Progyny (NASDAQ:PGNY) Price Target Cut to $31.00 by Analysts at JMP Securities

Progyny (NASDAQ:PGNY) had its price objective dropped by equities researchers at JMP Securities from $36.00 to $31.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has a “market outperform” rating on the stock. JMP Securities’ price target would suggest a potential upside of 48.68% from the stock’s previous close.

Several other analysts also recently commented on PGNY. Truist Financial reduced their price target on shares of Progyny from $37.00 to $33.00 and set a “buy” rating for the company in a research report on Wednesday. KeyCorp downgraded Progyny from an “overweight” rating to a “sector weight” rating in a research note on Friday, May 10th. Canaccord Genuity Group reissued a “hold” rating and issued a $24.00 price target (down from $37.00) on shares of Progyny in a report on Wednesday. SVB Leerink cut Progyny from an “outperform” rating to a “market perform” rating and decreased their price objective for the stock from $31.00 to $25.00 in a report on Wednesday. Finally, Canaccord Genuity Group downgraded shares of Progyny from a “buy” rating to a “hold” rating and lowered their target price for the company from $37.00 to $24.00 in a report on Wednesday. Five equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $34.50.

Progyny Stock Performance

Shares of NASDAQ:PGNY traded down $4.89 during midday trading on Wednesday, hitting $20.85. The company’s stock had a trading volume of 5,721,134 shares, compared to its average volume of 1,005,514. The business’s 50 day simple moving average is $27.64 and its 200 day simple moving average is $32.44. The company has a market cap of $1.99 billion, a P/E ratio of 34.18, a price-to-earnings-growth ratio of 1.76 and a beta of 1.46. Progyny has a 12-month low of $19.60 and a 12-month high of $42.08.

Progyny (NASDAQ:PGNY) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.17 EPS for the quarter, hitting the consensus estimate of $0.17. Progyny had a return on equity of 11.61% and a net margin of 5.53%. The business had revenue of $304.09 million during the quarter, compared to analyst estimates of $305.32 million. During the same period last year, the business posted $0.15 earnings per share. The company’s quarterly revenue was up 8.8% on a year-over-year basis. On average, sell-side analysts predict that Progyny will post 0.73 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Progyny news, Director Cheryl Scott sold 1,462 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the director now owns 10,098 shares of the company’s stock, valued at $286,682.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Cheryl Scott sold 1,462 shares of the business’s 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 sale, the director now owns 10,098 shares of the company’s stock, valued at $286,682.22. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, President Michael E. Sturmer sold 9,030 shares of the business’s stock in a transaction that occurred on Tuesday, July 16th. The stock was 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 approximately $10,877,490. The disclosure for this sale can be found here. Corporate insiders own 12.30% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Vanguard Group Inc. raised its position in 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. International Assets Investment Management LLC grew its position in shares of Progyny by 352,414.2% during the 4th quarter. International Assets Investment Management LLC now owns 5,876,411 shares of the company’s stock valued at $218,485,000 after purchasing an additional 5,874,744 shares in the last quarter. Jennison Associates LLC lifted its position in Progyny by 2.7% during the first quarter. Jennison Associates LLC now owns 2,596,422 shares of the company’s stock valued at $99,054,000 after purchasing an additional 67,632 shares during the last quarter. Principal Financial Group Inc. raised its position in Progyny by 3.1% during the first quarter. Principal Financial Group Inc. now owns 1,400,701 shares of the company’s stock valued at $53,437,000 after purchasing an additional 42,302 shares in the last quarter. Finally, Congress Asset Management Co. MA boosted its stake in Progyny by 11.8% in the first quarter. Congress Asset Management Co. MA now owns 1,009,483 shares of the company’s stock worth $38,512,000 after buying an additional 106,574 shares in the last quarter. 94.93% of the stock is currently owned by institutional investors.

Progyny Company Profile

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.