SCHEDULE: FMR LLC Discloses 5.5% Stake in Progyny Inc.
Beneficial Ownership Report
FMR LLC and Abigail P. Johnson have disclosed a beneficial ownership of 5.5% of Progyny Inc.'s common stock as of June 30, 2025.
Summary
- FMR LLC and Abigail P. Johnson reported beneficial ownership of 4,712,613.44 shares of Progyny Inc. common stock.
- This represents 5.5% of the total outstanding common stock of Progyny Inc.
- The ownership was reported as of June 30, 2025.
- FMR LLC holds sole voting power over 4,709,232.00 shares and sole dispositive power over 4,712,613.44 shares.
- Abigail P. Johnson holds sole dispositive power over 4,712,613.44 shares.
- The filing was made under Rule 13d-1(b) as a parent holding company (FMR LLC) and an individual (Abigail P. Johnson).
- The securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Progyny Inc.
Sentiment
Score: 5
Explanation: The filing is a neutral, factual disclosure of beneficial ownership. It does not contain positive or negative operational or financial news, but the presence of a significant institutional investor can be seen as a positive signal.
Positives
- A significant investment firm, FMR LLC (Fidelity), has taken a substantial 5.5% stake in Progyny Inc., indicating confidence in the company.
- The acquisition of shares was stated to be in the ordinary course of business, suggesting a long-term investment perspective rather than an activist stance.
Future Outlook
Not applicable, as this Schedule 13G filing is a disclosure of current beneficial ownership and does not contain forward-looking statements or guidance regarding the issuer's operations or financial performance.
Industry Context
This filing indicates a significant institutional investment by FMR LLC, a major asset management firm, in Progyny Inc. Such disclosures are standard for investors crossing the 5% ownership threshold and reflect a passive investment stance rather than an activist one, as certified by the reporting persons.
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Shareholder Voting Agreement | Members of the Johnson family, including Abigail P. Johnson, who are predominant owners of Series B voting common shares of FMR LLC (representing 49% of voting power), have entered into a shareholders' voting agreement. This agreement mandates that all Series B voting common shares will be voted in accordance with the majority vote of Series B voting common shares, effectively forming a controlling group with respect to FMR LLC under the Investment Company Act of 1940. | Not specified for the agreement itself, but the filing is as of June 30, 2025. | This agreement centralizes voting control within the Johnson family for FMR LLC, ensuring a unified voting bloc for their significant stake in FMR LLC, which in turn influences their investment decisions, including the reported stake in Progyny Inc. |
Related Party Transactions
- The filing details that Abigail P. Johnson, a reporting person, is a Director, Chairman, and CEO of FMR LLC, the other reporting person.
- It also states that members of the Johnson family, including Abigail P. Johnson, are the predominant owners of FMR LLC's Series B voting common shares (49% voting power) and have a voting agreement, which may deem them a controlling group of FMR LLC.
Stakeholder Impact
- Shareholders: The disclosure of a significant 5.5% stake by a major institutional investor like FMR LLC could be viewed positively, potentially signaling confidence in Progyny Inc.'s long-term prospects.
- Management: The filing explicitly states the shares were not acquired for the purpose of changing or influencing control, which may reassure Progyny Inc.'s current management.
Key Dates
| Date | Description |
|---|---|
| 2023-05-23 | Effective date of Power of Attorney for Richard Bourgelas to sign on behalf of FMR LLC and Abigail P. Johnson. |
| 2023-08-08 | Date of previous Schedule 13G filing by FMR LLC, referenced for Power of Attorney accession number. |
| 2025-06-30 | Date of event which requires filing of this statement, representing the beneficial ownership reporting date. |
| 2025-08-05 | Date of signing and joint filing agreement for this Schedule 13G. |
Keywords
Progyny Inc., FMR LLC, Abigail P. Johnson, Beneficial Ownership, Common Stock, SEC Filing, Schedule 13G, Institutional Investor, Investment Management
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