Progyny (NASDAQ:PGNY) Downgraded to “Market Perform” at SVB Leerink

SVB Leerink downgraded shares of Progyny (NASDAQ:PGNY) from an outperform rating to a market perform rating in a research note issued to investors on Wednesday, MarketBeat reports. The firm currently has $25.00 price objective on the stock, down from their prior price objective of $31.00.

Several other research analysts have also issued reports on the company. BTIG Research dropped their price objective on Progyny from $50.00 to $41.00 and set a buy rating for the company in a research note on Friday, May 10th. KeyCorp cut shares of Progyny from an overweight rating to a sector weight rating in a research note on Friday, May 10th. Truist Financial dropped their price target on Progyny from $46.00 to $37.00 and set a buy rating for the company in a report on Friday, May 17th. JMP Securities began coverage on Progyny in a research note on Tuesday, July 16th. They issued an outperform rating and a $36.00 price objective on the stock. Finally, Canaccord Genuity Group lowered their target price on Progyny from $46.00 to $37.00 and set a buy rating for the company in a research note on Friday, May 10th. Six analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Progyny currently has a consensus rating of Hold and a consensus target price of $34.50.

Progyny Price Performance

Shares of Progyny stock opened at $20.47 on Wednesday. Progyny has a 52-week low of $19.60 and a 52-week high of $42.08. The firm has a market capitalization of $1.95 billion, a PE ratio of 34.18, a price-to-earnings-growth ratio of 1.76 and a beta of 1.46. The company’s fifty day moving average price is $27.53 and its two-hundred day moving average price is $32.36.

Progyny (NASDAQ:PGNY) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.17 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.17. The firm had revenue of $304.09 million during the quarter, compared to analyst estimates of $305.32 million. Progyny had a net margin of 5.53% and a return on equity of 11.61%. The company’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.15 earnings per share. Analysts predict that Progyny will post 0.73 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Cheryl Scott sold 1,462 shares of the business’s stock in a transaction that occurred on 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 directly owns 10,098 shares of the company’s stock, valued at $286,682.22. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, Director Cheryl Scott sold 1,462 shares of the company’s stock in a transaction dated Friday, June 28th. The stock was 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, President Michael E. Sturmer sold 9,030 shares of the firm’s 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 transaction, the president now owns 362,583 shares in the company, valued at approximately $10,877,490. The disclosure for this sale can be found here. Corporate insiders own 12.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. TFC Financial Management Inc. bought a new stake in shares of Progyny in the first quarter worth about $42,000. Financial Management Professionals Inc. bought a new stake in Progyny during the 1st quarter worth approximately $52,000. Cambridge Trust Co. bought a new stake in Progyny during the 1st quarter worth approximately $95,000. Natixis Investment Managers International acquired a new stake in Progyny during the 1st quarter worth approximately $117,000. Finally, Parkside Financial Bank & Trust lifted its stake in Progyny by 9.3% in the fourth quarter. Parkside Financial Bank & Trust now owns 3,096 shares of the company’s stock valued at $115,000 after buying an additional 264 shares in 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.