Penumbra, Inc. (NYSE:PEN) Shares Sold by Park Avenue Securities LLC

Park Avenue Securities LLC lowered its stake in Penumbra, Inc. (NYSE:PEN) by 14.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,404 shares of the company’s stock after selling 245 shares during the quarter. Park Avenue Securities LLC’s holdings in Penumbra were worth $273,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PEN. Silvercrest Asset Management Group LLC boosted its holdings in shares of Penumbra by 3.4% in the first quarter. Silvercrest Asset Management Group LLC now owns 1,680 shares of the company’s stock valued at $375,000 after acquiring an additional 55 shares in the last quarter. ProShare Advisors LLC increased its position in shares of Penumbra by 2.9% during the 2nd quarter. ProShare Advisors LLC now owns 2,171 shares of the company’s stock valued at $391,000 after purchasing an additional 62 shares during the period. Arcadia Investment Management Corp MI raised 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. Retirement Systems of Alabama lifted its holdings in shares of Penumbra by 0.3% in the first quarter. Retirement Systems of Alabama now owns 48,467 shares of the company’s stock valued at $10,817,000 after buying an additional 127 shares during the period. Finally, Mather Group LLC. acquired a new position in Penumbra during the first quarter worth about $29,000. 88.88% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Harpreet Grewal sold 166 shares of the firm’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $190.83, for a total value of $31,677.78. Following the sale, the director now directly owns 8,697 shares of the company’s stock, valued at approximately $1,659,648.51. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, EVP Johanna Roberts sold 600 shares of the company’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $190.76, for a total transaction of $114,456.00. Following the completion of the transaction, the executive vice president now directly owns 60,488 shares in the company, valued at $11,538,690.88. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Harpreet Grewal sold 166 shares of the firm’s stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $190.83, for a total transaction of $31,677.78. Following the completion of the sale, the director now owns 8,697 shares in the company, valued at $1,659,648.51. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 34,368 shares of company stock valued at $6,862,518 over the last 90 days. 5.00% of the stock is currently owned by company insiders.

Penumbra Price Performance

PEN opened at $203.19 on Monday. The stock has a market cap of $7.88 billion, a price-to-earnings ratio of 85.73, a PEG ratio of 2.25 and a beta of 0.54. The company has a current ratio of 6.25, a quick ratio of 3.77 and a debt-to-equity ratio of 0.02. Penumbra, Inc. has a 1 year low of $148.00 and a 1 year high of $277.34. The stock has a fifty day moving average price of $192.87 and a 200 day moving average price of $194.50.

Penumbra (NYSE:PEN) last released its quarterly earnings data on Tuesday, July 30th. The company reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.08. The business 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%. Penumbra’s quarterly revenue was up 14.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.43 EPS. Analysts forecast that Penumbra, Inc. will post 2.59 EPS for the current fiscal year.

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

Analyst Ratings Changes

A number of equities research analysts have weighed in on PEN shares. Morgan Stanley cut their price target 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. BTIG Research upped their target price on Penumbra from $187.00 to $224.00 and gave the company a “buy” rating in a report on Wednesday, August 28th. Stifel Nicolaus initiated coverage on Penumbra in a research note on Tuesday, September 17th. They issued a “buy” rating and a $238.00 price target on the stock. Needham & Company LLC reaffirmed a “hold” rating on shares of Penumbra in a research note on Wednesday, July 31st. Finally, Piper Sandler cut their price target on shares of Penumbra from $260.00 to $200.00 and set an “overweight” rating on the stock in a report on Wednesday, July 31st. Five equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $209.42.

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.