Progyny (NASDAQ:PGNY) PT Lowered to $22.00 at JPMorgan Chase & Co.

Progyny (NASDAQ:PGNY) had its price target dropped by equities researchers at JPMorgan Chase & Co. from $31.00 to $22.00 in a report released on Thursday, Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 28.28% from the stock’s previous close.

A number of other equities research analysts have also recently weighed in on the stock. Canaccord Genuity Group reiterated a “hold” rating and set a $24.00 price target (down from $37.00) on shares of Progyny in a research report on Wednesday, August 7th. Leerink Partnrs lowered shares of Progyny from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 7th. Canaccord Genuity Group lowered 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 note on Wednesday, August 7th. JMP Securities downgraded shares of Progyny from an “outperform” rating to a “market perform” rating in a research note on Thursday. Finally, Leerink Partners cut their price objective on shares of Progyny from $25.00 to $21.00 and set a “market perform” rating on the stock in a report on Thursday. Seven analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $29.40.

Progyny Stock Down 29.8 %

Shares of PGNY traded down $7.29 during trading on Thursday, reaching $17.15. 10,162,584 shares of the company traded hands, compared to its average volume of 1,150,383. Progyny has a twelve month low of $13.93 and a twelve month high of $42.08. The stock has a market cap of $1.63 billion, a PE ratio of 28.11, a price-to-earnings-growth ratio of 1.88 and a beta of 1.45. The stock has a 50-day simple moving average of $24.62 and a 200-day simple moving average of $28.90.

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

Insider Activity

In other news, Director Cheryl Scott sold 1,462 shares of Progyny stock in a transaction on Friday, June 28th. The shares were sold at an average price of $28.39, for a total value of $41,506.18. Following the transaction, the director now directly owns 10,098 shares of the company’s stock, valued at approximately $286,682.22. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, 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 directly owns 362,583 shares of the company’s stock, valued at approximately $10,877,490. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Cheryl Scott sold 1,462 shares of Progyny stock in a transaction 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 completion of the transaction, the director now directly owns 10,098 shares in the company, valued at $286,682.22. The disclosure for this sale can be found here. Corporate 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. Quarry LP boosted its holdings in shares of Progyny by 1,900.0% in the second quarter. Quarry LP now owns 880 shares of the company’s stock valued at $25,000 after acquiring an additional 836 shares in the last quarter. TFC Financial Management Inc. acquired a new stake in shares of Progyny in the 1st quarter valued at approximately $42,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Progyny in the second quarter valued at approximately $44,000. Financial Management Professionals Inc. acquired a new position in Progyny during the first quarter worth $52,000. Finally, Cambridge Trust Co. purchased a new position in Progyny in the first quarter worth $95,000. 94.93% of the stock is owned by institutional investors and hedge funds.

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.