Does Progyny (PGNY) Have High Growth Prospects?

ClearBridge Investments, an investment management company, released its “ClearBridge Sustainability Leaders Strategy” third 2022 investor letter. A copy of the same can be downloaded here. The strategy outperformed its benchmark in the third quarter, the Russell 3000 Index. Only the industrial sector contributed positively to the strategy’s absolute performance among the ten sectors the strategy invested in. The significant performance detractors were materials, consumer discretionary, and real estate sectors. In addition, please check the fund’s top five holdings to know its best picks in 2022.

ClearBridge Investments highlighted stocks like Progyny, Inc. (NASDAQ:PGNY) in its Q3 2022 investor letter. Headquartered in New York, New York, Progyny, Inc. (NASDAQ:PGNY) is a fertility benefit management company. On November 22, 2022, Progyny, Inc. (NASDAQ:PGNY) stock closed at $33.91 per share. One-month return of Progyny, Inc. (NASDAQ:PGNY) was -15.23% and its shares lost 38.02% of their value over the last 52 weeks. Progyny, Inc. (NASDAQ:PGNY) has a market capitalization of $3.15 billion.

ClearBridge Investments made the following comment about Progyny, Inc. (NASDAQ:PGNY) in its Q3 2022 investor letter:

“Strong earnings and raised guidance from Progyny, Inc. (NASDAQ:PGNY), the leading provider of fertility benefit management services to self-insured employers, drove our outperformance in the health care sector. Progyny’s offering is an increasingly important, albeit relatively underpenetrated benefit for employers, particularly those seeking to improve access and support diversity, equity and inclusion initiatives. Its mission is to improve the employee experience around fertility issues in order to aid clients in employee recruitment and retention. The company offers a rare win-win-win for employers, employees, health systems and doctors, with clear savings and quality improvements.”

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Progyny, Inc. (NASDAQ:PGNY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 29 hedge fund portfolios held Progyny, Inc. (NASDAQ:PGNY) at the end of the third quarter, which was 21 in the previous quarter.

We discussed Progyny, Inc. (NASDAQ:PGNY) in another article and shared Polen Capital’s views on the company. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.