Bank of Montreal Can Lowers Stock Position in Penumbra, Inc. (NYSE:PEN)

Bank of Montreal Can lessened its holdings in shares of Penumbra, Inc. (NYSE:PEN - Free Report) by 27.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,658 shares of the company's stock after selling 6,218 shares during the period. Bank of Montreal Can's holdings in Penumbra were worth $3,191,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Advisors Asset Management Inc. raised its holdings in shares of Penumbra by 11.5% during the 3rd quarter. Advisors Asset Management Inc. now owns 416 shares of the company's stock worth $81,000 after acquiring an additional 43 shares during the period. ProShare Advisors LLC boosted its holdings in Penumbra by 2.9% in the 2nd quarter. ProShare Advisors LLC now owns 2,171 shares of the company's stock valued at $391,000 after purchasing an additional 62 shares during the last quarter. Legacy Wealth Asset Management LLC grew its stake in shares of Penumbra by 3.9% in the 3rd quarter. Legacy Wealth Asset Management LLC now owns 1,731 shares of the company's stock valued at $336,000 after buying an additional 65 shares during the period. Creative Planning increased its holdings in shares of Penumbra by 4.7% during the 3rd quarter. Creative Planning now owns 1,574 shares of the company's stock worth $306,000 after buying an additional 71 shares during the last quarter. Finally, Arcadia Investment Management Corp MI raised its position in shares of Penumbra by 7.9% during the 2nd quarter. Arcadia Investment Management Corp MI now owns 1,006 shares of the company's stock valued at $181,000 after buying an additional 74 shares during the period. Institutional investors and hedge funds own 88.88% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on PEN shares. Piper Sandler raised their target price on Penumbra from $235.00 to $250.00 and gave the stock an "overweight" rating in a research note on Wednesday, November 20th. Stifel Nicolaus began coverage on shares of Penumbra in a report on Tuesday, September 17th. They issued a "buy" rating and a $238.00 price objective on the stock. Needham & Company LLC reiterated a "hold" rating on shares of Penumbra in a report on Thursday, October 31st. Leerink Partners began coverage on Penumbra in a research note on Tuesday, September 3rd. They set an "outperform" rating and a $263.00 target price on the stock. Finally, Robert W. Baird lifted their target price on Penumbra from $244.00 to $248.00 and gave the company an "outperform" rating in a research report on Thursday, October 31st. Five research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $230.92.

Penumbra Price Performance

Shares of PEN traded down $6.38 during trading hours on Thursday, reaching $242.70. The company had a trading volume of 194,610 shares, compared to its average volume of 376,975. The company has a current ratio of 5.82, a quick ratio of 3.25 and a debt-to-equity ratio of 0.02. The firm has a 50 day simple moving average of $221.10 and a 200-day simple moving average of $199.69. Penumbra, Inc. has a 12-month low of $148.00 and a 12-month high of $277.34. The company has a market capitalization of $9.31 billion, a price-to-earnings ratio of 282.21, a PEG ratio of 2.47 and a beta of 0.51.

Penumbra (NYSE:PEN - Get Free Report) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.85 EPS for the quarter, topping the consensus estimate of $0.69 by $0.16. Penumbra had a return on equity of 8.99% and a net margin of 2.97%. The business had revenue of $301.04 million for the quarter, compared to analyst estimates of $297.36 million. During the same quarter in the previous year, the company earned $0.67 EPS. The company's quarterly revenue was up 11.1% on a year-over-year basis. Research analysts expect that Penumbra, Inc. will post 2.81 earnings per share for the current year.

Penumbra announced that its board has initiated a stock repurchase program on Tuesday, August 13th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the company to buy up to 2.6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's leadership believes its shares are undervalued.

Insider Activity at Penumbra

In related news, Director Harpreet Grewal sold 166 shares of the business's stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $190.83, for a total value of $31,677.78. Following the completion of the transaction, the director now owns 8,697 shares of the company's stock, valued at approximately $1,659,648.51. The trade was a 1.87 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Johanna Roberts sold 600 shares of the firm's stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $244.49, for a total transaction of $146,694.00. Following the sale, the executive vice president now directly owns 63,444 shares in the company, valued at $15,511,423.56. This represents a 0.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 49,418 shares of company stock valued at $10,624,973. Insiders own 5.00% of the company's stock.

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.