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

Progyny, Inc. (NASDAQ:PGNY) shares reached a new 52-week low during mid-day trading on Friday after Barclays lowered their price target on the stock from $30.00 to $17.00. Barclays currently has an overweight rating on the stock. Progyny traded as low as $13.60 and last traded at $13.64, with a volume of 86001 shares traded. The stock had previously closed at $13.98.

Several other research firms have also commented on PGNY. Cantor Fitzgerald restated an “overweight” rating and set a $25.00 price target on shares of Progyny in a research report on Tuesday, October 1st. Leerink Partners cut their price target on Progyny from $25.00 to $21.00 and set a “market perform” rating for the company in a research note on Thursday, September 19th. Jefferies Financial Group lowered their price target on Progyny from $31.00 to $24.00 and set a “buy” rating on the stock in a research report on Thursday, September 19th. JPMorgan Chase & Co. cut their price objective on Progyny from $31.00 to $22.00 and set an “overweight” rating for the company in a research report on Thursday, September 19th. Finally, Bank of America decreased their target price on Progyny from $22.00 to $21.00 and set a “buy” rating on the stock in a research report on Wednesday. Eight analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, Progyny currently has an average rating of “Hold” and an average price target of $25.42.

Institutional Investors Weigh In On Progyny

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC lifted its position in Progyny by 9.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 6,260 shares of the company’s stock valued at $239,000 after buying an additional 543 shares during the last quarter. Janney Montgomery Scott LLC acquired a new position in shares of Progyny in the 1st quarter worth approximately $213,000. Swiss National Bank boosted its position in shares of Progyny by 0.6% during the 1st quarter. Swiss National Bank now owns 170,200 shares of the company’s stock worth $6,493,000 after purchasing an additional 1,000 shares during the period. Russell Investments Group Ltd. increased its holdings in Progyny by 15.0% in the 1st quarter. Russell Investments Group Ltd. now owns 135,904 shares of the company’s stock valued at $5,185,000 after purchasing an additional 17,701 shares during the last quarter. Finally, ProShare Advisors LLC raised its position in Progyny by 4.6% in the first quarter. ProShare Advisors LLC now owns 18,346 shares of the company’s stock valued at $700,000 after purchasing an additional 804 shares during the period. Institutional investors and hedge funds own 94.93% of the company’s stock.

Progyny Price Performance

The business has a 50 day simple moving average of $17.49 and a 200 day simple moving average of $23.49. The company has a market capitalization of $1.16 billion, a price-to-earnings ratio of 24.10, a PEG ratio of 1.31 and a beta of 1.44.

Progyny (NASDAQ:PGNY) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by ($0.26). The company had revenue of $286.63 million during the quarter, compared to analyst estimates of $296.85 million. Progyny had a net margin of 5.03% and a return on equity of 11.36%. The firm’s revenue was up 2.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.16 earnings per share. On average, equities research analysts predict that Progyny, Inc. will post 0.64 EPS for the current year.

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.