Allspring Global Investments Holdings LLC Sells 278,728 Shares of Penumbra, Inc. $PEN

Allspring Global Investments Holdings LLC trimmed its position in shares of Penumbra, Inc. (NYSE:PEN) by 77.7% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 79,898 shares of the company’s stock after selling 278,728 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.20% of Penumbra worth $26,283,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of PEN. Maryland State Retirement & Pension System increased its stake in Penumbra by 7.7% in the first quarter. Maryland State Retirement & Pension System now owns 1,856 shares of the company’s stock valued at $609,000 after acquiring an additional 133 shares during the last quarter. ABC Arbitrage SA bought a new stake in Penumbra during the first quarter worth $4,228,000. Calamos Advisors LLC lifted its stake in Penumbra by 1,334.0% during the first quarter. Calamos Advisors LLC now owns 66,882 shares of the company’s stock worth $21,962,000 after purchasing an additional 62,218 shares during the last quarter. State of Michigan Retirement System boosted its holdings in shares of Penumbra by 2.2% in the 1st quarter. State of Michigan Retirement System now owns 9,414 shares of the company’s stock valued at $3,091,000 after purchasing an additional 200 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in shares of Penumbra by 5.1% in the 1st quarter. Principal Financial Group Inc. now owns 88,178 shares of the company’s stock valued at $28,955,000 after purchasing an additional 4,263 shares in the last quarter. 88.88% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently issued reports on PEN. Citigroup decreased their price target on Penumbra from $374.00 to $350.00 and set a “neutral” rating on the stock in a research note on Thursday, May 7th. Evercore reaffirmed an “outperform” rating and issued a $320.00 price objective on shares of Penumbra in a research note on Monday, July 6th. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $374.00 target price on shares of Penumbra in a research report on Thursday, June 11th. Zacks Research downgraded Penumbra from a “hold” rating to a “strong sell” rating in a research note on Monday, June 29th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Penumbra in a report on Friday. Three investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $360.33.

Penumbra Price Performance

Penumbra stock opened at $318.18 on Tuesday. The stock has a 50-day moving average price of $319.87 and a two-hundred day moving average price of $329.86. Penumbra, Inc. has a 12 month low of $221.26 and a 12 month high of $362.41. The company has a market capitalization of $12.51 billion, a PE ratio of 73.31, a P/E/G ratio of 1.97 and a beta of 0.70. The company has a current ratio of 6.02, a quick ratio of 3.95 and a debt-to-equity ratio of 0.01.

Penumbra (NYSE:PEN) last released its quarterly earnings results on Wednesday, May 6th. The company reported $0.82 earnings per share for the quarter, missing the consensus estimate of $1.06 by ($0.24). The firm had revenue of $374.76 million for the quarter, compared to the consensus estimate of $370.47 million. Penumbra had a return on equity of 10.87% and a net margin of 11.76%.The business’s revenue for the quarter was up 15.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.83 earnings per share. Analysts expect that Penumbra, Inc. will post 5.04 EPS for the current 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.