Progyny (NASDAQ:PGNY) Downgraded to Hold at Canaccord Genuity Group

Canaccord Genuity Group downgraded shares of Progyny (NASDAQ:PGNY) from a buy rating to a hold rating in a report published on Wednesday morning, MarketBeat Ratings reports. Canaccord Genuity Group currently has $24.00 target price on the stock, down from their prior target price of $37.00.

Other equities research analysts also recently issued reports about the company. Cantor Fitzgerald restated an overweight rating and set a $48.00 price target on shares of Progyny in a research note on Thursday, May 16th. Truist Financial cut their price objective on Progyny from $46.00 to $37.00 and set a buy rating for the company in a research note on Friday, May 17th. KeyCorp downgraded Progyny from an overweight rating to a sector weight rating in a research note on Friday, May 10th. BTIG Research lowered their price target on Progyny from $50.00 to $41.00 and set a buy rating on the stock in a report on Friday, May 10th. Finally, SVB Leerink cut Progyny from an outperform rating to a market perform rating and lowered their price target for the stock from $31.00 to $25.00 in a report on Wednesday. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of Hold and an average target price of $34.50.

Progyny Trading Up 3.1 %

NASDAQ:PGNY traded up $0.65 during mid-day trading on Wednesday, reaching $21.61. The company’s stock had a trading volume of 2,221,506 shares, compared to its average volume of 1,028,364. Progyny has a 12-month low of $19.60 and a 12-month high of $42.08. The firm’s fifty day moving average price is $27.31 and its two-hundred day moving average price is $32.12. The stock has a market cap of $2.06 billion, a P/E ratio of 35.43, a PEG ratio of 1.67 and a beta of 1.46.

Progyny (NASDAQ:PGNY) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.17 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.17. The business had revenue of $304.09 million during the quarter, compared to the consensus estimate of $305.32 million. Progyny had a return on equity of 11.48% and a net margin of 5.54%. The business’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.15 EPS. Analysts predict that Progyny will post 0.73 earnings per share for the current fiscal year.

Insider Activity at Progyny

In related news, President Michael E. Sturmer sold 9,030 shares of the stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $30.00, for a total transaction of $270,900.00. Following the sale, the president now owns 362,583 shares in the company, valued at approximately $10,877,490. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Progyny news, Director Cheryl Scott sold 1,462 shares of the company’s stock in a transaction on Friday, June 28th. The stock was sold at an average price of $28.39, for a total value of $41,506.18. Following the transaction, the director now 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. Also, President Michael E. Sturmer sold 9,030 shares of the stock in a transaction 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. 12.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Progyny

A number of hedge funds and other institutional investors have recently made changes to their positions in PGNY. Edgestream Partners L.P. bought a new stake in Progyny during the second quarter valued at about $1,145,000. Dimensional Fund Advisors LP grew its holdings in 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 acquiring an additional 254,725 shares during the period. Kestrel Investment Management Corp acquired a new stake in Progyny during the second quarter worth about $5,005,000. WINTON GROUP Ltd grew its holdings in Progyny by 33.0% during the second quarter. WINTON GROUP Ltd now owns 34,903 shares of the company’s stock worth $999,000 after acquiring an additional 8,656 shares during the period. Finally, Envestnet Asset Management Inc. grew its holdings in Progyny by 18.4% in the second quarter. Envestnet Asset Management Inc. now owns 536,120 shares of the company’s stock valued at $15,338,000 after purchasing an additional 83,204 shares during the period. 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.