Progyny (NASDAQ:PGNY) Price Target Cut to $21.00 by Analysts at Leerink Partners

Progyny (NASDAQ:PGNY) had its price objective lowered by Leerink Partners from $25.00 to $21.00 in a research note published on Thursday morning, Benzinga reports. Leerink Partners currently has a market perform rating on the stock.

Several other equities analysts have also commented on PGNY. Canaccord Genuity Group lowered Progyny from a buy rating to a hold rating and dropped their target price for the company from $37.00 to $24.00 in a report on Wednesday, August 7th. Leerink Partnrs downgraded Progyny from a strong-buy rating to a hold rating in a report on Wednesday, August 7th. JPMorgan Chase & Co. decreased their target price on Progyny from $41.00 to $31.00 and set an overweight rating for the company in a research note on Monday, August 19th. BTIG Research downgraded Progyny from a buy rating to a neutral rating in a report on Wednesday, August 7th. Finally, JMP Securities cut shares of Progyny from an outperform rating to a market perform rating in a report on Thursday. Seven equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Progyny presently has a consensus rating of Hold and an average price target of $27.73.

Progyny Price Performance

PGNY stock opened at $16.62 on Thursday. The firm has a market capitalization of $1.58 billion, a P/E ratio of 27.25, a P/E/G ratio of 1.97 and a beta of 1.45. The business’s 50-day moving average is $24.08 and its two-hundred day moving average is $28.57. Progyny has a 1 year low of $13.93 and a 1 year high of $42.08.

Progyny (NASDAQ:PGNY) last issued its earnings results on Tuesday, August 6th. The company reported $0.17 earnings per share for the quarter, meeting the consensus estimate 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 analysts’ expectations of $305.32 million. During the same quarter last year, the company earned $0.15 earnings per share. The firm’s revenue was up 8.8% compared to the same quarter last year. On average, analysts expect that Progyny will post 0.64 EPS for the current year.

Insider Activity

In related news, Director Cheryl Scott sold 1,462 shares of the stock in a transaction 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 sale, the director now owns 10,098 shares in the company, valued at approximately $286,682.22. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, Director Cheryl Scott sold 1,462 shares of the company’s stock in a transaction dated 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 sale, the director now directly owns 10,098 shares of the company’s stock, valued at $286,682.22. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, President Michael E. Sturmer sold 9,030 shares of the firm’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $30.00, for a total value of $270,900.00. Following the transaction, the president now directly 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.

Hedge Funds Weigh In On Progyny

A number of hedge funds and other institutional investors have recently bought and sold shares of PGNY. Quarry LP lifted its stake in shares of Progyny by 1,900.0% in the 2nd quarter. Quarry LP now owns 880 shares of the company’s stock worth $25,000 after acquiring an additional 836 shares during the period. TFC Financial Management Inc. acquired a new stake in Progyny in the first quarter valued at about $42,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Progyny in the 2nd quarter valued at approximately $44,000. Financial Management Professionals Inc. acquired a new position in Progyny during the 1st quarter worth approximately $52,000. Finally, Cambridge Trust Co. purchased a new position in shares of Progyny during the 1st quarter worth approximately $95,000. 94.93% of the stock is currently owned by hedge funds and other 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.