Penumbra, Inc. (NYSE:PEN) Shares Sold by Bank of Montreal Can

Bank of Montreal Can lowered its stake in Penumbra, Inc. (NYSE:PEN) by 27.2% during the third quarter, Holdings Channel.com reports. The firm owned 16,658 shares of the company’s stock after selling 6,218 shares during the quarter. Bank of Montreal Can’s holdings in Penumbra were worth $3,191,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the stock. CWM LLC raised its position in shares of Penumbra by 215.7% during the 2nd quarter. CWM LLC now owns 1,550 shares of the company’s stock worth $279,000 after acquiring an additional 1,059 shares in the last quarter. Canandaigua National Bank & Trust Co. acquired a new stake in shares of Penumbra during the 2nd quarter worth about $258,000. SG Americas Securities LLC acquired a new stake in shares of Penumbra during the 2nd quarter worth about $1,586,000. WASHINGTON TRUST Co acquired a new stake in shares of Penumbra during the 2nd quarter worth about $54,000. Finally, Diversified Trust Co raised its position in shares of Penumbra by 20.8% during the 2nd quarter. Diversified Trust Co now owns 8,119 shares of the company’s stock worth $1,461,000 after acquiring an additional 1,399 shares in the last quarter. Institutional investors and hedge funds own 88.88% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently issued reports on PEN. Royal Bank of Canada raised their price target on Penumbra from $205.00 to $222.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 8th. Piper Sandler raised their price target on Penumbra from $235.00 to $250.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 20th. Stifel Nicolaus began coverage on Penumbra in a research note on Tuesday, September 17th. They set a “buy” rating and a $238.00 price target on the stock. BTIG Research raised their price target on Penumbra from $232.00 to $270.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Finally, Needham & Company LLC restated a “hold” rating on shares of Penumbra in a research note on Thursday, October 31st. Five equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Penumbra has a consensus rating of “Moderate Buy” and an average target price of $230.92.

Penumbra Stock Up 1.6 %

Penumbra stock opened at $249.12 on Thursday. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.82 and a quick ratio of 3.25. Penumbra, Inc. has a 1-year low of $148.00 and a 1-year high of $277.34. The company has a market cap of $9.56 billion, a PE ratio of 289.67, a price-to-earnings-growth ratio of 2.46 and a beta of 0.51. The stock’s 50 day moving average price is $220.08 and its 200 day moving average price is $199.38.

Penumbra (NYSE:PEN) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.16. The firm had revenue of $301.04 million during the quarter, compared to analysts’ expectations of $297.36 million. Penumbra had a return on equity of 8.99% and a net margin of 2.97%. Penumbra’s revenue was up 11.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.67 earnings per share. On average, sell-side analysts predict that Penumbra, Inc. will post 2.81 EPS for the current fiscal year.

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

Insider Buying and Selling

In other news, CAO Lambert Shiu sold 1,798 shares of the business’s stock in a transaction on Friday, November 29th. The stock was sold at an average price of $242.56, for a total value of $436,122.88. Following the completion of the transaction, the chief accounting officer now directly owns 20,682 shares of the company’s stock, valued at $5,016,625.92. The trade was a 8.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Adam Elsesser sold 15,000 shares of the business’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $197.71, for a total value of $2,965,650.00. Following the completion of the transaction, the chief executive officer now directly owns 882,582 shares of the company’s stock, valued at approximately $174,495,287.22. This trade represents a 1.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 49,418 shares of company stock valued at $10,624,973. 5.00% of the stock is owned by insiders.

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.