Progyny (NASDAQ:PGNY) Releases Quarterly Earnings Results, Meets Estimates

Progyny (NASDAQ:PGNY) announced its quarterly earnings results on Tuesday. The company reported $0.17 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.17, Briefing.com reports. The company had revenue of $304.09 million during the quarter, compared to the consensus estimate of $305.32 million. Progyny had a net margin of 5.53% and a return on equity of 11.61%. The company’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.15 earnings per share.

Progyny Stock Performance

NASDAQ:PGNY traded down $4.89 on Wednesday, hitting $20.85. The stock had a trading volume of 5,721,954 shares, compared to its average volume of 1,005,518. The stock has a market cap of $1.99 billion, a P/E ratio of 34.18, a price-to-earnings-growth ratio of 1.76 and a beta of 1.46. Progyny has a 1 year low of $19.60 and a 1 year high of $42.08. The firm’s fifty day simple moving average is $27.53 and its two-hundred day simple moving average is $32.36.

Analyst Upgrades and Downgrades

PGNY has been the subject of several research analyst reports. BTIG Research downgraded shares of Progyny from a “buy” rating to a “neutral” rating in a report on Wednesday. Canaccord Genuity Group cut shares of Progyny from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $37.00 to $24.00 in a research note on Wednesday. Cantor Fitzgerald cut their price target on shares of Progyny from $48.00 to $37.00 and set an “overweight” rating on the stock in a research report on Wednesday. Canaccord Genuity Group reaffirmed a “hold” rating and set a $24.00 price target (down previously from $37.00) on shares of Progyny in a research report on Wednesday. Finally, KeyCorp cut shares of Progyny from an “overweight” rating to a “sector weight” rating in a research report on Friday, May 10th. Five equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $34.50.

Insider Buying and Selling at Progyny

In other Progyny news, President Michael E. Sturmer sold 9,030 shares of the stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $30.00, for a total value of $270,900.00. Following the completion of the sale, the president now owns 362,583 shares in the company, valued at approximately $10,877,490. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, President Michael E. Sturmer sold 9,030 shares of the stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $30.00, for a total transaction of $270,900.00. Following the completion of the transaction, the president now directly owns 362,583 shares of the company’s stock, valued at approximately $10,877,490. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Cheryl Scott sold 1,462 shares of the firm’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $28.39, for a total transaction of $41,506.18. Following the completion of the transaction, the director now directly owns 10,098 shares of the company’s stock, valued at $286,682.22. The disclosure for this sale can be found here. Company insiders own 12.30% of the company’s stock.

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.