Canaccord Genuity Group Trims Progyny (NASDAQ:PGNY) Target Price to $18.00

Progyny (NASDAQ:PGNY) had its target price decreased by Canaccord Genuity Group from $24.00 to $18.00 in a research note published on Friday morning, Benzinga reports. Canaccord Genuity Group currently has a hold rating on the stock.

PGNY has been the topic of a number of other reports. JPMorgan Chase & Co. decreased their price target on Progyny from $31.00 to $22.00 and set an overweight rating on the stock in a research note on Thursday. Jefferies Financial Group lowered their target price on shares of Progyny from $31.00 to $24.00 and set a buy rating for the company in a report on Thursday. Leerink Partners lowered their target price on shares of Progyny from $25.00 to $21.00 and set a market perform rating for the company in a report on Thursday. Canaccord Genuity Group downgraded shares of Progyny from a buy rating to a hold rating and decreased their price objective for the stock from $37.00 to $24.00 in a research note on Wednesday, August 7th. Finally, JMP Securities cut shares of Progyny from an outperform rating to a market perform rating in a research report on Thursday. Seven investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Hold and an average price target of $27.73.

Progyny Price Performance

Shares of Progyny stock opened at $16.62 on Friday. The business has a 50-day moving average of $24.08 and a 200 day moving average of $28.57. The stock has a market capitalization of $1.58 billion, a price-to-earnings ratio of 27.25, a price-to-earnings-growth 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 posted its 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 firm had revenue of $304.09 million during the quarter, compared to analysts’ expectations of $305.32 million. Progyny had a return on equity of 11.97% and a net margin of 5.54%. The firm’s revenue was up 8.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.15 earnings per share. Equities research analysts anticipate that Progyny will post 0.64 earnings per share for the current year.

Insider Activity

In other Progyny news, Director Cheryl Scott sold 1,462 shares of the business’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $28.39, for a total transaction of $41,506.18. Following the completion of the sale, the director now directly owns 10,098 shares of the company’s stock, valued at approximately $286,682.22. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Progyny news, President Michael E. Sturmer sold 9,030 shares of the company’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 transaction of $270,900.00. Following the completion of the transaction, 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 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 stock was sold at an average price of $28.39, for a total value of $41,506.18. Following the transaction, the director now directly owns 10,098 shares of the company’s stock, valued at approximately $286,682.22. The disclosure for this sale can be found here. 12.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Progyny

A number of large investors have recently added to or reduced their stakes in the business. Quarry LP boosted its stake in Progyny by 1,900.0% in the second quarter. Quarry LP now owns 880 shares of the company’s stock valued at $25,000 after buying an additional 836 shares in the last quarter. TFC Financial Management Inc. bought a new position in shares of Progyny during the first quarter worth about $42,000. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Progyny during the second quarter worth about $44,000. Financial Management Professionals Inc. bought a new stake in Progyny in the first quarter worth approximately $52,000. Finally, Cambridge Trust Co. bought a new stake in Progyny in the first quarter worth approximately $95,000. 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.