Bank of Montreal Can Has $4.13 Million Position in Penumbra, Inc. (NYSE:PEN)

Bank of Montreal Can lessened its stake in shares of Penumbra, Inc. (NYSE:PEN) by 1.6% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 22,876 shares of the company’s stock after selling 370 shares during the period. Bank of Montreal Can owned 0.06% of Penumbra worth $4,127,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Mather Group LLC. acquired a new position in shares of Penumbra during the 1st quarter valued at $29,000. WASHINGTON TRUST Co acquired a new position in shares of Penumbra during the 2nd quarter valued at $54,000. Headlands Technologies LLC acquired a new position in shares of Penumbra during the 1st quarter valued at $89,000. RiverPark Advisors LLC lifted its position in shares of Penumbra by 360.9% during the 1st quarter. RiverPark Advisors LLC now owns 507 shares of the company’s stock valued at $113,000 after acquiring an additional 397 shares during the period. Finally, EntryPoint Capital LLC lifted its position in shares of Penumbra by 562.8% during the 1st quarter. EntryPoint Capital LLC now owns 517 shares of the company’s stock valued at $115,000 after acquiring an additional 439 shares during the period. Institutional investors and hedge funds own 88.88% of the company’s stock.

Insider Transactions at Penumbra

In related news, CEO Adam Elsesser sold 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $202.52, for a total value of $3,037,800.00. Following the sale, the chief executive officer now directly owns 927,582 shares of the company’s stock, valued at $187,853,906.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Adam Elsesser sold 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $202.52, for a total value of $3,037,800.00. Following the sale, the chief executive officer now directly owns 927,582 shares of the company’s stock, valued at $187,853,906.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Johanna Roberts sold 600 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $206.22, for a total transaction of $123,732.00. Following the completion of the sale, the executive vice president now directly owns 61,088 shares in the company, valued at $12,597,567.36. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 33,602 shares of company stock valued at $6,716,384. 5.00% of the stock is currently owned by corporate insiders.

Penumbra Price Performance

NYSE PEN opened at $191.56 on Wednesday. The company has a market cap of $7.43 billion, a PE ratio of 80.83, a price-to-earnings-growth ratio of 2.18 and a beta of 0.54. Penumbra, Inc. has a 52 week low of $148.00 and a 52 week high of $277.34. The company has a quick ratio of 3.77, a current ratio of 6.25 and a debt-to-equity ratio of 0.02. The firm’s 50-day simple moving average is $190.17 and its two-hundred day simple moving average is $196.38.

Penumbra (NYSE:PEN) last announced its quarterly earnings results on Tuesday, July 30th. The company reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.08. Penumbra had a net margin of 1.26% and a return on equity of 8.39%. The firm had revenue of $299.40 million for the quarter, compared to the consensus estimate of $298.24 million. During the same period in the prior year, the firm posted $0.43 earnings per share. The company’s revenue for the quarter was up 14.5% on a year-over-year basis. Research analysts predict that Penumbra, Inc. will post 2.59 earnings per share for the current year.

Penumbra declared that its Board of Directors has approved a share repurchase plan on Tuesday, August 13th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 2.6% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Truist Financial restated a “buy” rating and set a $200.00 price target (down previously from $230.00) on shares of Penumbra in a research note on Wednesday, July 31st. Piper Sandler decreased their price target on shares of Penumbra from $260.00 to $200.00 and set an “overweight” rating for the company in a research note on Wednesday, July 31st. Leerink Partners initiated coverage on shares of Penumbra in a research note on Tuesday, September 3rd. They issued an “outperform” rating and a $263.00 target price for the company. Stifel Nicolaus started coverage on shares of Penumbra in a research note on Tuesday, September 17th. They issued a “buy” rating and a $238.00 target price for the company. Finally, Citigroup increased their price target on shares of Penumbra from $178.00 to $200.00 and gave the company a “neutral” rating in a research report on Thursday, August 22nd. Six equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Penumbra has a consensus rating of “Moderate Buy” and an average target price of $208.00.

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.