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

Progyny (NASDAQ:PGNY) was downgraded by equities research analysts at JMP Securities from an “outperform” rating to a “market perform” rating in a research report issued to clients and investors on Thursday, Marketbeat reports.

Other equities research analysts have also issued research reports about the stock. Canaccord Genuity Group reissued a “hold” rating and issued a $24.00 price objective (down previously from $37.00) on shares of Progyny in a research report on Wednesday, August 7th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $37.00 price target on shares of Progyny in a report on Tuesday, August 20th. BTIG Research lowered Progyny from a “buy” rating to a “neutral” rating in a research report on Wednesday, August 7th. Truist Financial decreased their target price on Progyny from $37.00 to $33.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Finally, Leerink Partners downgraded Progyny from an “outperform” rating to a “market perform” rating and dropped their target price for the company from $31.00 to $25.00 in a report on Wednesday, August 7th. Seven equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $31.90.

Progyny Trading Down 1.5 %

Shares of PGNY opened at $24.44 on Thursday. Progyny has a twelve month low of $19.60 and a twelve month high of $42.08. The firm has a market capitalization of $2.33 billion, a P/E ratio of 40.07, a price-to-earnings-growth ratio of 1.88 and a beta of 1.45. The stock’s fifty day simple moving average is $24.62 and its 200 day simple moving average is $28.90.

Progyny (NASDAQ:PGNY) last released its quarterly earnings data on Tuesday, August 6th. The company reported $0.17 earnings per share for the quarter, meeting the consensus estimate of $0.17. The business had revenue of $304.09 million for the quarter, compared to analyst estimates of $305.32 million. Progyny had a return on equity of 11.97% and a net margin of 5.54%. The company’s revenue was up 8.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.15 EPS. Sell-side analysts predict that Progyny will post 0.64 earnings per share for the current year.

Insider Activity

In related news, President Michael E. Sturmer sold 9,030 shares of Progyny stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $30.00, for a total value of $270,900.00. Following the completion of the sale, the president now owns 362,583 shares in the company, valued at $10,877,490. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Progyny news, President Michael E. Sturmer sold 9,030 shares of the stock in a transaction 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 transaction, the president now directly owns 362,583 shares in the company, valued at approximately $10,877,490. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Cheryl Scott sold 1,462 shares of the company’s 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 completion of the sale, the director now owns 10,098 shares in the company, valued at approximately $286,682.22. The disclosure for this sale can be found here. Company insiders own 12.30% of the company’s stock.

Hedge Funds Weigh In On Progyny

A number of hedge funds have recently added to or reduced their stakes in PGNY. Caprock Group LLC lifted its holdings in Progyny by 5.3% in the first quarter. Caprock Group LLC now owns 6,288 shares of the company’s stock worth $240,000 after acquiring an additional 319 shares during the last quarter. RiverPark Advisors LLC boosted its position in Progyny by 9.6% during the 2nd quarter. RiverPark Advisors LLC now owns 5,408 shares of the company’s stock valued at $155,000 after purchasing an additional 474 shares during the period. State of Michigan Retirement System increased its position in Progyny by 2.5% in the first quarter. State of Michigan Retirement System now owns 20,479 shares of the company’s stock worth $781,000 after buying an additional 500 shares during the period. Allspring Global Investments Holdings LLC boosted its holdings in shares of Progyny by 9.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 6,260 shares of the company’s stock valued at $239,000 after acquiring an additional 543 shares during the period. Finally, Arizona State Retirement System grew its position in shares of Progyny by 2.6% during the second quarter. Arizona State Retirement System now owns 24,313 shares of the company’s stock worth $696,000 after acquiring an additional 609 shares during the last quarter. 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.