Congress Asset Management Co. Trims Stake in Penumbra, Inc. $PEN

Congress Asset Management Co. cut its position in shares of Penumbra, Inc. (NYSE:PEN) by 10.9% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 382,350 shares of the company’s stock after selling 46,822 shares during the period. Congress Asset Management Co. owned about 0.98% of Penumbra worth $118,876,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Mather Group LLC. purchased a new stake in Penumbra in the third quarter worth about $25,000. Newbridge Financial Services Group Inc. bought a new stake in shares of Penumbra in the 2nd quarter valued at about $30,000. Rothschild Investment LLC purchased a new stake in shares of Penumbra in the 3rd quarter worth approximately $40,000. Covestor Ltd boosted its stake in shares of Penumbra by 53.0% during the third quarter. Covestor Ltd now owns 179 shares of the company’s stock valued at $46,000 after purchasing an additional 62 shares in the last quarter. Finally, Allworth Financial LP increased its holdings in Penumbra by 36.2% during the third quarter. Allworth Financial LP now owns 241 shares of the company’s stock valued at $61,000 after buying an additional 64 shares during the period. Institutional investors own 88.88% of the company’s stock.

Analyst Upgrades and Downgrades

PEN has been the subject of a number of recent research reports. Piper Sandler downgraded shares of Penumbra from an “overweight” rating to a “hold” rating and set a $374.00 price objective for the company. in a research note on Thursday, January 15th. Wall Street Zen downgraded Penumbra from a “buy” rating to a “hold” rating in a report on Saturday, January 17th. BTIG Research lowered Penumbra from a “buy” rating to a “neutral” rating and set a $349.00 price target for the company. in a research report on Thursday, January 15th. William Blair cut Penumbra from an “outperform” rating to a “market perform” rating in a research note on Thursday, January 15th. Finally, JPMorgan Chase & Co. raised Penumbra from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $275.00 to $370.00 in a research report on Thursday, December 18th. Four equities research analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $361.69.

Insider Activity at Penumbra

In other news, CFO Maggie Yuen sold 2,432 shares of the business’s stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $342.30, for a total transaction of $832,473.60. Following the sale, the chief financial officer owned 18,353 shares in the company, valued at approximately $6,282,231.90. The trade was a 11.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Thomas Wilder sold 186 shares of the company’s stock in a transaction dated Friday, January 2nd. The shares were sold at an average price of $310.72, for a total transaction of $57,793.92. The disclosure for this sale is available in the SEC filing. Insiders have sold 2,804 shares of company stock valued at $948,419 in the last ninety days. Corporate insiders own 5.00% of the company’s stock.

Penumbra Price Performance

Shares of PEN opened at $335.63 on Tuesday. The company has a 50 day moving average of $342.74 and a two-hundred day moving average of $300.71. The company has a quick ratio of 4.29, a current ratio of 6.64 and a debt-to-equity ratio of 0.01. Penumbra, Inc. has a twelve month low of $221.26 and a twelve month high of $362.41. The company has a market cap of $13.17 billion, a price-to-earnings ratio of 74.26, a price-to-earnings-growth ratio of 2.06 and a beta of 0.81.

Penumbra (NYSE:PEN) last issued its quarterly earnings results on Wednesday, February 25th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.12 by ($1.49). The business had revenue of $385.39 million for the quarter, compared to analyst estimates of $367.18 million. Penumbra had a return on equity of 11.41% and a net margin of 12.66%.The business’s revenue for the quarter was up 22.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.97 earnings per share. As a group, analysts predict that Penumbra, Inc. will post 3.67 earnings per share for the current fiscal year.

Penumbra Company Profile

Penumbra, Inc is a global healthcare company specializing in the development and manufacture of innovative medical devices that address neurovascular and peripheral vascular conditions. The company focuses on products designed to improve patient outcomes in acute ischemic stroke, aneurysm treatment and peripheral thrombectomy. Penumbra’s technologies are used by interventional neuroradiologists, neurosurgeons and interventional cardiologists in hospitals and clinics around the world.

At the core of Penumbra’s portfolio is its mechanical thrombectomy platform, which includes aspiration catheters and accessory devices engineered to remove blood clots in acute stroke cases.