Should You Retain Progyny (PGNY) Stock?

Polen Capital, an investment management company, released its “Polen U.S. Small Company Growth Strategy” fourth-quarter investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund delivered 3.46% net of fees compared to a 4.13% return for the Russell 2000 Growth Index. Style factor headwinds and relative sector positioning offset the positive stock selection in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Polen Capital highlighted stocks like Progyny, Inc. (NASDAQ:PGNY) in the Q4 2022 investor letter. Headquartered in New York, New York, Progyny, Inc. (NASDAQ:PGNY) is a fertility and family-building benefits management company. On January 24, 2023, Progyny, Inc. (NASDAQ:PGNY) stock closed at $32.78 per share. One-month return of Progyny, Inc. (NASDAQ:PGNY) was 6.53%, and its shares lost 13.49% of their value over the last 52 weeks. Progyny, Inc. (NASDAQ:PGNY) has a market capitalization of $3.045 billion.

Polen Capital made the following comment about Progyny, Inc. (NASDAQ:PGNY) in its Q4 2022 investor letter:

“Finally, Progyny, Inc. (NASDAQ:PGNY), a leading provider of fertility benefits to self-insured companies, underperformed in the quarter despite reporting robust results due to concerns about the short-term outlook with elevated tech layoffs. We feel these concerns are overstated and fail to appreciate Progyny’s nascent opportunity to penetrate a large and rapidly growing market with an advantaged, “patient-first” business model. Progyny’s comprehensive fertility solutions are top of mind for employers looking to drive better diversity, equity, and inclusion efforts and to attract and retain talent.”

Africa Studio/Shutterstock.com

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 ClearBridge Investment’s views on the company. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.

Suggested Articles:

• 13 Biggest Eyewear Companies in the World
• 12 Most Undervalued Pharma Stocks To Buy
• 25 Largest Privately Held Companies in the US

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