Canaccord Genuity Group Has Lowered Expectations for Progyny (NASDAQ:PGNY) Stock Price

Progyny (NASDAQ:PGNY - Get Free Report) had its price target dropped by stock analysts at Canaccord Genuity Group from $18.00 to $17.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a "hold" rating on the stock. Canaccord Genuity Group's target price would indicate a potential upside of 22.30% from the company's previous close.

Several other research analysts have also weighed in on PGNY. Leerink Partners cut their target price on Progyny from $25.00 to $21.00 and set a "market perform" rating on the stock in a research report on Thursday, September 19th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $25.00 price objective on shares of Progyny in a research note on Tuesday, October 1st. JPMorgan Chase & Co. dropped their target price on shares of Progyny from $31.00 to $22.00 and set an "overweight" rating for the company in a research report on Thursday, September 19th. BTIG Research downgraded shares of Progyny from a "buy" rating to a "neutral" rating in a research note on Wednesday, August 7th. Finally, Jefferies Financial Group cut their target price on shares of Progyny from $31.00 to $24.00 and set a "buy" rating on the stock in a research note on Thursday, September 19th. Eight equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $26.50.

Progyny Price Performance

PGNY stock traded down $3.28 during midday trading on Wednesday, hitting $13.90. The stock had a trading volume of 5,395,881 shares, compared to its average volume of 1,389,903. The company's 50-day moving average price is $17.88 and its 200 day moving average price is $23.62. The firm has a market cap of $1.25 billion, a PE ratio of 24.28, a price-to-earnings-growth ratio of 1.62 and a beta of 1.44. Progyny has a 12-month low of $13.77 and a 12-month high of $42.08.

Progyny (NASDAQ:PGNY - Get Free Report) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.11 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.37 by ($0.26). The business had revenue of $286.63 million during the quarter, compared to analyst estimates of $296.85 million. Progyny had a return on equity of 10.87% and a net margin of 5.03%. The firm's quarterly revenue was up 2.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.16 earnings per share. As a group, sell-side analysts anticipate that Progyny will post 0.64 EPS for the current year.

Institutional Trading of Progyny

Hedge funds have recently made changes to their positions in the stock. Quarry LP lifted 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 purchasing an additional 836 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Progyny in the 2nd quarter worth about $44,000. Mendota Financial Group LLC acquired a new position in shares of Progyny in the 3rd quarter valued at about $56,000. Meeder Asset Management Inc. acquired a new position in shares of Progyny in the 3rd quarter valued at about $77,000. Finally, Cambridge Trust Co. bought a new stake in shares of Progyny during the 1st quarter valued at about $95,000. Institutional investors and hedge funds 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.