Truist Financial Cuts Progyny (NASDAQ:PGNY) Price Target to $26.00

Progyny (NASDAQ:PGNY) had its price target cut by research analysts at Truist Financial from $33.00 to $26.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s target price would suggest a potential upside of 54.49% from the stock’s current price.

A number of other analysts have also weighed in on PGNY. Cantor Fitzgerald lowered their price target on shares of Progyny from $37.00 to $25.00 and set an “overweight” rating for the company in a report on Thursday. JPMorgan Chase & Co. decreased their target price on Progyny from $31.00 to $22.00 and set an “overweight” rating for the company in a research note on Thursday. Canaccord Genuity Group cut shares of Progyny from a “buy” rating to a “hold” rating and cut their price objective for the company from $37.00 to $24.00 in a research report on Wednesday, August 7th. Canaccord Genuity Group reaffirmed a “hold” rating and set a $24.00 price target (down previously from $37.00) on shares of Progyny in a research report on Wednesday, August 7th. Finally, JMP Securities cut Progyny from an “outperform” rating to a “market perform” rating in a research note on Thursday. Seven investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $28.70.

Progyny Stock Performance

Shares of NASDAQ PGNY traded down $7.61 during mid-day trading on Thursday, reaching $16.83. 11,496,953 shares of the company traded hands, compared to its average volume of 1,157,755. The company’s fifty day moving average is $24.62 and its two-hundred day moving average is $28.90. The stock has a market cap of $1.60 billion, a PE ratio of 27.59, a price-to-earnings-growth ratio of 1.88 and a beta of 1.45. Progyny has a fifty-two week low of $13.93 and a fifty-two week high of $42.08.

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

Insider Activity at Progyny

In other Progyny news, President Michael E. Sturmer sold 9,030 shares of the business’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 transaction, the president now directly owns 362,583 shares in the company, valued at $10,877,490. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, Director Cheryl Scott sold 1,462 shares of the firm’s 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 sale, the director now owns 10,098 shares in the company, valued at approximately $286,682.22. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, President Michael E. Sturmer sold 9,030 shares of Progyny stock in a transaction dated Tuesday, July 16th. The stock was 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 disclosure for this sale can be found here. 12.30% of the stock is owned by insiders.

Institutional Trading of Progyny

Several large investors have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. increased its holdings in shares of Progyny by 2.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 644,687 shares of the company’s stock worth $23,969,000 after purchasing an additional 14,039 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Progyny by 14.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 844,679 shares of the company’s stock worth $31,406,000 after acquiring an additional 105,544 shares during the last quarter. Norges Bank purchased a new stake in shares of Progyny in the fourth quarter worth approximately $14,198,000. Assetmark Inc. raised its stake in shares of Progyny by 26.8% during the fourth quarter. Assetmark Inc. now owns 3,756 shares of the company’s stock valued at $140,000 after acquiring an additional 793 shares in the last quarter. Finally, Dai ichi Life Insurance Company Ltd increased its position in shares of Progyny by 26.8% during the fourth quarter. Dai ichi Life Insurance Company Ltd now owns 75,680 shares of the company’s stock worth $2,814,000 after purchasing an additional 15,980 shares in the last quarter. Institutional investors 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.