Congress Asset Management Co. Cuts Stock Position in Penumbra, Inc. (NYSE:PEN)

Congress Asset Management Co. lessened its position in Penumbra, Inc. (NYSE:PEN - Free Report) by 1.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 637,554 shares of the company's stock after selling 6,377 shares during the quarter. Congress Asset Management Co. owned 1.64% of Penumbra worth $123,883,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. GAMMA Investing LLC increased its stake in Penumbra by 111.1% in the third quarter. GAMMA Investing LLC now owns 171 shares of the company's stock worth $33,000 after purchasing an additional 90 shares during the period. WASHINGTON TRUST Co bought a new stake in Penumbra during the 2nd quarter valued at about $54,000. Park Place Capital Corp boosted its position in Penumbra by 1,473.9% in the 3rd quarter. Park Place Capital Corp now owns 362 shares of the company's stock valued at $70,000 after buying an additional 339 shares during the period. Northwestern Mutual Wealth Management Co. grew its stake in Penumbra by 1,845.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 389 shares of the company's stock worth $70,000 after acquiring an additional 369 shares in the last quarter. Finally, Headlands Technologies LLC purchased a new position in shares of Penumbra during the first quarter worth approximately $89,000. 88.88% of the stock is owned by hedge funds and other institutional investors.

Penumbra Stock Up 8.4 %

Shares of PEN traded up $17.71 during midday trading on Thursday, hitting $229.00. 953,177 shares of the company's stock traded hands, compared to its average volume of 383,685. Penumbra, Inc. has a 1 year low of $148.00 and a 1 year high of $277.34. The firm's fifty day moving average is $199.72 and its 200-day moving average is $193.55. The company has a current ratio of 6.25, a quick ratio of 3.77 and a debt-to-equity ratio of 0.02. The stock has a market capitalization of $8.89 billion, a price-to-earnings ratio of 667.82, a price-to-earnings-growth ratio of 2.34 and a beta of 0.54.

Penumbra (NYSE:PEN - Get Free Report) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.85 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.16. Penumbra had a return on equity of 8.39% and a net margin of 1.26%. The business had revenue of $301.04 million during the quarter, compared to the consensus estimate of $297.36 million. During the same quarter last year, the company earned $0.67 earnings per share. The company's quarterly revenue was up 11.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Penumbra, Inc. will post 2.58 earnings per share for the current year.

Penumbra declared that its board has initiated a stock repurchase plan on Tuesday, August 13th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the company to repurchase up to 2.6% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board of directors believes its stock is undervalued.

Insider Buying and Selling at Penumbra

In other news, EVP Johanna Roberts sold 600 shares of Penumbra stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $175.98, for a total transaction of $105,588.00. Following the completion of the sale, the executive vice president now directly owns 61,688 shares in the company, valued at approximately $10,855,854.24. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, EVP Johanna Roberts sold 600 shares of Penumbra stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $175.98, for a total transaction of $105,588.00. Following the completion of the sale, the executive vice president now owns 61,688 shares of the company's stock, valued at $10,855,854.24. 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 available through this hyperlink. Also, CEO Adam Elsesser sold 15,000 shares of the company's stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $204.56, for a total value of $3,068,400.00. Following the completion of the sale, the chief executive officer now owns 867,582 shares in the company, valued at approximately $177,472,573.92. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 34,368 shares of company stock worth $6,893,118. 5.00% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

PEN has been the subject of a number of research reports. Citigroup boosted their price target on Penumbra from $178.00 to $200.00 and gave the company a "neutral" rating in a report on Thursday, August 22nd. Morgan Stanley cut their price target on Penumbra from $235.00 to $210.00 and set an "equal weight" rating on the stock in a research note on Monday, July 15th. Wells Fargo & Company downgraded Penumbra from an "overweight" rating to an "equal weight" rating and decreased their price objective for the company from $289.00 to $150.00 in a report on Wednesday, July 31st. Truist Financial increased their target price on shares of Penumbra from $200.00 to $235.00 and gave the stock a "buy" rating in a report on Monday, October 14th. Finally, Stifel Nicolaus initiated coverage on shares of Penumbra in a report on Tuesday, September 17th. They issued a "buy" rating and a $238.00 price target for the company. Five analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $226.67.

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.