JPMorgan Chase & Co. Trims Progyny (NASDAQ:PGNY) Target Price to $31.00

Progyny (NASDAQ:PGNY) had its target price dropped by investment analysts at JPMorgan Chase & Co. from $41.00 to $31.00 in a report released on Monday, Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 47.20% from the stock’s previous close.

PGNY has been the topic of a number of other reports. Barclays dropped their price objective on shares of Progyny from $48.00 to $30.00 and set an “overweight” rating on the stock in a report on Monday, May 13th. KeyCorp lowered shares of Progyny from an “overweight” rating to a “sector weight” rating in a report on Friday, May 10th. Leerink Partnrs lowered shares of Progyny from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 7th. SVB Leerink lowered shares of Progyny from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $31.00 to $25.00 in a research note on Wednesday, August 7th. Finally, BTIG Research lowered shares of Progyny from a “buy” rating to a “neutral” rating in a research note on Wednesday, August 7th. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Progyny presently has an average rating of “Hold” and a consensus target price of $31.90.

Progyny Stock Performance

Shares of PGNY stock opened at $21.06 on Monday. Progyny has a 52-week low of $19.60 and a 52-week high of $42.08. The stock has a market cap of $1.90 billion, a PE ratio of 34.52, a PEG ratio of 1.69 and a beta of 1.46. The firm’s 50 day moving average price is $26.38 and its two-hundred day moving average price is $31.23.

Progyny (NASDAQ:PGNY) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.17 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.17. The company had revenue of $304.09 million for the quarter, compared to analysts’ expectations of $305.32 million. Progyny had a net margin of 5.54% and a return on equity of 11.97%. The business’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same period last year, the firm posted $0.15 earnings per share. As a group, sell-side analysts predict that Progyny will post 0.63 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, President Michael E. Sturmer sold 9,030 shares of the company’s stock in a transaction that occurred 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 directly owns 362,583 shares in the company, valued at approximately $10,877,490. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, Director Cheryl Scott sold 1,462 shares of the company’s stock in a transaction 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 transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, 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 transaction of $270,900.00. Following the completion of the sale, the president now directly owns 362,583 shares in the company, valued at $10,877,490. The disclosure for this sale can be found here. 12.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Progyny

A number of institutional investors have recently modified their holdings of PGNY. International Assets Investment Management LLC boosted its stake 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 purchasing an additional 5,874,744 shares during the last quarter. Farallon Capital Management LLC boosted its stake in shares of Progyny by 120.8% in the 2nd 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. Wellington Management Group LLP bought a new position in Progyny during the fourth quarter worth $14,608,000. Norges Bank bought a new position in Progyny during the fourth quarter worth $14,198,000. Finally, Eagle Asset Management Inc. boosted its stake in Progyny by 102.7% during the fourth quarter. Eagle Asset Management Inc. now owns 649,897 shares of the company’s stock worth $24,163,000 after acquiring an additional 329,288 shares in the last quarter. 94.93% of the stock is owned by institutional investors.

About Progyny

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.