Canaccord Genuity Group Lowers Progyny (NASDAQ:PGNY) to Hold

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

A number of other research firms have also recently commented on PGNY. BTIG Research decreased their target price on shares of Progyny from $50.00 to $41.00 and set a buy rating on the stock in a research report on Friday, May 10th. Truist Financial decreased their price target on Progyny from $46.00 to $37.00 and set a buy rating on the stock in a research note on Friday, May 17th. SVB Leerink cut Progyny from an outperform rating to a market perform rating and dropped their price objective for the company from $31.00 to $25.00 in a research note on Wednesday. JMP Securities started coverage on Progyny in a research note on Tuesday, July 16th. They set an outperform rating and a $36.00 target price on the stock. Finally, Barclays dropped their target price on Progyny from $48.00 to $30.00 and set an overweight rating for the company in a research report on Monday, May 13th. Six 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, the company presently has an average rating of Hold and a consensus target price of $34.50.

Progyny Price Performance

Shares of NASDAQ PGNY opened at $21.61 on Wednesday. The company has a market capitalization of $2.06 billion, a P/E ratio of 35.43, a P/E/G ratio of 1.67 and a beta of 1.46. The company has a 50 day simple moving average of $27.31 and a 200-day simple moving average of $32.12. Progyny has a 1 year low of $19.60 and a 1 year high of $42.08.

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

Insider Buying and Selling

In other Progyny news, Director Cheryl Scott sold 1,462 shares of the 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 directly owns 10,098 shares of the company’s stock, valued at approximately $286,682.22. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Progyny news, Director Cheryl Scott sold 1,462 shares of Progyny 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 can be accessed through this link. Also, President Michael E. Sturmer sold 9,030 shares of the stock in a transaction dated Tuesday, July 16th. The shares were 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 approximately $10,877,490. The disclosure for this sale can be found here. 12.30% of the stock is owned by insiders.

Institutional Trading of Progyny

Several institutional investors have recently modified their holdings of the stock. International Assets Investment Management LLC grew its position in shares of Progyny by 352,414.2% in 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 buying an additional 5,874,744 shares during the last quarter. Farallon Capital Management LLC acquired a new position in Progyny during the first quarter worth approximately $22,608,000. Wellington Management Group LLP acquired a new position in shares of Progyny in the 4th quarter valued at $14,608,000. Norges Bank purchased a new stake in Progyny in the 4th quarter valued at $14,198,000. Finally, Eagle Asset Management Inc. boosted its stake in Progyny by 102.7% during the 4th quarter. Eagle Asset Management Inc. now owns 649,897 shares of the company’s stock worth $24,163,000 after purchasing an additional 329,288 shares during the period. Hedge funds and other institutional investors own 94.93% of the company’s stock.

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.