Progyny (NASDAQ:PGNY) Price Target Cut to $24.00

Progyny (NASDAQ:PGNY) had its price target reduced by stock analysts at Jefferies Financial Group from $31.00 to $24.00 in a note issued to investors on Thursday, Benzinga reports. The firm currently has a “buy” rating on the stock. Jefferies Financial Group’s price target would indicate a potential upside of 44.40% from the stock’s previous close.

A number of other analysts have also recently commented on the company. Leerink Partners reduced their price target on Progyny from $25.00 to $21.00 and set a “market perform” rating for the company in a research report on Thursday. JPMorgan Chase & Co. lowered their price target on shares of Progyny from $31.00 to $22.00 and set an “overweight” rating on the stock in a report on Thursday. Leerink Partnrs cut shares of Progyny from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 7th. Canaccord Genuity Group restated a “hold” rating and set a $24.00 target price (down previously from $37.00) on shares of Progyny in a research note on Wednesday, August 7th. Finally, BTIG Research downgraded Progyny from a “buy” rating to a “neutral” rating in a research report on Wednesday, August 7th. Seven investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Progyny currently has an average rating of “Hold” and a consensus price target of $27.73.

Progyny Trading Up 1.0 %

PGNY opened at $16.62 on Thursday. The company’s 50 day moving average is $24.33 and its 200 day moving average is $28.78. The company has a market cap of $1.50 billion, a price-to-earnings ratio of 27.25, a PEG ratio of 1.97 and a beta of 1.45. Progyny has a 12-month low of $13.93 and a 12-month high of $42.08.

Progyny (NASDAQ:PGNY) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $0.17 earnings per share for the quarter, hitting the consensus estimate of $0.17. The business had revenue of $304.09 million for 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 company’s revenue was up 8.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.15 EPS. As a group, analysts predict that Progyny will post 0.64 EPS for the current fiscal year.

Insider Activity

In related news, President Michael E. Sturmer sold 9,030 shares of the business’s stock in a transaction 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 sale, the president now owns 362,583 shares in the company, valued at $10,877,490. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, 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 completion of the transaction, the president now owns 362,583 shares in the company, valued at $10,877,490. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, 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 sale, the director now owns 10,098 shares in the company, valued at $286,682.22. The disclosure for this sale can be found here. Corporate insiders own 12.30% of the company’s stock.

Institutional Trading of Progyny

A number of institutional investors have recently bought and sold shares of the stock. Caprock Group LLC lifted its holdings in shares of Progyny by 5.3% in the 1st quarter. Caprock Group LLC now owns 6,288 shares of the company’s stock worth $240,000 after acquiring an additional 319 shares during the last quarter. RiverPark Advisors LLC raised its position in Progyny by 9.6% in the 2nd quarter. RiverPark Advisors LLC now owns 5,408 shares of the company’s stock worth $155,000 after purchasing an additional 474 shares during the period. State of Michigan Retirement System lifted its stake in Progyny by 2.5% in the first quarter. State of Michigan Retirement System now owns 20,479 shares of the company’s stock worth $781,000 after purchasing an additional 500 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its position in shares of Progyny by 9.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 6,260 shares of the company’s stock valued at $239,000 after buying an additional 543 shares during the period. Finally, Arizona State Retirement System boosted its position in shares of Progyny by 2.6% during the second quarter. Arizona State Retirement System now owns 24,313 shares of the company’s stock valued at $696,000 after buying an additional 609 shares during the period. 94.93% of the stock is currently owned by institutional investors.

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.