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

Progyny (NASDAQ:PGNY) had its price objective decreased by investment analysts at Canaccord Genuity Group from $24.00 to $18.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage presently has a “hold” rating on the stock. Canaccord Genuity Group’s target price would suggest a potential upside of 8.30% from the company’s current price.

A number of other research analysts have also weighed in on PGNY. Leerink Partnrs lowered shares of Progyny from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 7th. Canaccord Genuity Group lowered 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, August 7th. BTIG Research lowered shares of Progyny from a “buy” rating to a “neutral” rating in a research report on Wednesday, August 7th. JPMorgan Chase & Co. dropped their price target on shares of Progyny from $31.00 to $22.00 and set an “overweight” rating on the stock in a research report on Thursday. Finally, JMP Securities lowered shares of Progyny from an “outperform” rating to a “market perform” rating in a research report on Thursday. Seven equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $27.73.

Progyny Trading Up 1.0 %

Progyny stock opened at $16.62 on Friday. Progyny has a 1-year low of $13.93 and a 1-year high of $42.08. The firm has a market capitalization of $1.50 billion, a price-to-earnings ratio of 27.25, a price-to-earnings-growth ratio of 1.97 and a beta of 1.45. The firm’s fifty day moving average price is $24.08 and its two-hundred day moving average price is $28.61.

Progyny (NASDAQ:PGNY) last released its quarterly earnings data on Tuesday, August 6th. The company reported $0.17 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.17. Progyny had a net margin of 5.54% and a return on equity of 11.97%. The firm had revenue of $304.09 million for the quarter, compared to analyst estimates of $305.32 million. During the same period last year, the firm earned $0.15 earnings per share. The business’s quarterly revenue was up 8.8% compared to the same quarter last year. On average, research analysts forecast that Progyny will post 0.64 EPS for the current year.

Insider Transactions at Progyny

In other news, President Michael E. Sturmer sold 9,030 shares of Progyny 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 $10,877,490. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, President Michael E. Sturmer sold 9,030 shares of Progyny 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 $10,877,490. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 transaction of $41,506.18. Following the completion of the transaction, the director now owns 10,098 shares of the company’s stock, valued at $286,682.22. The disclosure for this sale can be found here. Corporate insiders own 12.30% of the company’s stock.

Hedge Funds Weigh In On Progyny

A number of large investors have recently modified their holdings of the company. Vanguard Group Inc. boosted 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 acquiring an additional 41,687 shares during the period. Jennison Associates LLC boosted its position in shares of 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 acquiring an additional 67,632 shares during the period. Principal Financial Group Inc. boosted its position in shares of 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 acquiring an additional 42,302 shares during the period. Farallon Capital Management LLC lifted its position in Progyny by 120.8% during the second quarter. Farallon Capital Management LLC now owns 1,308,500 shares of the company’s stock valued at $37,436,000 after purchasing an additional 715,900 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in Progyny by 24.8% during the second quarter. Dimensional Fund Advisors LP now owns 1,281,928 shares of the company’s stock valued at $36,676,000 after purchasing an additional 254,725 shares during the last quarter. 94.93% of the stock is currently owned by institutional investors.

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.