Is Progyny (PGNY) a Rapidly Growing Business?
Polen Capital, an investment management company, released its “Polen U.S. Small Company Growth Strategy” third-quarter 2022 investor letter. A copy of the same can be downloaded here. The portfolio returned -4.34% net of fees in the third quarter compared to -0.24% return for the Russell 2000 Growth Index. Stock selection led to the underperformance of the strategy in the quarter. The portfolio also faced style headwinds due to an underweight exposure to momentum and overweight exposure to profitability. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Polen Capital discussed stocks like Progyny, Inc. (NASDAQ:PGNY) in the Q3 2022 investor letter. Headquartered in New York, New York, Progyny, Inc. (NASDAQ:PGNY) is a fertility benefits management company. On October 26, 2022, Progyny, Inc. (NASDAQ:PGNY) stock closed at $41.13 per share. One-month return of Progyny, Inc. (NASDAQ:PGNY) was 6.42% and its shares lost 31.36% of their value over the last 52 weeks. Progyny, Inc. (NASDAQ:PGNY) has a market capitalization of $3.787 billion.
Polen Capital made the following comment about Progyny, Inc. (NASDAQ:PGNY) in its Q3 2022 investor letter:
“The top absolute contributors to the Portfolio’s performance over the quarter included Wingstop, Paylocity, and Progyny, Inc. (NASDAQ:PGNY).
Lastly, Progyny, a fertility benefits manager for self-insured companies, reported powerful results across the board. More importantly, this continued business strength reinforces our view that this is a competitively advantaged, “patient-first” business model with a nascent opportunity to penetrate a large and rapidly growing market.”
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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, 21 hedge fund portfolios held Progyny, Inc. (NASDAQ:PGNY) at the end of the second quarter which was 18 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.
