Zacks Investment Research Lowers ProSight Global (NASDAQ:PROS) to Strong Sell

Zacks Investment Research cut shares of ProSight Global (NASDAQ:PROS) from a hold rating to a strong sell rating in a research note issued to investors on Wednesday, Zacks.com reports.

According to Zacks, “ProSight Global Inc. is a property and casualty insurance company. It focuses on industries, deploying differentiated underwriting and claims expertise. ProSight Global Inc. is headquartered in Morristown, New Jersey. “

Separately, SunTrust Banks lowered their price objective on shares of ProSight Global from $16.00 to $15.00 and set a buy rating on the stock in a research report on Wednesday, May 13th. One analyst has rated the stock with a sell rating and five have issued a buy rating to the company’s stock. The stock has an average rating of Buy and an average price target of $20.00.

ProSight Global stock opened at $7.86 on Wednesday. The firm’s 50 day simple moving average is $9.15 and its 200-day simple moving average is $10.90. ProSight Global has a fifty-two week low of $7.26 and a fifty-two week high of $21.00.

ProSight Global (NASDAQ:PROS) last released its earnings results on Monday, May 11th. The company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.27 by ($0.09). The firm had revenue of $214.82 million for the quarter, compared to analyst estimates of $218.00 million.

In related news, insider Frank Papalia acquired 6,000 shares of the stock in a transaction that occurred on Thursday, May 14th. The shares were purchased at an average cost of $10.02 per share, with a total value of $60,120.00. Following the completion of the transaction, the insider now owns 91,897 shares of the company’s stock, valued at approximately $920,807.94. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Steven W. Carlsen acquired 10,000 shares of the stock in a transaction that occurred on Thursday, May 14th. The shares were bought at an average cost of $9.75 per share, for a total transaction of $97,500.00. Following the completion of the transaction, the director now directly owns 32,989 shares of the company’s stock, valued at approximately $321,642.75. The disclosure for this purchase can be found here. Insiders have purchased 20,266 shares of company stock worth $196,787 over the last ninety days.

A number of hedge funds and other institutional investors have recently bought and sold shares of PROS. Citigroup Inc. lifted its stake in ProSight Global by 474.1% in the fourth quarter. Citigroup Inc. now owns 1,837 shares of the company’s stock valued at $30,000 after acquiring an additional 1,517 shares during the last quarter. Douglass Winthrop Advisors LLC acquired a new stake in ProSight Global in the first quarter valued at approximately $97,000. Victory Capital Management Inc. acquired a new stake in ProSight Global in the fourth quarter valued at approximately $101,000. Bank of America Corp DE lifted its stake in ProSight Global by 164.3% in the fourth quarter. Bank of America Corp DE now owns 6,645 shares of the company’s stock valued at $107,000 after acquiring an additional 4,131 shares during the last quarter. Finally, UBS Group AG lifted its stake in ProSight Global by 37.1% in the fourth quarter. UBS Group AG now owns 10,760 shares of the company’s stock valued at $174,000 after acquiring an additional 2,913 shares during the last quarter.

ProSight Global Company Profile

ProSight Global, Inc, together with its subsidiaries, operates as an entrepreneurial specialty insurance company in the United States. The company underwrites insurance coverages in the lines of commercial auto, general liability, workers' compensation, commercial multiple peril, and other. It serves customers in construction, consumer service, marine and energy, media and entertainment, professional service, real estate, sports, and transportation industries.

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