Amalgamated Bank Sells 1,344 Shares of Penumbra, Inc. (NYSE:PEN)

Amalgamated Bank cut its holdings in Penumbra, Inc. (NYSE:PEN) by 6.3% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 19,974 shares of the company’s stock after selling 1,344 shares during the quarter. Amalgamated Bank owned approximately 0.05% of Penumbra worth $3,595,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the business. Abbot Financial Management Inc. increased its position in Penumbra by 13.6% in the 2nd quarter. Abbot Financial Management Inc. now owns 2,542 shares of the company’s stock valued at $457,000 after acquiring an additional 304 shares in the last quarter. Renaissance Technologies LLC acquired a new position in shares of Penumbra during the second quarter worth approximately $17,943,000. Citizens Financial Group Inc. RI bought a new stake in shares of Penumbra during the second quarter valued at approximately $5,590,000. Dimensional Fund Advisors LP increased its holdings in shares of Penumbra by 96.7% in the second quarter. Dimensional Fund Advisors LP now owns 257,058 shares of the company’s stock valued at $46,257,000 after purchasing an additional 126,392 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its position in Penumbra by 234.0% in the 2nd quarter. Envestnet Asset Management Inc. now owns 63,015 shares of the company’s stock worth $11,341,000 after purchasing an additional 44,151 shares during the last quarter. 88.88% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

PEN has been the topic of a number of recent research reports. Truist Financial reiterated a “buy” rating and issued a $200.00 price objective (down from $230.00) on shares of Penumbra in a research report on Wednesday, July 31st. Wells Fargo & Company cut Penumbra from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $289.00 to $150.00 in a report on Wednesday, July 31st. Stifel Nicolaus began coverage on Penumbra in a report on Tuesday, September 17th. They set a “buy” rating and a $238.00 price objective for the company. Needham & Company LLC restated a “hold” rating on shares of Penumbra in a research report on Wednesday, July 31st. Finally, Leerink Partnrs upgraded shares of Penumbra to a “strong-buy” rating in a research report on Tuesday, September 3rd. Six equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $208.00.

Insider Buying and Selling at Penumbra

In other news, EVP Johanna Roberts sold 600 shares of the stock in a transaction on Monday, July 1st. The shares were sold at an average price of $179.20, for a total transaction of $107,520.00. Following the completion of the sale, the executive vice president now owns 62,288 shares of the company’s stock, valued at $11,162,009.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Don W. Kassing sold 170 shares of the business’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $179.99, for a total value of $30,598.30. Following the sale, the director now directly owns 1,005 shares in the company, valued at $180,889.95. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Johanna Roberts sold 600 shares of the stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $179.20, for a total value of $107,520.00. Following the transaction, the executive vice president now owns 62,288 shares of the company’s stock, valued at $11,162,009.60. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 19,372 shares of company stock valued at $3,888,852. 5.00% of the stock is currently owned by corporate insiders.

Penumbra Stock Performance

Shares of Penumbra stock opened at $195.00 on Monday. Penumbra, Inc. has a 12 month low of $148.00 and a 12 month high of $277.34. 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 company has a market capitalization of $7.56 billion, a PE ratio of 82.28, a PEG ratio of 2.10 and a beta of 0.54. The stock’s fifty day simple moving average is $190.38 and its 200 day simple moving average is $198.64.

Penumbra (NYSE:PEN) last released its quarterly earnings results on Tuesday, July 30th. The company reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.08. Penumbra had a return on equity of 8.39% and a net margin of 1.26%. The company had revenue of $299.40 million for the quarter, compared to analyst estimates of $298.24 million. During the same quarter last year, the firm posted $0.43 earnings per share. Penumbra’s revenue was up 14.5% compared to the same quarter last year. On average, research analysts predict that Penumbra, Inc. will post 2.63 EPS for the current year.

Penumbra declared that its board has authorized a share repurchase program on Tuesday, August 13th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the company to buy up to 2.6% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Penumbra Company 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.