Penumbra, Inc. (NYSE:PEN) Stock Holdings Reduced by Portside Wealth Group LLC

Portside Wealth Group LLC reduced its position in Penumbra, Inc. (NYSE:PEN) by 3.8% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,118 shares of the company’s stock after selling 84 shares during the period. Portside Wealth Group LLC’s holdings in Penumbra were worth $412,000 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. Norden Group LLC acquired a new position in Penumbra in the first quarter worth approximately $321,000. Janney Montgomery Scott LLC acquired a new position in shares of Penumbra during the 1st quarter worth $689,000. Envestnet Portfolio Solutions Inc. bought a new position in shares of Penumbra during the 1st quarter valued at $241,000. Swiss National Bank lifted its stake in shares of Penumbra by 0.6% in the 1st quarter. Swiss National Bank now owns 72,400 shares of the company’s stock valued at $16,158,000 after purchasing an additional 400 shares during the last quarter. Finally, Sei Investments Co. boosted its holdings in Penumbra by 62.5% in the first quarter. Sei Investments Co. now owns 39,505 shares of the company’s stock worth $8,817,000 after purchasing an additional 15,188 shares in the last quarter. 88.88% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Harpreet Grewal sold 166 shares of the business’s stock in a transaction that occurred 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 sale, the director now directly owns 8,697 shares in the company, valued at approximately $1,659,648.51. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, Director Harpreet Grewal sold 166 shares of Penumbra stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $190.83, for a total transaction of $31,677.78. Following the sale, the director now directly owns 8,697 shares in the company, valued at approximately $1,659,648.51. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Adam Elsesser sold 15,000 shares of the stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $204.56, for a total transaction of $3,068,400.00. Following the completion of the transaction, the chief executive officer now directly owns 867,582 shares of the company’s stock, valued at $177,472,573.92. This trade represents 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 company insiders.

Wall Street Analyst Weigh In

PEN has been the topic of several recent research reports. Morgan Stanley cut their target price on Penumbra from $235.00 to $210.00 and set an “equal weight” rating on the stock in a report on Monday, July 15th. Needham & Company LLC reissued a “hold” rating on shares of Penumbra in a research note on Thursday, October 31st. Leerink Partners began coverage on Penumbra in a report on Tuesday, September 3rd. They set an “outperform” rating and a $263.00 price target on the stock. Leerink Partnrs raised shares of Penumbra to a “strong-buy” rating in a research report on Tuesday, September 3rd. Finally, Stifel Nicolaus assumed coverage on shares of Penumbra in a report on Tuesday, September 17th. They set a “buy” rating and a $238.00 price objective for the company. Five investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $226.67.

Penumbra Price Performance

NYSE:PEN opened at $236.53 on Friday. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.82 and a quick ratio of 3.25. The stock has a market cap of $9.08 billion, a P/E ratio of 275.03, a PEG ratio of 2.37 and a beta of 0.51. The company has a fifty day moving average price of $203.91 and a 200 day moving average price of $194.92. Penumbra, Inc. has a one year low of $148.00 and a one year high of $277.34.

Penumbra (NYSE:PEN) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.85 EPS for the quarter, beating analysts’ consensus estimates 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 prior year, the business earned $0.67 earnings per share. The firm’s revenue for the quarter was up 11.1% on a year-over-year basis. Analysts anticipate that Penumbra, Inc. will post 2.79 earnings per share for the current year.

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

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.