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

Progyny (NASDAQ:PGNY) had its price objective trimmed by JMP Securities from $36.00 to $31.00 in a research report sent to investors on Wednesday, Benzinga reports. The firm currently has a market outperform rating on the stock.

PGNY has been the subject of several other reports. Canaccord Genuity Group restated a hold rating and set a $24.00 target price (down from $37.00) on shares of Progyny in a research note on Wednesday. BTIG Research downgraded Progyny from a buy rating to a neutral rating in a report on Wednesday. Truist Financial reduced their target price on Progyny from $37.00 to $33.00 and set a buy rating for the company in a research note on Wednesday. Canaccord Genuity Group cut shares of Progyny from a buy rating to a hold rating and dropped their price target for the company from $37.00 to $24.00 in a research report on Wednesday. Finally, Barclays dropped their target price on shares of Progyny from $48.00 to $30.00 and set an overweight rating on the stock in a research report on Monday, May 13th. Six analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of Hold and an average price target of $34.50.

Progyny Stock Performance

PGNY traded up $0.65 on Wednesday, hitting $21.61. 2,221,506 shares of the company were exchanged, 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 company has a market cap of $2.06 billion, a PE ratio of 35.43, a PEG ratio of 1.67 and a beta of 1.46. The stock’s fifty day moving average is $27.31 and its 200-day moving average is $32.12.

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

Insider Buying and Selling at Progyny

In related news, Director Cheryl Scott sold 1,462 shares of the firm’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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Cheryl Scott sold 1,462 shares of Progyny stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $28.39, for a total transaction of $41,506.18. Following the completion of the transaction, the director now directly owns 10,098 shares of the company’s stock, valued at approximately $286,682.22. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, President Michael E. Sturmer sold 9,030 shares of the business’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $30.00, for a total transaction of $270,900.00. Following the completion of the sale, 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. Insiders own 12.30% of the company’s stock.

Institutional Trading of Progyny

A number of hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of Progyny by 0.5% in the first 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 boosted its position in shares of Progyny by 352,414.2% during the fourth quarter. International Assets Investment Management LLC now owns 5,876,411 shares of the company’s stock worth $218,485,000 after buying an additional 5,874,744 shares during the period. Jennison Associates LLC boosted its holdings 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 purchasing an additional 67,632 shares during the period. Principal Financial Group Inc. boosted its holdings 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 purchasing an additional 42,302 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in Progyny by 24.8% in the second quarter. Dimensional Fund Advisors LP now owns 1,281,928 shares of the company’s stock valued at $36,676,000 after buying an additional 254,725 shares in the last quarter. 94.93% of the stock is owned by hedge funds and other 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.