ClearBridge Investments Observes Progyny, Inc. (PGNY) as Underpenetrated in its Market

ClearBridge Investments, an investment management company, released its “ClearBridge Select Strategy” second quarter 2022 investor letter. A copy of it can be downloaded here. In the second quarter, the fund underperformed its benchmark index. Stocks from IT, healthcare, industrials, and consumer discretionary posted losses during the quarter, however stocks from consumer staples and financials sectors contributed to the performance of the fund. To know about the fund’s best picks in 2022, please check its top 5 holdings.

In the letter, ClearBridge Investments discussed its Select Strategy portfolio. The firm holds stocks like Progyny, Inc. (NASDAQ:PGNY). Progyny, Inc. (NASDAQ:PGNY) is a fertility benefits management company, headquartered in New York, New York. The stock of Progyny, Inc. (NASDAQ:PGNY) closed at $32.55 per share on August 3, 2022. One-month return of Progyny, Inc. (NASDAQ:PGNY) was 2.91% and its shares lost 41.20% of their value over the last 52 weeks. Progyny, Inc. (NASDAQ:PGNY) has a market capitalization of $2.993 billion.

Here is what ClearBridge Select Strategy specifically said about Progyny, Inc. (NASDAQ:PGNY) in its second-quarter investor letter:

Health care is another sector where innovation is enabling companies to take share from incumbent players or create new markets. New addition Doximity (DOCS) operates the largest professional social network for physicians, with a long runway for growth within its core market for medical professional marketing, hiring, and telehealth solutions. Progyny, Inc. (NASDAQ:PGNY) is a leading provider of fertility benefit management services to self-insured employers. The company is underpenetrated in its total addressable market and with logical adjacencies (labs/diagnostics, return to work support) and demographic tailwinds (families getting started later leads to higher infertility risk) that should allow it to sustain elevated top-line growth. Both companies are growing well above the industry average while being increasingly profitable.”

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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, 18 hedge fund portfolios held Progyny, Inc. (NASDAQ:PGNY) at the end of the first quarter which was 26 in the previous quarter.

We discussed Progyny, Inc. (NASDAQ:PGNY) in another article and shared Polen Capital’s views about the company. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.

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