Sumitomo Mitsui Trust Group Inc. Trims Stock Position in Penumbra, Inc. $PEN

Sumitomo Mitsui Trust Group Inc. decreased its holdings in Penumbra, Inc. (NYSE:PEN) by 62.3% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,420 shares of the company’s stock after selling 3,998 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Penumbra were worth $621,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. GAMMA Investing LLC boosted its position in shares of Penumbra by 59.0% in the first quarter. GAMMA Investing LLC now owns 709 shares of the company’s stock worth $190,000 after acquiring an additional 263 shares during the last quarter. KBC Group NV increased its position in Penumbra by 10.9% during the first quarter. KBC Group NV now owns 1,603 shares of the company’s stock worth $429,000 after purchasing an additional 158 shares during the last quarter. New York State Teachers Retirement System raised its stake in Penumbra by 1.1% during the first quarter. New York State Teachers Retirement System now owns 38,054 shares of the company’s stock worth $10,176,000 after purchasing an additional 400 shares during the period. First Horizon Advisors Inc. boosted its holdings in shares of Penumbra by 404.8% in the 1st quarter. First Horizon Advisors Inc. now owns 106 shares of the company’s stock valued at $28,000 after purchasing an additional 85 shares during the last quarter. Finally, Teacher Retirement System of Texas grew its stake in shares of Penumbra by 36.8% during the 1st quarter. Teacher Retirement System of Texas now owns 10,773 shares of the company’s stock valued at $2,881,000 after buying an additional 2,897 shares during the period. Institutional investors and hedge funds own 88.88% of the company’s stock.

Insiders Place Their Bets

In related news, CFO Maggie Yuen sold 2,000 shares of the firm’s stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $250.00, for a total transaction of $500,000.00. Following the completion of the sale, the chief financial officer directly owned 12,943 shares of the company’s stock, valued at approximately $3,235,750. This trade represents a 13.38% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Arani Bose sold 12,000 shares of the business’s stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $250.65, for a total transaction of $3,007,800.00. Following the completion of the transaction, the director owned 558 shares in the company, valued at $139,862.70. This represents a 95.56% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 64,460 shares of company stock valued at $16,322,614. Corporate insiders own 4.20% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on PEN shares. Evercore ISI cut their target price on Penumbra from $300.00 to $285.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 7th. Citigroup dropped their price target on Penumbra from $320.00 to $285.00 and set a “neutral” rating for the company in a research note on Wednesday, July 9th. Canaccord Genuity Group set a $350.00 price objective on Penumbra and gave the stock a “buy” rating in a report on Wednesday, July 30th. BTIG Research reiterated a “buy” rating and set a $320.00 target price on shares of Penumbra in a report on Monday, October 27th. Finally, Truist Financial dropped their target price on shares of Penumbra from $310.00 to $300.00 and set a “buy” rating for the company in a research report on Wednesday, October 15th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, Penumbra currently has an average rating of “Moderate Buy” and an average price target of $305.94.

Penumbra Stock Performance

Shares of NYSE:PEN opened at $227.34 on Friday. The business’s 50-day simple moving average is $258.44 and its 200 day simple moving average is $259.71. The company has a market cap of $8.87 billion, a P/E ratio of 60.46, a PEG ratio of 2.10 and a beta of 0.41. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.04 and a current ratio of 6.75. Penumbra, Inc. has a one year low of $207.58 and a one year high of $310.00.

Penumbra (NYSE:PEN) last issued its quarterly earnings data on Tuesday, July 29th. The company reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.05. Penumbra had a net margin of 11.54% and a return on equity of 11.55%. The company had revenue of $339.46 million during the quarter, compared to the consensus estimate of $327.37 million. During the same quarter last year, the company earned $0.64 earnings per share. Penumbra’s revenue for the quarter was up 13.4% on a year-over-year basis. On average, sell-side analysts forecast that Penumbra, Inc. will post 3.67 earnings per share for the current fiscal year.

Penumbra 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.