Progyny (NASDAQ:PGNY) Cut to Market Perform at JMP Securities

JMP Securities lowered shares of Progyny (NASDAQ:PGNY) from an outperform rating to a market perform rating in a research note published on Thursday, MarketBeat reports.

A number of other brokerages also recently issued reports on PGNY. Cantor Fitzgerald reissued an overweight rating and set a $37.00 price objective on shares of Progyny in a research report on Tuesday, August 20th. BTIG Research downgraded shares of Progyny from a buy rating to a neutral rating in a research note on Wednesday, August 7th. Truist Financial decreased their price objective on shares of Progyny from $37.00 to $33.00 and set a buy rating on the stock in a report on Wednesday, August 7th. Canaccord Genuity Group downgraded shares of Progyny from a buy rating to a hold rating and dropped their target price for the company from $37.00 to $24.00 in a report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. decreased their price target on Progyny from $41.00 to $31.00 and set an overweight rating on the stock in a research note on Monday, August 19th. Seven investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Progyny currently has a consensus rating of Hold and an average target price of $27.73.

Progyny Stock Up 1.0 %

NASDAQ PGNY opened at $16.62 on Thursday. The business’s fifty day simple moving average is $24.08 and its 200-day simple moving average is $28.57. The firm has a market cap of $1.50 billion, a PE ratio of 27.25, a P/E/G ratio of 1.97 and a beta of 1.45. Progyny has a 52 week low of $13.93 and a 52 week high of $42.08.

Progyny (NASDAQ:PGNY) last issued its earnings results on Tuesday, August 6th. The company reported $0.17 EPS for the quarter, hitting analysts’ consensus estimates of $0.17. Progyny had a net margin of 5.54% and a return on equity of 11.97%. The company had revenue of $304.09 million for the quarter, compared to the consensus estimate of $305.32 million. During the same period in the previous year, the firm earned $0.15 earnings per share. Progyny’s quarterly revenue was up 8.8% compared to the same quarter last year. Research analysts expect that Progyny will post 0.64 EPS for the current year.

Insider Buying and Selling

In other Progyny news, President Michael E. Sturmer sold 9,030 shares of the stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $30.00, for a total value 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Progyny news, President Michael E. Sturmer sold 9,030 shares of the business’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $30.00, for a total transaction of $270,900.00. Following the completion of the transaction, the president now owns 362,583 shares in the company, valued at approximately $10,877,490. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Cheryl Scott sold 1,462 shares of the firm’s stock in a transaction on Friday, June 28th. The shares were sold at an average price of $28.39, for a total value of $41,506.18. Following the completion of the sale, the director now owns 10,098 shares in the company, valued at $286,682.22. The disclosure for this sale can be found here. 12.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Farallon Capital Management LLC lifted its position in Progyny by 120.8% in the second quarter. Farallon Capital Management LLC now owns 1,308,500 shares of the company’s stock valued at $37,436,000 after acquiring an additional 715,900 shares during the last quarter. Wellington Management Group LLP acquired a new stake in shares of Progyny in the 4th quarter valued at about $14,608,000. Norges Bank purchased a new position in Progyny during the 4th quarter worth approximately $14,198,000. Eagle Asset Management Inc. grew its stake in Progyny by 102.7% during the 4th quarter. Eagle Asset Management Inc. now owns 649,897 shares of the company’s stock worth $24,163,000 after buying an additional 329,288 shares during the last quarter. Finally, Redmile Group LLC purchased a new stake in Progyny in the first quarter valued at approximately $12,241,000. 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.