Progyny (NASDAQ:PGNY) Price Target Cut to $18.00 by Analysts at Canaccord Genuity Group

Progyny (NASDAQ:PGNY) had its target price dropped by research analysts at Canaccord Genuity Group from $24.00 to $18.00 in a report released on Friday, Benzinga reports. The firm currently has a “hold” rating on the stock. Canaccord Genuity Group’s price objective indicates a potential upside of 10.09% from the company’s previous close.

Several other equities analysts have also commented on the company. Canaccord Genuity Group lowered Progyny from a “buy” rating to a “hold” rating and decreased their price target for the company from $37.00 to $24.00 in a research note on Wednesday, August 7th. JPMorgan Chase & Co. decreased their target price on shares of Progyny from $31.00 to $22.00 and set an “overweight” rating on the stock in a research report on Thursday. BTIG Research cut shares of Progyny from a “buy” rating to a “neutral” rating in a research report on Wednesday, August 7th. Leerink Partnrs downgraded shares of Progyny from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 7th. Finally, Jefferies Financial Group lowered their price objective on shares of Progyny from $31.00 to $24.00 and set a “buy” rating for the company in a research report on Thursday. Seven investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $27.73.

Progyny Price Performance

Shares of PGNY traded down $0.11 during mid-day trading on Friday, reaching $16.35. The stock had a trading volume of 3,652,944 shares, compared to its average volume of 1,213,571. Progyny has a 52-week low of $13.93 and a 52-week high of $42.08. The firm has a market cap of $1.56 billion, a price-to-earnings ratio of 27.02, a P/E/G ratio of 1.88 and a beta of 1.45. The business’s fifty day moving average is $24.33 and its 200 day moving average is $28.78.

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

Insider Transactions at Progyny

In other Progyny news, President Michael E. Sturmer sold 9,030 shares of the 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 owns 362,583 shares of the company’s stock, valued at approximately $10,877,490. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 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 transaction of $41,506.18. Following the completion of the sale, the director now owns 10,098 shares in the company, valued at $286,682.22. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, President Michael E. Sturmer sold 9,030 shares of the company’s 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 completion of the transaction, 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. Corporate insiders own 12.30% of the company’s stock.

Institutional Trading of Progyny

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in shares of Progyny by 0.5% in the 1st 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 last quarter. Jennison Associates LLC boosted its stake in Progyny by 2.7% in the first 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. boosted its stake in Progyny by 3.1% in the first quarter. Principal Financial Group Inc. now owns 1,400,701 shares of the company’s stock valued at $53,437,000 after acquiring an additional 42,302 shares in the last quarter. Farallon Capital Management LLC grew its holdings 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 worth $37,436,000 after purchasing an additional 715,900 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Progyny by 24.8% during 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 in 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.