Progyny (NASDAQ:PGNY) Price Target Cut to $26.00

Progyny (NASDAQ:PGNY) had its target price cut by equities research analysts at Truist Financial from $33.00 to $26.00 in a research note issued on Thursday, Benzinga reports. The firm currently has a “buy” rating on the stock. Truist Financial’s price target suggests a potential upside of 56.44% from the company’s previous close.

Several other research analysts have also recently commented on PGNY. Canaccord Genuity Group reiterated a “hold” rating and issued a $24.00 target price (down from $37.00) on shares of Progyny in a report on Wednesday, August 7th. Canaccord Genuity Group lowered shares of Progyny from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $37.00 to $24.00 in a research note on Wednesday, August 7th. JMP Securities cut shares of Progyny from an “outperform” rating to a “market perform” rating in a research report on Thursday. Cantor Fitzgerald reduced their target price on Progyny from $37.00 to $25.00 and set an “overweight” rating for the company in a report on Thursday. Finally, JPMorgan Chase & Co. lowered their price target on Progyny from $31.00 to $22.00 and set an “overweight” rating on the stock in a report on Thursday. Seven research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $27.73.

Progyny Stock Performance

Progyny stock opened at $16.62 on Thursday. The firm has a market cap of $1.50 billion, a price-to-earnings ratio of 27.25, a price-to-earnings-growth ratio of 1.97 and a beta of 1.45. Progyny has a 1 year low of $13.93 and a 1 year high of $42.08. The firm’s 50 day moving average price is $24.33 and its two-hundred day moving average price is $28.78.

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

Insiders Place Their Bets

In related news, Director Cheryl Scott sold 1,462 shares of the business’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 value of $41,506.18. Following the completion of the sale, the director now owns 10,098 shares of the company’s stock, valued at approximately $286,682.22. The sale was disclosed in a document filed with the SEC, which is available at this link. 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 shares were sold at an average price of $28.39, for a total transaction of $41,506.18. Following the transaction, the director now owns 10,098 shares of the company’s stock, valued at $286,682.22. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, President Michael E. Sturmer sold 9,030 shares of the business’s 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 completion of the sale, the president now directly owns 362,583 shares of the company’s stock, valued at $10,877,490. The disclosure for this sale can be found here. Insiders own 12.30% of the company’s stock.

Hedge Funds Weigh In On Progyny

Several institutional investors have recently bought and sold shares of PGNY. Nordea Investment Management AB raised its stake in shares of 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 acquiring an additional 69,552 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Progyny by 3.0% in the second quarter. Bank of New York Mellon Corp now owns 756,228 shares of the company’s stock worth $21,636,000 after buying an additional 22,012 shares during the last quarter. Kestrel Investment Management Corp bought a new stake in shares of Progyny during the 2nd quarter worth $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 valued at $99,054,000 after buying an additional 67,632 shares during the last quarter. 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 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.