BTIG Research Lowers Progyny (NASDAQ:PGNY) to Neutral

BTIG Research lowered shares of Progyny (NASDAQ:PGNY) from a buy rating to a neutral rating in a research note published on Wednesday morning, Marketbeat Ratings reports.

Other equities analysts also recently issued research reports about the company. Barclays decreased their target price on Progyny from $48.00 to $30.00 and set an overweight rating on the stock in a research report on Monday, May 13th. KeyCorp cut Progyny from an overweight rating to a sector weight rating in a research report on Friday, May 10th. Canaccord Genuity Group cut shares of Progyny from a buy rating to a hold rating and reduced their target price for the company from $37.00 to $24.00 in a research report on Wednesday. Truist Financial lowered their price target on shares of Progyny from $46.00 to $37.00 and set a buy rating on the stock in a research report on Friday, May 17th. Finally, Canaccord Genuity Group cut their price objective on shares of Progyny from $46.00 to $37.00 and set a buy rating for the company in a report on Friday, May 10th. Six analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of Hold and an average target price of $34.50.

Progyny Trading Up 3.1 %

PGNY stock opened at $21.61 on Wednesday. Progyny has a 1-year low of $19.60 and a 1-year high of $42.08. The business’s 50 day simple moving average is $27.31 and its 200 day simple moving average is $32.12. The firm has a market capitalization of $2.06 billion, a PE ratio of 35.43, a PEG ratio of 1.67 and a beta of 1.46.

Progyny (NASDAQ:PGNY) last released its quarterly earnings data on Tuesday, August 6th. The company reported $0.17 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 net margin of 5.54% and a return on equity of 11.48%. The company’s quarterly revenue was up 8.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.15 earnings per share. As a group, sell-side analysts predict that Progyny will post 0.73 EPS for the current fiscal year.

Insider Activity

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

Hedge Funds Weigh In On Progyny

Several institutional investors and hedge funds have recently added to or reduced their stakes in PGNY. TFC Financial Management Inc. bought a new stake in shares of Progyny during the first quarter worth $42,000. Financial Management Professionals Inc. bought a new position in shares of Progyny in the 1st quarter valued at $52,000. Cambridge Trust Co. acquired a new stake in shares of Progyny during the 1st quarter valued at $95,000. 1620 Investment Advisors Inc. bought a new stake in Progyny during the 2nd quarter worth $97,000. Finally, Parkside Financial Bank & Trust increased its holdings in Progyny by 9.3% in 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 in the last quarter. Institutional investors own 94.93% of the company’s stock.

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.