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

JMP Securities cut shares of Progyny (NASDAQ:PGNY) from an outperform rating to a market perform rating in a report issued on Thursday morning, MarketBeat Ratings reports.

Several other equities research analysts also recently weighed in on the company. Cantor Fitzgerald restated an overweight rating and set a $37.00 price target on shares of Progyny in a report on Tuesday, August 20th. Canaccord Genuity Group restated a hold rating and set a $24.00 price target (down previously from $37.00) on shares of Progyny in a report on Wednesday, August 7th. BTIG Research downgraded Progyny from a buy rating to a neutral rating 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, JPMorgan Chase & Co. dropped their price objective on Progyny from $41.00 to $31.00 and set an overweight rating on the stock in a report on Monday, August 19th. Seven equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of Hold and a consensus price target of $27.73.

Progyny Stock Up 1.0 %

Shares of Progyny stock opened at $16.62 on Thursday. Progyny has a 52 week low of $13.93 and a 52 week high of $42.08. The business’s fifty day simple moving average is $24.08 and its 200-day simple moving average is $28.61. The firm has a market cap of $1.50 billion, a PE ratio of 27.25, a price-to-earnings-growth ratio of 1.97 and a beta of 1.45.

Progyny (NASDAQ:PGNY) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $0.17 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.17. The firm had revenue of $304.09 million for 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%. The company’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.15 EPS. As a group, equities analysts expect that Progyny will post 0.64 earnings per share for the current year.

Insider Activity at Progyny

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

Institutional Trading of Progyny

Hedge funds have recently added to or reduced their stakes in the stock. Nordea Investment Management AB raised its stake in shares of Progyny by 122.2% during the 1st quarter. Nordea Investment Management AB now owns 126,446 shares of the company’s stock worth $4,891,000 after buying an additional 69,552 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Progyny by 3.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 756,228 shares of the company’s stock worth $21,636,000 after buying an additional 22,012 shares in the last quarter. Kestrel Investment Management Corp purchased a new position in shares of Progyny during the 2nd quarter worth approximately $5,005,000. Jennison Associates LLC raised its stake in shares of Progyny by 2.7% during the 1st quarter. Jennison Associates LLC now owns 2,596,422 shares of the company’s stock worth $99,054,000 after buying an additional 67,632 shares in the last quarter. Finally, M&G Plc purchased a new position in shares of Progyny during the 1st quarter worth approximately $1,156,000. 94.93% of the stock is owned by institutional investors and hedge funds.

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.