Cantor Fitzgerald Reaffirms Overweight Rating for Progyny (NASDAQ:PGNY)

Progyny (NASDAQ:PGNY)‘s stock had its “overweight” rating reiterated by equities researchers at Cantor Fitzgerald in a report released on Tuesday, Benzinga reports. They presently have a $25.00 price target on the stock. Cantor Fitzgerald’s price target would indicate a potential upside of 53.37% from the company’s current price.

Several other research firms also recently issued reports on PGNY. Canaccord Genuity Group downgraded Progyny from a “buy” rating to a “hold” rating and decreased their price target for the stock from $37.00 to $24.00 in a research note on Wednesday, August 7th. BTIG Research lowered shares of Progyny from a “buy” rating to a “neutral” rating in a research note on Wednesday, August 7th. JMP Securities downgraded Progyny from an “outperform” rating to a “market perform” rating in a research report on Thursday, September 19th. Truist Financial cut their price objective on Progyny from $33.00 to $26.00 and set a “buy” rating for the company in a research report on Thursday, September 19th. Finally, Leerink Partnrs downgraded Progyny from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 7th. Seven investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $27.73.

Progyny Price Performance

PGNY traded down $0.46 during trading on Tuesday, reaching $16.30. 258,280 shares of the stock traded hands, compared to its average volume of 1,327,601. The stock’s 50-day simple moving average is $22.67 and its two-hundred day simple moving average is $27.78. Progyny has a fifty-two week low of $13.93 and a fifty-two week high of $42.08. The stock has a market cap of $1.47 billion, a price-to-earnings ratio of 26.69, a price-to-earnings-growth ratio of 1.62 and a beta of 1.45.

Progyny (NASDAQ:PGNY) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.17 earnings per share for the quarter, meeting the consensus estimate 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 analyst estimates of $305.32 million. During the same quarter last year, the firm earned $0.15 earnings per share. The company’s revenue for the quarter was up 8.8% on a year-over-year basis. Research analysts anticipate that Progyny will post 0.64 earnings per share for the current fiscal year.

Insider Activity at Progyny

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 owns 362,583 shares of the company’s stock, valued at approximately $10,877,490. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 12.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Progyny

Several institutional investors have recently bought and sold shares of the business. Norges Bank bought a new position in shares of Progyny in the fourth quarter valued at about $14,198,000. Hsbc Holdings PLC bought a new position in Progyny in the 4th quarter valued at $1,095,000. Campbell & CO Investment Adviser LLC raised its holdings in Progyny by 12.4% during the 4th quarter. Campbell & CO Investment Adviser LLC now owns 35,611 shares of the company’s stock worth $1,324,000 after purchasing an additional 3,940 shares during the last quarter. Neuberger Berman Group LLC lifted its position in Progyny by 13.6% during the 4th quarter. Neuberger Berman Group LLC now owns 274,409 shares of the company’s stock valued at $10,203,000 after purchasing an additional 32,871 shares during the period. Finally, Birchview Capital LP boosted its stake in shares of Progyny by 22.2% in the 4th quarter. Birchview Capital LP now owns 22,000 shares of the company’s stock valued at $818,000 after purchasing an additional 4,000 shares during 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.