Progyny (NASDAQ:PGNY) Rating Lowered to Hold at Leerink Partnrs

Progyny (NASDAQ:PGNY) was downgraded by stock analysts at Leerink Partnrs from a “strong-buy” rating to a “hold” rating in a report released on Wednesday, Zacks.com reports.

Several other analysts also recently weighed in on PGNY. SVB Leerink downgraded Progyny from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $31.00 to $25.00 in a research report on Wednesday. KeyCorp downgraded Progyny from an “overweight” rating to a “sector weight” rating in a research report on Friday, May 10th. Canaccord Genuity Group downgraded 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 research report on Wednesday. Canaccord Genuity Group reiterated 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. Finally, Truist Financial lowered their price objective on Progyny from $37.00 to $33.00 and set a “buy” rating for the company in a research report on Wednesday. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $34.50.

Progyny Trading Up 0.5 %

Shares of NASDAQ PGNY opened at $20.96 on Wednesday. Progyny has a 12 month low of $19.60 and a 12 month high of $42.08. The firm has a market capitalization of $2.00 billion, a price-to-earnings ratio of 34.36, a PEG ratio of 1.76 and a beta of 1.46. The business has a 50-day moving average of $27.42 and a 200-day moving average of $32.28.

Progyny (NASDAQ:PGNY) last issued its 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 business had revenue of $304.09 million during the quarter, compared to analyst estimates of $305.32 million. Progyny had a return on equity of 11.61% and a net margin of 5.53%. Progyny’s revenue for the quarter was up 8.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.15 earnings per share. On average, analysts predict that Progyny will post 0.73 earnings per share for the current year.

Insider Transactions at Progyny

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Envestnet Asset Management Inc. boosted its position in Progyny by 18.4% in the second quarter. Envestnet Asset Management Inc. now owns 536,120 shares of the company’s stock worth $15,338,000 after purchasing an additional 83,204 shares during the last quarter. Federated Hermes Inc. boosted its position in Progyny by 9.8% in the second quarter. Federated Hermes Inc. now owns 23,288 shares of the company’s stock worth $666,000 after purchasing an additional 2,071 shares during the last quarter. TradeLink Capital LLC purchased a new position in Progyny in the second quarter worth about $226,000. State of New Jersey Common Pension Fund D boosted its position in Progyny by 1.1% in the second quarter. State of New Jersey Common Pension Fund D now owns 70,717 shares of the company’s stock worth $2,023,000 after purchasing an additional 787 shares during the last quarter. Finally, Quest Partners LLC boosted its position in Progyny by 2,689.1% in the second quarter. Quest Partners LLC now owns 16,930 shares of the company’s stock worth $484,000 after purchasing an additional 16,323 shares during the last quarter. 94.93% of the stock is owned by hedge funds and other institutional investors.

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.