Progyny (NASDAQ:PGNY) Price Target Cut to $26.00 by Analysts at Truist Financial

Progyny (NASDAQ:PGNY) had its target price reduced by Truist Financial from $33.00 to $26.00 in a research note published on Thursday morning, Benzinga reports. They currently have a buy rating on the stock.

Several other equities analysts have also recently commented on the stock. BTIG Research cut shares of Progyny from a buy rating to a neutral rating in a report on Wednesday, August 7th. Canaccord Genuity Group cut shares of Progyny from a buy rating to a hold rating and lowered their price target for the company from $37.00 to $24.00 in a report on Wednesday, August 7th. JMP Securities cut shares of Progyny from an outperform rating to a market perform rating in a report on Thursday. Leerink Partners decreased their price objective on shares of Progyny from $25.00 to $21.00 and set a market perform rating for the company in a report on Thursday. Finally, Canaccord Genuity Group reiterated a hold rating and issued a $24.00 price objective (down from $37.00) on shares of Progyny in a report on Wednesday, August 7th. Seven research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, Progyny has a consensus rating of Hold and a consensus price target of $28.27.

Progyny Stock Performance

NASDAQ PGNY opened at $16.46 on Thursday. The firm’s 50 day moving average price is $24.56 and its two-hundred day moving average price is $28.87. Progyny has a twelve month low of $13.93 and a twelve month high of $42.08. The stock has a market cap of $1.57 billion, a price-to-earnings ratio of 26.98, a PEG ratio of 1.88 and a beta of 1.45.

Progyny (NASDAQ:PGNY) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.17 EPS 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 business had revenue of $304.09 million for the quarter, compared to analysts’ expectations of $305.32 million. During the same period in the previous year, the company posted $0.15 EPS. Progyny’s revenue was up 8.8% on a year-over-year basis. On average, research analysts forecast that Progyny will post 0.64 EPS for the current fiscal year.

Insiders Place Their Bets

In other Progyny news, President Michael E. Sturmer sold 9,030 shares of the business’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 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 document filed with the SEC, which can be accessed through this hyperlink. In other news, President Michael E. Sturmer sold 9,030 shares of the company’s stock in a transaction dated Tuesday, July 16th. The shares were 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 $10,877,490. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 transaction 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. Company insiders own 12.30% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Nordea Investment Management AB raised its position in shares of Progyny by 122.2% during the first quarter. Nordea Investment Management AB now owns 126,446 shares of the company’s stock valued at $4,891,000 after buying an additional 69,552 shares during the last quarter. Bank of New York Mellon Corp raised its position in Progyny by 3.0% in the second quarter. Bank of New York Mellon Corp now owns 756,228 shares of the company’s stock worth $21,636,000 after purchasing an additional 22,012 shares in the last quarter. Kestrel Investment Management Corp acquired a new position in Progyny in the second quarter worth about $5,005,000. Jennison Associates LLC raised its position in Progyny by 2.7% in the first quarter. Jennison Associates LLC now owns 2,596,422 shares of the company’s stock worth $99,054,000 after purchasing an additional 67,632 shares in the last quarter. Finally, M&G Plc acquired a new position in Progyny in the first quarter worth about $1,156,000. Institutional investors and hedge funds 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.