Xponance Inc. Sells 543 Shares of Penumbra, Inc. (NYSE:PEN)

Xponance Inc. lowered its stake in Penumbra, Inc. (NYSE:PEN) by 6.6% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 7,716 shares of the company’s stock after selling 543 shares during the quarter. Xponance Inc.’s holdings in Penumbra were worth $1,389,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Mount Yale Investment Advisors LLC bought a new stake in shares of Penumbra in the 2nd quarter valued at $717,000. ProShare Advisors LLC increased its stake in shares of Penumbra by 2.9% in the 2nd quarter. ProShare Advisors LLC now owns 2,171 shares of the company’s stock valued at $391,000 after acquiring an additional 62 shares in the last quarter. Sei Investments Co. increased its stake in shares of Penumbra by 103.7% in the 2nd quarter. Sei Investments Co. now owns 80,490 shares of the company’s stock valued at $14,486,000 after acquiring an additional 40,985 shares in the last quarter. Skandinaviska Enskilda Banken AB publ bought a new stake in shares of Penumbra in the 2nd quarter valued at $11,659,000. Finally, Canada Pension Plan Investment Board increased its stake in shares of Penumbra by 208.5% in the 2nd quarter. Canada Pension Plan Investment Board now owns 32,700 shares of the company’s stock valued at $5,885,000 after acquiring an additional 22,100 shares in the last quarter. Institutional investors own 88.88% of the company’s stock.

Analyst Ratings Changes

PEN has been the subject of several research analyst reports. Robert W. Baird lowered their price objective on shares of Penumbra from $231.00 to $180.00 and set an “outperform” rating for the company in a research note on Wednesday, July 31st. Royal Bank of Canada decreased their price target on shares of Penumbra from $289.00 to $205.00 and set an “outperform” rating for the company in a research note on Wednesday, July 31st. Piper Sandler decreased their price target on shares of Penumbra from $260.00 to $200.00 and set an “overweight” rating for the company in a research note on Wednesday, July 31st. Morgan Stanley decreased their price target on shares of Penumbra from $235.00 to $210.00 and set an “equal weight” rating for the company in a research note on Monday, July 15th. Finally, Leerink Partnrs upgraded shares of Penumbra to a “strong-buy” rating in a research note on Tuesday, September 3rd. Six investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $208.00.

Insider Buying and Selling

In related news, EVP Johanna Roberts sold 600 shares of the business’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $179.20, for a total value of $107,520.00. Following the transaction, the executive vice president now directly owns 62,288 shares of the company’s stock, valued at approximately $11,162,009.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, EVP Johanna Roberts sold 600 shares of the business’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $179.20, for a total value of $107,520.00. Following the transaction, the executive vice president now directly owns 62,288 shares of the company’s stock, valued at approximately $11,162,009.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Adam Elsesser sold 15,000 shares of the company’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $202.52, for a total transaction of $3,037,800.00. Following the sale, the chief executive officer now directly owns 927,582 shares in the company, valued at $187,853,906.64. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 34,372 shares of company stock valued at $6,854,502. 5.00% of the stock is owned by insiders.

Penumbra Stock Performance

NYSE PEN opened at $191.66 on Friday. Penumbra, Inc. has a 1 year low of $148.00 and a 1 year high of $277.34. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.25 and a quick ratio of 3.77. The firm has a market cap of $7.43 billion, a price-to-earnings ratio of 80.87, a PEG ratio of 2.22 and a beta of 0.54. The company has a fifty day moving average price of $190.03 and a 200-day moving average price of $197.74.

Penumbra (NYSE:PEN) last posted its earnings results on Tuesday, July 30th. The company reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.08. The firm had revenue of $299.40 million during the quarter, compared to analyst estimates of $298.24 million. Penumbra had a net margin of 1.26% and a return on equity of 8.39%. The business’s revenue was up 14.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.43 EPS. As a group, equities research analysts predict that Penumbra, Inc. will post 2.59 EPS for the current fiscal year.

Penumbra announced that its board has approved a stock buyback plan on Tuesday, August 13th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 2.6% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its shares are undervalued.

Penumbra Company Profile

Penumbra, Inc, together with its subsidiaries, designs, develops, manufactures, and markets medical devices in the United States and internationally. The company offers peripheral products, including the Indigo System for power aspiration of thrombus in the body; Lightning Flash, a mechanical thrombectomy system; Lightning Bolt 7, an arterial thrombectomy system; and CAT RX.