Clearbridge Investments LLC Lowers Position in Penumbra, Inc. (NYSE:PEN)

Clearbridge Investments LLC decreased its holdings in shares of Penumbra, Inc. (NYSE:PEN) by 1.6% during the second quarter, according to its most recent filing with the SEC. The firm owned 773,661 shares of the company’s stock after selling 12,675 shares during the period. Clearbridge Investments LLC owned 2.00% of Penumbra worth $139,236,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the business. Mather Group LLC. bought a new position in shares of Penumbra during the first quarter valued at approximately $29,000. WASHINGTON TRUST Co purchased a new stake in Penumbra during the second quarter worth $54,000. Northwestern Mutual Wealth Management Co. boosted its position in Penumbra by 1,845.0% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 389 shares of the company’s stock valued at $70,000 after acquiring an additional 369 shares in the last quarter. Headlands Technologies LLC purchased a new position in shares of Penumbra in the 1st quarter valued at $89,000. Finally, RiverPark Advisors LLC raised its position in shares of Penumbra by 360.9% in the 1st quarter. RiverPark Advisors LLC now owns 507 shares of the company’s stock worth $113,000 after acquiring an additional 397 shares in the last quarter. Hedge funds and other institutional investors own 88.88% of the company’s stock.

Insider Buying and Selling

In other news, CEO Adam Elsesser sold 15,000 shares of Penumbra stock in a transaction dated 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 owns 927,582 shares in the company, valued at $187,853,906.64. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Penumbra news, EVP Johanna Roberts sold 600 shares of the stock in a transaction that occurred on 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 transaction, the executive vice president now owns 61,688 shares of the company’s stock, valued at $10,855,854.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 completion of the transaction, the chief executive officer now owns 927,582 shares in the company, valued at approximately $187,853,906.64. The disclosure for this sale can be found here. In the last quarter, insiders sold 33,602 shares of company stock valued at $6,716,384. 5.00% of the stock is owned by corporate insiders.

Penumbra Trading Down 1.4 %

PEN stock opened at $191.56 on Wednesday. The company has a quick ratio of 3.77, a current ratio of 6.25 and a debt-to-equity ratio of 0.02. Penumbra, Inc. has a 52-week low of $148.00 and a 52-week high of $277.34. The company’s 50-day simple moving average is $190.17 and its 200-day simple moving average is $196.38. The firm has a market cap of $7.43 billion, a P/E ratio of 80.83, a PEG ratio of 2.18 and a beta of 0.54.

Penumbra (NYSE:PEN) last issued its quarterly earnings data on Tuesday, July 30th. The company reported $0.64 EPS for the quarter, beating the consensus estimate of $0.56 by $0.08. The company had revenue of $299.40 million for the quarter, compared to analyst estimates of $298.24 million. Penumbra had a return on equity of 8.39% and a net margin of 1.26%. Penumbra’s quarterly revenue was up 14.5% compared to the same quarter last year. During the same period last year, the company earned $0.43 earnings per share. As a group, equities analysts forecast that Penumbra, Inc. will post 2.59 EPS for the current fiscal year.

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

Analyst Ratings Changes

A number of brokerages recently weighed in on PEN. Leerink Partnrs raised Penumbra to a “strong-buy” rating in a research report on Tuesday, September 3rd. Truist Financial restated a “buy” rating and issued a $200.00 price target (down from $230.00) on shares of Penumbra in a report on Wednesday, July 31st. Citigroup boosted their price objective on shares of Penumbra from $178.00 to $200.00 and gave the stock a “neutral” rating in a research note on Thursday, August 22nd. Robert W. Baird lowered their target price on shares of Penumbra from $231.00 to $180.00 and set an “outperform” rating for the company in a research note on Wednesday, July 31st. Finally, Morgan Stanley decreased their price target on Penumbra from $235.00 to $210.00 and set an “equal weight” rating for the company in a research note on Monday, July 15th. Six 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’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target 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.