Progyny (NASDAQ:PGNY) PT Lowered to $24.00 at Jefferies Financial Group

Progyny (NASDAQ:PGNY) had its price target cut by Jefferies Financial Group from $31.00 to $24.00 in a research report report published on Thursday, Benzinga reports. They currently have a buy rating on the stock.

Other equities analysts also recently issued research reports about the company. Canaccord Genuity Group downgraded Progyny from a buy rating to a hold rating and dropped their price objective for the company from $37.00 to $24.00 in a research note on Wednesday, August 7th. Cantor Fitzgerald lowered their price objective on Progyny from $37.00 to $25.00 and set an overweight rating on the stock in a research note on Thursday. Canaccord Genuity Group reiterated a hold rating and set a $24.00 target price (down previously from $37.00) on shares of Progyny in a research report on Wednesday, August 7th. 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 research report on Thursday. Finally, BTIG Research downgraded shares of Progyny from a buy rating to a neutral rating in a report on Wednesday, August 7th. Seven equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, Progyny currently has a consensus rating of Hold and an average price target of $27.73.

Progyny Stock Performance

PGNY stock opened at $16.62 on Thursday. The company has a market capitalization of $1.50 billion, a P/E ratio of 27.25, a price-to-earnings-growth ratio of 1.97 and a beta of 1.45. Progyny has a 52-week low of $13.93 and a 52-week high of $42.08. The business has a 50-day simple moving average of $24.08 and a two-hundred day simple moving average of $28.61.

Progyny (NASDAQ:PGNY) last announced its quarterly 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. The business had revenue of $304.09 million during the quarter, compared to the consensus estimate of $305.32 million. Progyny had a return on equity of 11.97% and a net margin of 5.54%. Progyny’s revenue was up 8.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.15 earnings per share. As a group, sell-side analysts forecast that Progyny will post 0.64 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, President Michael E. Sturmer sold 9,030 shares of the company’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 transaction, the president now owns 362,583 shares of the company’s stock, valued at $10,877,490. The transaction 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 the business’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 completion of the transaction, the director now 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 this link. Also, President Michael E. Sturmer sold 9,030 shares of the firm’s stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $30.00, for a total transaction of $270,900.00. Following the sale, 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. Corporate insiders own 12.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Nordea Investment Management AB increased its position in shares of Progyny by 122.2% during the 1st quarter. Nordea Investment Management AB now owns 126,446 shares of the company’s stock valued at $4,891,000 after purchasing an additional 69,552 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of Progyny by 3.0% during the second quarter. Bank of New York Mellon Corp now owns 756,228 shares of the company’s stock worth $21,636,000 after acquiring an additional 22,012 shares in the last quarter. Kestrel Investment Management Corp purchased a new position in shares of Progyny during the second quarter worth approximately $5,005,000. Jennison Associates LLC boosted its stake in shares of Progyny by 2.7% in the 1st 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 in the last quarter. Finally, M&G Plc purchased a new stake in shares of Progyny in the 1st quarter valued at $1,156,000. 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.