Canaccord Genuity Group Issues Pessimistic Forecast for Progyny (NASDAQ:PGNY) Stock Price

Progyny (NASDAQ:PGNY) had its price objective dropped by research analysts at Canaccord Genuity Group from $18.00 to $17.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a “hold” rating on the stock. Canaccord Genuity Group’s price target would indicate a potential downside of 1.05% from the company’s current price.

A number of other brokerages have also issued reports on PGNY. Leerink Partnrs lowered Progyny from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 7th. Truist Financial reiterated a “hold” rating and set a $19.00 target price (down from $26.00) on shares of Progyny in a research report on Wednesday. Canaccord Genuity Group cut shares of Progyny from a “buy” rating to a “hold” rating and cut their price target for the stock from $37.00 to $24.00 in a report on Wednesday, August 7th. 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, September 19th. Finally, BTIG Research cut shares of Progyny from a “buy” rating to a “neutral” rating in a research report on Wednesday, August 7th. Eight equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $27.00.

Progyny Price Performance

NASDAQ:PGNY opened at $17.18 on Wednesday. The firm has a market capitalization of $1.55 billion, a price-to-earnings ratio of 27.27, a PEG ratio of 1.61 and a beta of 1.44. The business has a 50 day simple moving average of $17.88 and a 200-day simple moving average of $23.62. Progyny has a 1 year low of $13.93 and a 1 year high of $42.08.

Progyny (NASDAQ:PGNY) last released its earnings results on Tuesday, November 12th. The company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by ($0.26). The firm had revenue of $286.63 million during the quarter, compared to the consensus estimate of $296.85 million. Progyny had a return on equity of 11.97% and a net margin of 5.54%. Progyny’s revenue was up 2.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.16 EPS. As a group, analysts expect that Progyny will post 0.64 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Progyny

Several large investors have recently modified their holdings of PGNY. Dynamic Technology Lab Private Ltd bought a new position in shares of Progyny during the third quarter valued at approximately $1,613,000. Algert Global LLC boosted its position in Progyny by 138.7% during the 3rd quarter. Algert Global LLC now owns 184,885 shares of the company’s stock valued at $3,099,000 after acquiring an additional 107,432 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Progyny by 0.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 673,446 shares of the company’s stock valued at $11,287,000 after acquiring an additional 4,007 shares during the period. Pacer Advisors Inc. raised its position in shares of Progyny by 12,579.4% in the 3rd quarter. Pacer Advisors Inc. now owns 2,492,642 shares of the company’s stock worth $41,777,000 after acquiring an additional 2,472,983 shares in the last quarter. Finally, Landscape Capital Management L.L.C. lifted its stake in shares of Progyny by 126.6% during the 3rd quarter. Landscape Capital Management L.L.C. now owns 167,157 shares of the company’s stock worth $2,802,000 after purchasing an additional 93,374 shares during the last quarter. Institutional investors 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.