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

Zacks Investment Research downgraded shares of ProSight Global (NASDAQ:PROS) from a hold rating to a strong sell rating in a research note released 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 cut their price target on shares of ProSight Global from $16.00 to $15.00 and set a buy rating on the stock in a research note 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 a consensus rating of Buy and a consensus price target of $20.00.

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

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

In other ProSight Global news, insider Frank Papalia bought 4,000 shares of the business’s stock in a transaction dated Wednesday, June 3rd. The shares were acquired at an average price of $9.13 per share, with a total value of $36,520.00. Following the purchase, the insider now owns 95,897 shares in the company, valued at approximately $875,539.61. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, Director Steven W. Carlsen bought 10,000 shares of the business’s stock in a transaction dated Thursday, May 14th. The stock was acquired at an average cost of $9.75 per share, for a total transaction of $97,500.00. Following the purchase, the director now owns 32,989 shares in the company, valued at approximately $321,642.75. The disclosure for this purchase can be found here. In the last three months, insiders bought 20,266 shares of company stock worth $196,787.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PROS. Victory Capital Management Inc. acquired a new stake in ProSight Global during the 4th quarter valued at $101,000. Citigroup Inc. grew its holdings in ProSight Global by 474.1% during the 4th quarter. Citigroup Inc. now owns 1,837 shares of the company’s stock valued at $30,000 after purchasing an additional 1,517 shares in the last quarter. UBS Group AG grew its holdings in ProSight Global by 37.1% during the 4th quarter. UBS Group AG now owns 10,760 shares of the company’s stock valued at $174,000 after purchasing an additional 2,913 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in ProSight Global by 46.4% during the 4th quarter. Bank of New York Mellon Corp now owns 35,806 shares of the company’s stock valued at $578,000 after purchasing an additional 11,341 shares in the last quarter. Finally, Bank of America Corp DE grew its holdings in ProSight Global by 164.3% during the 4th quarter. Bank of America Corp DE now owns 6,645 shares of the company’s stock valued at $107,000 after purchasing an additional 4,131 shares in the last quarter.

About ProSight Global

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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