US Bancorp DE Cuts Stock Holdings in Penumbra, Inc. (NYSE:PEN)

US Bancorp DE trimmed its stake in shares of Penumbra, Inc. (NYSE:PEN) by 13.5% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 13,607 shares of the company’s stock after selling 2,119 shares during the period. US Bancorp DE’s holdings in Penumbra were worth $2,644,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of PEN. Silvercrest Asset Management Group LLC grew its stake in shares of Penumbra by 3.4% in the 1st quarter. Silvercrest Asset Management Group LLC now owns 1,680 shares of the company’s stock worth $375,000 after buying an additional 55 shares in the last quarter. ProShare Advisors LLC grew 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 worth $391,000 after buying an additional 62 shares in the last quarter. Legacy Wealth Asset Management LLC grew its stake in shares of Penumbra by 3.9% in the 3rd quarter. Legacy Wealth Asset Management LLC now owns 1,731 shares of the company’s stock worth $336,000 after buying an additional 65 shares in the last quarter. Creative Planning grew its stake in shares of Penumbra by 4.7% in the 3rd quarter. Creative Planning now owns 1,574 shares of the company’s stock worth $306,000 after buying an additional 71 shares in the last quarter. Finally, Arcadia Investment Management Corp MI grew its stake in shares of Penumbra by 7.9% in the 2nd quarter. Arcadia Investment Management Corp MI now owns 1,006 shares of the company’s stock worth $181,000 after buying an additional 74 shares in the last quarter. 88.88% of the stock is owned by hedge funds and other institutional investors.

Penumbra Trading Up 1.3 %

NYSE:PEN opened at $232.39 on Wednesday. Penumbra, Inc. has a one year low of $148.00 and a one year high of $277.34. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.25 and a current ratio of 5.82. The firm has a market cap of $8.92 billion, a P/E ratio of 270.22, a P/E/G ratio of 2.54 and a beta of 0.51. The firm has a 50-day simple moving average of $201.95 and a 200-day simple moving average of $194.14.

Penumbra (NYSE:PEN) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.85 EPS for the quarter, beating the consensus estimate of $0.69 by $0.16. Penumbra had a net margin of 2.97% and a return on equity of 8.99%. The business had revenue of $301.04 million during the quarter, compared to analyst estimates of $297.36 million. During the same quarter in the previous year, the business posted $0.67 EPS. The company’s quarterly revenue was up 11.1% compared to the same quarter last year. Equities analysts anticipate that Penumbra, Inc. will post 2.72 EPS for the current fiscal year.

Penumbra declared that its Board of Directors has initiated a share repurchase program on Tuesday, August 13th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 2.6% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Insider Activity

In other news, EVP Johanna Roberts sold 600 shares of the business’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $175.98, for a total value of $105,588.00. Following the completion of the sale, the executive vice president now owns 61,688 shares in the company, valued at approximately $10,855,854.24. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, EVP Johanna Roberts sold 600 shares of the business’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $175.98, for a total value of $105,588.00. Following the completion of the sale, the executive vice president now owns 61,688 shares in the company, valued at approximately $10,855,854.24. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Adam Elsesser sold 1,620 shares of Penumbra stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $200.00, for a total transaction of $324,000.00. Following the completion of the transaction, the chief executive officer now directly owns 925,962 shares in the company, valued at approximately $185,192,400. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 34,368 shares of company stock worth $6,893,118. 5.00% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research firms have recently issued reports on PEN. Piper Sandler raised their target price on shares of Penumbra from $225.00 to $235.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. Citigroup raised their target price on shares of Penumbra from $178.00 to $200.00 and gave the stock a “neutral” rating in a report on Thursday, August 22nd. BTIG Research raised their target price on shares of Penumbra from $224.00 to $234.00 and gave the stock a “buy” rating in a report on Monday, October 14th. Leerink Partners began coverage on shares of Penumbra in a report on Tuesday, September 3rd. They issued an “outperform” rating and a $263.00 target price for the company. Finally, Morgan Stanley lowered their target price on shares of Penumbra from $235.00 to $210.00 and set an “equal weight” rating for the company in a report on Monday, July 15th. Five 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 data from MarketBeat, Penumbra has a consensus rating of “Moderate Buy” and a consensus price target of $226.67.

About Penumbra

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.