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

Shares of Progyny, Inc. (NASDAQ:PGNY - Get Free Report) reached a new 52-week low on Friday after Canaccord Genuity Group lowered their price target on the stock from $46.00 to $37.00. Canaccord Genuity Group currently has a buy rating on the stock. Progyny traded as low as $23.90 and last traded at $25.51, with a volume of 3313969 shares trading hands. The stock had previously closed at $32.50.

PGNY has been the topic of several other research reports. BTIG Research cut their price target on Progyny from $50.00 to $41.00 and set a "buy" rating on the stock in a research note on Friday. Leerink Partnrs reiterated an "outperform" rating on shares of Progyny in a research note on Monday, February 26th. Truist Financial reissued a "buy" rating and set a $46.00 price objective on shares of Progyny in a report on Wednesday, April 17th. KeyCorp cut Progyny from an "overweight" rating to a "sector weight" rating in a research report on Friday. Finally, Cantor Fitzgerald reissued an "overweight" rating and issued a $48.00 price target on shares of Progyny in a research report on Wednesday, February 28th. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $46.11.

Insider Buying and Selling at Progyny

In other news, Chairman David J. Schlanger sold 1,000 shares of the company's stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $37.52, for a total value of $37,520.00. Following the sale, the chairman now owns 83,631 shares in the company, valued at $3,137,835.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Chairman David J. Schlanger sold 1,000 shares of the firm's stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $37.52, for a total transaction of $37,520.00. Following the sale, the chairman now directly owns 83,631 shares in the company, valued at approximately $3,137,835.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Michael E. Sturmer sold 4,515 shares of the stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $31.95, for a total value of $144,254.25. Following the transaction, the president now owns 380,038 shares in the company, valued at approximately $12,142,214.10. The disclosure for this sale can be found here. In the last ninety days, insiders sold 102,770 shares of company stock worth $3,853,985. Company insiders own 12.30% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of PGNY. RiverPark Advisors LLC boosted its holdings in shares of Progyny by 54.0% during the 4th quarter. RiverPark Advisors LLC now owns 1,067 shares of the company's stock worth $40,000 after purchasing an additional 374 shares during the last quarter. TFC Financial Management Inc. acquired a new position in Progyny during the first quarter worth $42,000. Financial Management Professionals Inc. purchased a new stake in Progyny in the 1st quarter valued at $52,000. Acadian Asset Management LLC acquired a new stake in shares of Progyny in the 3rd quarter worth $53,000. Finally, Parkside Financial Bank & Trust increased its stake in shares of 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 acquiring an additional 264 shares during the last quarter. 94.93% of the stock is owned by hedge funds and other institutional investors.

Progyny Trading Down 15.3 %

The firm has a fifty day moving average price of $34.67 and a 200 day moving average price of $35.59. The firm has a market cap of $2.65 billion, a PE ratio of 44.76, a price-to-earnings-growth ratio of 1.31 and a beta of 1.51.

Progyny (NASDAQ:PGNY - Get Free Report) last issued its earnings results on Thursday, May 9th. The company reported $0.17 EPS for the quarter, topping analysts' consensus estimates of $0.14 by $0.03. Progyny had a net margin of 5.70% and a return on equity of 12.64%. The company had revenue of $278.08 million for the quarter, compared to the consensus estimate of $289.41 million. During the same period in the previous year, the firm earned $0.18 earnings per share. Progyny's quarterly revenue was up 7.6% compared to the same quarter last year. As a group, equities analysts predict that Progyny, Inc. will post 0.7 earnings per share for the current 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.

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