Progyny (NASDAQ:PGNY) PT Lowered to $18.00

Progyny (NASDAQ:PGNY) had its target price reduced by Canaccord Genuity Group from $24.00 to $18.00 in a research note issued on Friday, Benzinga reports. The brokerage currently has a “hold” rating on the stock. Canaccord Genuity Group’s price target would suggest a potential upside of 10.09% from the company’s previous close.

PGNY has been the topic of a number of other research reports. Cantor Fitzgerald cut their price target on shares of Progyny from $37.00 to $25.00 and set an “overweight” rating on the stock in a research note on Thursday. Truist Financial cut their target price on Progyny from $33.00 to $26.00 and set a “buy” rating on the stock in a research report on Thursday. JPMorgan Chase & Co. dropped their price target on Progyny from $31.00 to $22.00 and set an “overweight” rating on the stock in a research note on Thursday. Canaccord Genuity Group cut Progyny from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $37.00 to $24.00 in a research note on Wednesday, August 7th. Finally, JMP Securities lowered Progyny from an “outperform” rating to a “market perform” rating in a research report on Thursday. Seven research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $27.73.

Progyny Stock Performance

NASDAQ:PGNY traded down $0.11 during midday trading on Friday, reaching $16.35. 3,652,944 shares of the stock traded hands, compared to its average volume of 1,213,571. The stock has a market capitalization of $1.56 billion, a PE ratio of 27.02, a price-to-earnings-growth ratio of 1.88 and a beta of 1.45. Progyny has a 12-month low of $13.93 and a 12-month high of $42.08. The business has a 50-day moving average of $24.33 and a two-hundred day moving average of $28.78.

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

Insider Buying and Selling at Progyny

In other Progyny news, President Michael E. Sturmer sold 9,030 shares of the stock in a transaction that occurred 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 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 Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Cheryl Scott sold 1,462 shares of Progyny stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $28.39, for a total value of $41,506.18. Following the sale, the director now directly owns 10,098 shares in the company, valued at approximately $286,682.22. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, 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 transaction, the president now directly 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 owned by corporate insiders.

Institutional Trading of Progyny

Large investors have recently made changes to their positions in the company. Point72 Asia Singapore Pte. Ltd. purchased a new position in Progyny in the 2nd quarter valued at $44,000. Quarry LP boosted its position in Progyny by 1,900.0% during the second quarter. Quarry LP now owns 880 shares of the company’s stock worth $25,000 after acquiring an additional 836 shares during the last quarter. Creative Planning boosted its position in Progyny by 13.8% during the second quarter. Creative Planning now owns 10,564 shares of the company’s stock worth $302,000 after acquiring an additional 1,283 shares during the last quarter. Disciplined Growth Investors Inc. MN grew its stake in Progyny by 1.8% during the 2nd quarter. Disciplined Growth Investors Inc. MN now owns 528,412 shares of the company’s stock valued at $15,118,000 after acquiring an additional 9,358 shares in the last quarter. Finally, Texas Capital Bank Wealth Management Services Inc acquired a new stake in Progyny in the 2nd quarter valued at about $286,000. 94.93% of the stock is currently 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.