JMP Securities Downgrades Progyny (NASDAQ:PGNY) to Market Perform

by · The Markets Daily

Progyny (NASDAQ:PGNY – Get Free Report) was downgraded by equities researchers at JMP Securities from an “outperform” rating to a “market perform” rating in a research report issued to clients and investors on Thursday, MarketBeat reports.

PGNY has been the topic of several other reports. JPMorgan Chase & Co. lowered their target price on shares of Progyny from $41.00 to $31.00 and set an “overweight” rating on the stock in a research note on Monday, August 19th. Leerink Partners lowered shares of Progyny from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from $31.00 to $25.00 in a research note on Wednesday, August 7th. Canaccord Genuity Group lowered shares of Progyny from a “buy” rating to a “hold” rating and decreased their price target for the company from $37.00 to $24.00 in a research note on Wednesday, August 7th. BTIG Research lowered shares of Progyny from a “buy” rating to a “neutral” rating in a research note on Wednesday, August 7th. Finally, Truist Financial decreased their price target on shares of Progyny from $37.00 to $33.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Seven 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 has a consensus rating of “Hold” and an average price target of $27.73.

Read Our Latest Stock Analysis on Progyny

Progyny Stock Up 1.0 %

PGNY stock opened at $16.62 on Thursday. The company’s 50-day simple moving average is $24.33 and its 200-day simple moving average is $28.78. Progyny has a 52-week low of $13.93 and a 52-week high of $42.08. 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.

Progyny (NASDAQ:PGNY – Get Free Report) 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 5.54% and a return on equity of 11.97%. 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 0.64 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 Progyny news, Director Cheryl Scott sold 1,462 shares of the stock in a transaction dated Friday, June 28th. The shares were 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 approximately $286,682.22. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, 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 transaction of $270,900.00. Following the completion of 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. Nordea Investment Management AB increased its holdings 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 during the last quarter. Bank of New York Mellon Corp increased its holdings 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 during the last quarter. Kestrel Investment Management Corp acquired a new stake in shares of Progyny during the 2nd quarter worth approximately $5,005,000. Jennison Associates LLC increased its holdings 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 during the last quarter. Finally, M&G Plc acquired a new stake in shares of Progyny during the 1st quarter worth approximately $1,156,000. Institutional investors and hedge funds own 94.93% of the company’s stock.

About Progyny

(Get Free Report)

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.

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