Bank of America Cuts Progyny (NASDAQ:PGNY) Price Target to $21.00

Progyny (NASDAQ:PGNY) had its target price cut by Bank of America from $22.00 to $21.00 in a report issued on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other equities research analysts also recently commented on PGNY. JMP Securities downgraded Progyny from an “outperform” rating to a “market perform” rating in a report on Thursday, September 19th. Cantor Fitzgerald restated an “overweight” rating and set a $25.00 price target on shares of Progyny in a research note on Tuesday, October 1st. Truist Financial reaffirmed a “hold” rating and issued a $19.00 price objective (down from $26.00) on shares of Progyny in a research note on Wednesday. Jefferies Financial Group lowered their target price on shares of Progyny from $31.00 to $24.00 and set a “buy” rating on the stock in a report on Thursday, September 19th. Finally, Canaccord Genuity Group lowered Progyny from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $37.00 to $24.00 in a report on Wednesday, August 7th. Eight research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $25.42.

Progyny Stock Down 1.5 %

Shares of PGNY stock opened at $13.77 on Wednesday. Progyny has a 52 week low of $13.39 and a 52 week high of $42.08. The firm has a 50 day moving average of $17.30 and a 200-day moving average of $23.36. The company has a market cap of $1.17 billion, a price-to-earnings ratio of 23.74, a price-to-earnings-growth ratio of 1.31 and a beta of 1.44.

Progyny (NASDAQ:PGNY) last posted its quarterly earnings results on Tuesday, November 12th. The company reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.26). The company had revenue of $286.63 million during the quarter, compared to the consensus estimate of $296.85 million. Progyny had a net margin of 5.03% and a return on equity of 11.36%. The company’s revenue for the quarter was up 2.0% on a year-over-year basis. During the same period last year, the firm posted $0.16 earnings per share. Analysts anticipate that Progyny will post 0.64 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of PGNY. Disciplined Growth Investors Inc. MN lifted its stake in Progyny by 56.5% in the third quarter. Disciplined Growth Investors Inc. MN now owns 826,726 shares of the company’s stock valued at $13,856,000 after purchasing an additional 298,314 shares during the last quarter. Barclays PLC raised its stake in shares of Progyny by 530.4% in the third quarter. Barclays PLC now owns 706,157 shares of the company’s stock valued at $11,835,000 after buying an additional 594,140 shares during the period. Y Intercept Hong Kong Ltd purchased a new position in shares of Progyny during the 3rd quarter valued at $469,000. Wellington Management Group LLP lifted its position in shares of Progyny by 4.0% during the 3rd quarter. Wellington Management Group LLP now owns 430,300 shares of the company’s stock valued at $7,212,000 after buying an additional 16,638 shares during the last quarter. Finally, Wolverine Trading LLC grew its stake in shares of Progyny by 131.5% during the 3rd quarter. Wolverine Trading LLC now owns 19,677 shares of the company’s stock worth $331,000 after acquiring an additional 11,177 shares during the period. 94.93% of the stock is owned by 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.