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

Progyny (NASDAQ:PGNY) had its price target decreased by JPMorgan Chase & Co. from $41.00 to $31.00 in a report released on Monday, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

PGNY has been the topic of several other research reports. Truist Financial lowered their price objective on shares of Progyny from $37.00 to $33.00 and set a buy rating on the stock in a research report on Wednesday, August 7th. KeyCorp cut shares of Progyny from an overweight rating to a sector weight rating in a research report on Friday, May 10th. Canaccord Genuity Group cut shares of Progyny from a buy rating to a hold rating and decreased their target price for the stock from $37.00 to $24.00 in a research report on Wednesday, August 7th. Canaccord Genuity Group reiterated a hold rating and issued a $24.00 target price (down previously from $37.00) on shares of Progyny in a research report on Wednesday, August 7th. Finally, Barclays decreased their target price on shares of Progyny from $48.00 to $30.00 and set an overweight rating on the stock in a research report on Monday, May 13th. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of Hold and an average price target of $31.90.

Progyny Price Performance

Shares of NASDAQ:PGNY opened at $21.57 on Monday. The firm has a fifty day moving average price of $26.26 and a two-hundred day moving average price of $31.16. Progyny has a one year low of $19.60 and a one year high of $42.08. The company has a market cap of $2.05 billion, a price-to-earnings ratio of 35.36, a PEG ratio of 1.69 and a beta of 1.46.

Progyny (NASDAQ:PGNY) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.17 EPS for the quarter, meeting the consensus estimate of $0.17. The firm had revenue of $304.09 million during the quarter, compared to the consensus estimate 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 earned $0.15 EPS. Equities research analysts expect that Progyny will post 0.63 EPS for the current fiscal year.

Insider Buying and Selling at Progyny

In other news, President Michael E. Sturmer sold 9,030 shares of Progyny 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 sale, the president now owns 362,583 shares of the company’s stock, valued at approximately $10,877,490. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, President Michael E. Sturmer sold 9,030 shares of Progyny 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 sale, the president now owns 362,583 shares of the company’s stock, valued at approximately $10,877,490. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Cheryl Scott sold 1,462 shares of Progyny 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 sale, the director now directly owns 10,098 shares in the company, valued at approximately $286,682.22. The disclosure for this sale can be found here. Corporate insiders own 12.30% of the company’s stock.

Institutional Investors Weigh In On Progyny

Several hedge funds have recently bought and sold shares of PGNY. Quarry LP boosted its stake in Progyny by 1,900.0% during the second quarter. Quarry LP now owns 880 shares of the company’s stock worth $25,000 after acquiring an additional 836 shares in the last quarter. TFC Financial Management Inc. bought a new stake in Progyny during the first quarter worth about $42,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in Progyny during the second quarter worth about $44,000. Financial Management Professionals Inc. bought a new position in shares of Progyny in the first quarter worth approximately $52,000. Finally, Cambridge Trust Co. bought a new position in shares of Progyny in the first quarter worth approximately $95,000. Institutional investors own 94.93% of the company’s stock.

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.