Progyny (NASDAQ:PGNY) Hits New 12-Month Low After Analyst Downgrade

Shares of Progyny, Inc. (NASDAQ:PGNY) hit a new 52-week low during trading on Thursday after Leerink Partners lowered their price target on the stock from $25.00 to $21.00. Leerink Partners currently has a market perform rating on the stock. Progyny traded as low as $18.40 and last traded at $18.40, with a volume of 214782 shares. The stock had previously closed at $24.44.

A number of other research analysts also recently commented on the stock. Canaccord Genuity Group reiterated a “hold” rating and set a $24.00 price objective (down from $37.00) on shares of Progyny in a research note on Wednesday, August 7th. JMP Securities downgraded Progyny from an “outperform” rating to a “market perform” rating in a research note on Thursday. Canaccord Genuity Group lowered Progyny from a “buy” rating to a “hold” rating and lowered their price objective for the company from $37.00 to $24.00 in a report on Wednesday, August 7th. Leerink Partnrs downgraded Progyny from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 7th. Finally, Truist Financial lowered their price target on Progyny from $37.00 to $33.00 and set a “buy” rating for the company 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. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $31.50.

Insider Buying and Selling

In other Progyny news, President Michael E. Sturmer sold 9,030 shares of the company’s stock in a transaction dated 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 transaction, the president now owns 362,583 shares in the company, valued at approximately $10,877,490. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, President Michael E. Sturmer sold 9,030 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at $10,877,490. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Cheryl Scott sold 1,462 shares of the 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 transaction, the director now owns 10,098 shares of the company’s stock, valued at approximately $286,682.22. The disclosure for this sale can be found here. Corporate insiders own 12.30% of the company’s stock.

Institutional Trading of Progyny

Hedge funds and other institutional investors have recently modified their holdings of the company. Farallon Capital Management LLC grew its holdings in Progyny by 120.8% during the second quarter. Farallon Capital Management LLC now owns 1,308,500 shares of the company’s stock worth $37,436,000 after acquiring an additional 715,900 shares during the period. Wellington Management Group LLP bought a new stake in shares of Progyny in the 4th quarter worth approximately $14,608,000. Norges Bank acquired a new stake in Progyny during the fourth quarter valued at approximately $14,198,000. Eagle Asset Management Inc. boosted its holdings in Progyny by 102.7% during the fourth 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 in the last quarter. Finally, Redmile Group LLC acquired a new position in Progyny in the first quarter worth approximately $12,241,000. Institutional investors own 94.93% of the company’s stock.

Progyny Price Performance

The company has a fifty day simple moving average of $24.62 and a 200-day simple moving average of $28.90. The company has a market cap of $1.61 billion, a P/E ratio of 27.75, a PEG ratio of 1.88 and a beta of 1.45.

Progyny (NASDAQ:PGNY) last announced its earnings results on Tuesday, August 6th. The company reported $0.17 EPS for the quarter, meeting the consensus estimate of $0.17. The business had revenue of $304.09 million during the quarter, compared to the consensus estimate of $305.32 million. Progyny had a return on equity of 11.97% and a net margin of 5.54%. Progyny’s revenue was up 8.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.15 earnings per share. On average, analysts anticipate that Progyny, Inc. will post 0.64 EPS for the current year.

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.