Progyny (NASDAQ:PGNY) Sets New 12-Month Low on Analyst Downgrade

Progyny, Inc. (NASDAQ:PGNY - Get Free Report) hit a new 52-week low during 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 analysts also recently weighed in on PGNY. BTIG Research downgraded Progyny from a "buy" rating to a "neutral" rating in a research note on Wednesday, August 7th. JPMorgan Chase & Co. decreased their price objective on shares of Progyny from $31.00 to $22.00 and set an "overweight" rating on the stock in a report on Thursday, September 19th. Canaccord Genuity Group cut shares of Progyny from a "buy" rating to a "hold" rating and cut their target price for the stock from $37.00 to $24.00 in a research note on Wednesday, August 7th. Jefferies Financial Group decreased their price target on shares of Progyny from $31.00 to $24.00 and set a "buy" rating on the stock in a research note on Thursday, September 19th. Finally, Leerink Partners cut their price objective 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. Eight investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $25.42.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Hsbc Holdings PLC lifted its holdings in Progyny by 703.9% in the second quarter. Hsbc Holdings PLC now owns 46,475 shares of the company's stock valued at $1,328,000 after acquiring an additional 40,694 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in Progyny by 3.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 756,228 shares of the company's stock valued at $21,636,000 after buying an additional 22,012 shares during the period. Kestrel Investment Management Corp acquired a new position in Progyny in the second quarter valued at about $5,005,000. Farallon Capital Management LLC boosted its stake in Progyny by 120.8% during the second quarter. Farallon Capital Management LLC now owns 1,308,500 shares of the company's stock worth $37,436,000 after buying an additional 715,900 shares during the period. Finally, Kornitzer Capital Management Inc. KS increased its position in shares of Progyny by 15.7% during the third quarter. Kornitzer Capital Management Inc. KS now owns 976,501 shares of the company's stock valued at $16,366,000 after acquiring an additional 132,672 shares during the last quarter. Hedge funds and other institutional investors own 94.93% of the company's stock.

Progyny Trading Down 1.5 %

The stock has a market capitalization of $1.17 billion, a price-to-earnings ratio of 24.10, a price-to-earnings-growth ratio of 1.31 and a beta of 1.44. The firm's fifty day moving average price is $17.49 and its 200 day moving average price is $23.49.

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