Progyny (NASDAQ:PGNY) Raised to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of Progyny (NASDAQ:PGNY) from a sell rating to a hold rating in a research report report published on Wednesday, Zacks.com reports.

According to Zacks, “Progyny Inc. is a fertility benefits management company. It specializes in fertility and family building benefits solutions. Progyny Inc. is based in New York, United States. “

A number of other brokerages also recently weighed in on PGNY. Guggenheim began coverage on shares of Progyny in a research report on Tuesday, June 2nd. They issued a buy rating and a $30.00 price objective for the company. SVB Leerink began coverage on shares of Progyny in a research report on Wednesday, July 1st. They issued an outperform rating and a $35.00 price objective for the company. Bank of America upped their price objective on shares of Progyny from $26.00 to $28.00 and gave the stock a neutral rating in a research report on Monday, July 27th. Finally, Citigroup decreased their price objective on shares of Progyny from $29.00 to $28.00 and set a buy rating for the company in a research report on Wednesday, May 13th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The stock presently has an average rating of Buy and an average price target of $29.63.

NASDAQ PGNY opened at $26.63 on Wednesday. The company has a fifty day moving average of $25.34 and a 200 day moving average of $25.30. The company has a market capitalization of $2.27 billion and a PE ratio of 242.05. Progyny has a 1 year low of $13.29 and a 1 year high of $36.50.

Progyny (NASDAQ:PGNY) last issued its quarterly earnings data on Tuesday, May 12th. The company reported $0.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.02. The firm had revenue of $81.02 million during the quarter, compared to analyst estimates of $71.81 million. The company’s quarterly revenue was up 71.7% compared to the same quarter last year. As a group, equities analysts predict that Progyny will post 0.17 earnings per share for the current year.

In other Progyny news, Director Norman Payson sold 16,500 shares of the firm’s stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $26.07, for a total transaction of $430,155.00. Following the transaction, the director now directly owns 522,446 shares of the company’s stock, valued at approximately $13,620,167.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Peter Anevski sold 24,940 shares of the firm’s stock in a transaction on Monday, July 13th. The stock was sold at an average price of $27.74, for a total transaction of $691,835.60. Following the transaction, the insider now directly owns 1,470,579 shares in the company, valued at $40,793,861.46. The disclosure for this sale can be found here. Insiders sold a total of 5,439,365 shares of company stock worth $139,123,761 over the last ninety days. Insiders own 33.30% of the company’s stock.

A number of institutional investors have recently modified their holdings of PGNY. Macquarie Group Ltd. purchased a new position in Progyny during the 4th quarter worth $50,592,000. Fred Alger Management LLC lifted its stake in shares of Progyny by 261.8% in the 1st quarter. Fred Alger Management LLC now owns 2,009,533 shares of the company’s stock worth $42,582,000 after acquiring an additional 1,454,157 shares during the period. Frontier Capital Management Co. LLC acquired a new stake in shares of Progyny in the 2nd quarter worth $7,163,000. Geode Capital Management LLC acquired a new stake in shares of Progyny in the 4th quarter worth $6,313,000. Finally, Clearbridge Investments LLC lifted its stake in shares of Progyny by 12.5% in the 1st quarter. Clearbridge Investments LLC now owns 1,619,494 shares of the company’s stock worth $34,317,000 after acquiring an additional 180,432 shares during the period. 38.04% of the stock is currently owned by institutional investors.

About Progyny

Progyny, Inc, a benefits management company, specializes in fertility and family building benefits solutions for employers 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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