Canaccord Genuity Group Reaffirms Hold Rating for Progyny (NASDAQ:PGNY)

Canaccord Genuity Group reaffirmed their hold rating on shares of Progyny (NASDAQ:PGNY) in a research note released on Wednesday morning, MarketBeat reports. They currently have a $24.00 price objective on the stock, down from their previous price objective of $37.00.

A number of other equities research analysts have also issued reports on the company. Cantor Fitzgerald reaffirmed an overweight rating and issued a $48.00 target price on shares of Progyny in a research note on Thursday, May 16th. Canaccord Genuity Group lowered Progyny from a buy rating to a hold rating and reduced their target price for the company from $37.00 to $24.00 in a research note on Wednesday. SVB Leerink downgraded Progyny from an outperform rating to a market perform rating and cut their price target for the company from $31.00 to $25.00 in a report on Wednesday. BTIG Research downgraded Progyny from a buy rating to a neutral rating in a report on Wednesday. Finally, JMP Securities assumed coverage on Progyny in a report on Tuesday, July 16th. They issued an outperform rating and a $36.00 price target for the company. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of Hold and an average price target of $34.50.

Progyny Trading Up 3.1 %

Shares of NASDAQ:PGNY traded up $0.65 during trading on Wednesday, hitting $21.61. 2,221,506 shares of the stock were exchanged, compared to its average volume of 1,028,364. Progyny has a 12-month low of $19.60 and a 12-month high of $42.08. The company has a fifty day moving average price of $27.31 and a two-hundred day moving average price of $32.12. The company has a market cap of $2.06 billion, a PE ratio of 35.43, a P/E/G ratio of 1.67 and a beta of 1.46.

Progyny (NASDAQ:PGNY) last posted its earnings results on Tuesday, August 6th. The company reported $0.17 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.17. Progyny had a return on equity of 11.48% and a net margin of 5.54%. The firm had revenue of $304.09 million for the quarter, compared to analyst estimates of $305.32 million. During the same quarter in the prior year, the company earned $0.15 EPS. Progyny’s revenue was up 8.8% on a year-over-year basis. Equities research analysts anticipate that Progyny will post 0.73 earnings per share for the current fiscal year.

Insider Transactions at Progyny

In other news, President Michael E. Sturmer sold 9,030 shares of the company’s stock in a transaction on Tuesday, July 16th. The stock was 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 approximately $10,877,490. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related 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 transaction 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 approximately $286,682.22. The sale was disclosed in a filing with the SEC, which can be accessed through 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 stock was sold at an average price of $30.00, for a total transaction of $270,900.00. Following the sale, the president now directly owns 362,583 shares of the company’s stock, valued at $10,877,490. The disclosure for this sale can be found here. Insiders own 12.30% of the company’s stock.

Institutional Trading of Progyny

Institutional investors have recently added to or reduced their stakes in the business. Nordea Investment Management AB boosted its position in Progyny by 122.2% in the 1st 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. Vitruvian Partners LLP bought a new position in shares of Progyny during the fourth quarter worth about $2,957,000. Louisiana State Employees Retirement System bought a new position in shares of Progyny during the fourth quarter worth about $870,000. Jennison Associates LLC lifted its position in shares of Progyny by 2.7% during 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 during the last quarter. Finally, M&G Plc bought a new position in shares of Progyny during the first quarter worth about $1,156,000. 94.93% of the stock is 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.