Progyny (NASDAQ:PGNY) Sets New 1-Year Low Following Analyst Downgrade

Progyny, Inc. (NASDAQ:PGNY)’s stock price hit a new 52-week low on Thursday after Canaccord Genuity Group lowered their price target on the stock from $24.00 to $18.00. Canaccord Genuity Group currently has a hold rating on the stock. Progyny traded as low as $18.40 and last traded at $18.40, with a volume of 214782 shares traded. The stock had previously closed at $24.44.

Several other research analysts also recently weighed in on PGNY. Leerink Partners lowered their price objective on shares of Progyny from $25.00 to $21.00 and set a “market perform” rating on the stock in a report on Thursday. Leerink Partnrs lowered shares of Progyny from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 7th. Canaccord Genuity Group cut shares of Progyny from a “buy” rating to a “hold” rating and dropped their price target for the company from $37.00 to $24.00 in a research report on Wednesday, August 7th. Cantor Fitzgerald decreased their price objective on Progyny from $37.00 to $25.00 and set an “overweight” rating for the company in a report on Thursday. Finally, Jefferies Financial Group lowered their price objective on Progyny from $31.00 to $24.00 and set a “buy” rating for the company in a research note on Thursday. Seven analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $27.73.

Insider Activity

In other Progyny news, President Michael E. Sturmer sold 9,030 shares of the company’s 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 completion of the transaction, the president now owns 362,583 shares in the company, valued at approximately $10,877,490. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 transaction 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 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 dated Friday, June 28th. The stock was sold at an average price of $28.39, for a total transaction of $41,506.18. Following 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. 12.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Progyny

Institutional investors have recently added to or reduced their stakes in the stock. Farallon Capital Management LLC grew its position in shares of Progyny by 120.8% during the 2nd quarter. Farallon Capital Management LLC now owns 1,308,500 shares of the company’s stock valued at $37,436,000 after purchasing an additional 715,900 shares in the last quarter. Wellington Management Group LLP bought a new position in Progyny in the 4th quarter worth about $14,608,000. Norges Bank bought a new position in Progyny in the 4th quarter worth about $14,198,000. Eagle Asset Management Inc. boosted its position in shares of Progyny by 102.7% during the 4th quarter. Eagle Asset Management Inc. now owns 649,897 shares of the company’s stock valued at $24,163,000 after acquiring an additional 329,288 shares during the last quarter. Finally, Redmile Group LLC purchased a new position in shares of Progyny during the first quarter worth about $12,241,000. Hedge funds and other institutional investors own 94.93% of the company’s stock.

Progyny Price Performance

The firm has a market cap of $1.50 billion, a P/E ratio of 27.25, a PEG ratio of 1.97 and a beta of 1.45. The stock has a 50 day moving average of $24.33 and a 200 day moving average of $28.78.

Progyny (NASDAQ:PGNY) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.17 EPS for the quarter, meeting analysts’ consensus estimates 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 11.97% and a net margin of 5.54%. Progyny’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.15 EPS. On average, research analysts predict that Progyny, Inc. will post 0.64 EPS for the current fiscal 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.