Progyny (NASDAQ:PGNY) Cut to Hold at Leerink Partnrs

Progyny (NASDAQ:PGNY) was downgraded by equities researchers at Leerink Partnrs from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday, Zacks.com reports.

Several other equities research analysts have also issued reports on PGNY. Barclays lowered their target price on shares of Progyny from $48.00 to $30.00 and set an “overweight” rating on the stock in a research note on Monday, May 13th. KeyCorp lowered shares of Progyny from an “overweight” rating to a “sector weight” rating in a research note on Friday, May 10th. 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 research report on Wednesday. Cantor Fitzgerald reduced their price target on shares of Progyny from $48.00 to $37.00 and set an “overweight” rating for the company in a research report on Wednesday. Finally, JMP Securities reduced their price target on shares of Progyny from $36.00 to $31.00 and set a “market outperform” rating for the company in a research report on Wednesday. Six analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $34.50.

Progyny Stock Up 0.5 %

PGNY stock opened at $20.96 on Wednesday. The company’s 50-day simple moving average is $27.42 and its 200-day simple moving average is $32.28. Progyny has a 52-week low of $19.60 and a 52-week high of $42.08. The firm has a market cap of $2.00 billion, a P/E ratio of 34.36, a PEG ratio of 1.76 and a beta of 1.46.

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

Insider Buying and Selling at Progyny

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

Institutional Trading of Progyny

Hedge funds and other institutional investors have recently made changes to their positions in the company. TFC Financial Management Inc. acquired a new stake in shares of Progyny during the 1st quarter worth approximately $42,000. Financial Management Professionals Inc. purchased a new position in shares of Progyny during the 1st quarter worth approximately $52,000. Cambridge Trust Co. purchased a new position in shares of Progyny during the 1st quarter worth approximately $95,000. 1620 Investment Advisors Inc. purchased a new position in shares of Progyny during the 2nd quarter worth approximately $97,000. Finally, Parkside Financial Bank & Trust boosted its position in shares of Progyny by 9.3% during the 4th quarter. Parkside Financial Bank & Trust now owns 3,096 shares of the company’s stock worth $115,000 after purchasing an additional 264 shares during the period. Institutional investors and hedge funds own 94.93% of the company’s stock.

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.