter. Finally, M&G Plc purchased a new stake in Progyny during the 1st quarter valued at $1,156,000. Institutional investors own 94.93% of the company’s stock.

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.