Jefferies Financial Group Lowers Progyny (NASDAQ:PGNY) Price Target to $24.00

Progyny (NASDAQ:PGNY) had its target price cut by analysts at Jefferies Financial Group from $31.00 to $24.00 in a report released on Thursday, Benzinga reports. The firm presently has a “buy” rating on the stock. Jefferies Financial Group’s price target would indicate a potential upside of 45.99% from the company’s current price.

Several other analysts have also recently commented on PGNY. Leerink Partnrs cut Progyny from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 7th. BTIG Research cut Progyny from a “buy” rating to a “neutral” rating in a research note on Wednesday, August 7th. JPMorgan Chase & Co. reduced their price target on shares of Progyny from $31.00 to $22.00 and set an “overweight” rating for the company in a research report on Thursday. Canaccord Genuity Group downgraded shares of Progyny from a “buy” rating to a “hold” rating and lowered their price objective for the company from $37.00 to $24.00 in a research report on Wednesday, August 7th. Finally, Leerink Partners cut their target price on shares of Progyny from $25.00 to $21.00 and set a “market perform” rating for the company in a research report on Thursday. Seven investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $28.27.

Progyny Stock Down 32.7 %

Shares of NASDAQ PGNY traded down $8.00 during mid-day trading on Thursday, hitting $16.44. 14,685,845 shares of the company traded hands, compared to its average volume of 1,175,373. Progyny has a 1 year low of $13.93 and a 1 year high of $42.08. The stock has a market capitalization of $1.57 billion, a price-to-earnings ratio of 26.98, a PEG ratio of 1.88 and a beta of 1.45. The business has a 50 day moving average of $24.62 and a two-hundred day moving average of $28.90.

Progyny (NASDAQ:PGNY) last released its earnings results on Tuesday, August 6th. The company reported $0.17 earnings per share for the quarter, hitting the consensus estimate of $0.17. The business 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 quarterly revenue was up 8.8% compared to the same quarter last year. During the same period last year, the firm posted $0.15 earnings per share. As a group, research analysts anticipate that Progyny will post 0.64 EPS for the current year.

Insiders Place Their Bets

In other Progyny news, Director Cheryl Scott sold 1,462 shares of the company’s stock in a transaction 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 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 document filed with the SEC, which can be accessed through this link. In other news, President Michael E. Sturmer sold 9,030 shares of the company’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $30.00, for a total value of $270,900.00. Following the sale, the president now directly owns 362,583 shares of the company’s stock, valued at approximately $10,877,490. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Cheryl Scott sold 1,462 shares of the business’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $28.39, for a total transaction of $41,506.18. Following the completion of the sale, the director now directly owns 10,098 shares of the company’s stock, valued at approximately $286,682.22. The disclosure for this sale can be found here. Corporate insiders own 12.30% of the company’s stock.

Institutional Trading of Progyny

A number of hedge funds have recently added to or reduced their stakes in PGNY. Vanguard Group Inc. increased its stake in shares of Progyny by 0.5% in the first quarter. Vanguard Group Inc. now owns 8,311,840 shares of the company’s stock valued at $317,097,000 after buying an additional 41,687 shares during the period. 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. Principal Financial Group Inc. grew its holdings in Progyny by 3.1% during the first quarter. Principal Financial Group Inc. now owns 1,400,701 shares of the company’s stock worth $53,437,000 after buying an additional 42,302 shares in the last quarter. Farallon Capital Management LLC lifted its position in shares of 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 purchasing an additional 715,900 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in Progyny by 24.8% in the second quarter. Dimensional Fund Advisors LP now owns 1,281,928 shares of the company’s stock worth $36,676,000 after purchasing an additional 254,725 shares during the last quarter. Institutional investors and hedge funds own 94.93% of the company’s stock.

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.