Intech Investment Management LLC Trims Holdings in Penumbra, Inc. (NYSE:PEN)

Intech Investment Management LLC reduced its position in shares of Penumbra, Inc. (NYSE:PEN) by 39.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 12,028 shares of the company’s stock after selling 7,897 shares during the period. Intech Investment Management LLC’s holdings in Penumbra were worth $2,337,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of PEN. Silvercrest Asset Management Group LLC grew its holdings in Penumbra by 3.4% in the first quarter. Silvercrest Asset Management Group LLC now owns 1,680 shares of the company’s stock valued at $375,000 after purchasing an additional 55 shares during the period. Tidal Investments LLC increased its holdings in shares of Penumbra by 276.9% during the 1st quarter. Tidal Investments LLC now owns 4,971 shares of the company’s stock worth $1,109,000 after buying an additional 3,652 shares during the last quarter. Virtu Financial LLC raised its position in shares of Penumbra by 61.6% in the 1st quarter. Virtu Financial LLC now owns 4,011 shares of the company’s stock worth $895,000 after buying an additional 1,529 shares during the period. First Hawaiian Bank acquired a new position in Penumbra in the second quarter valued at $1,597,000. Finally, CWM LLC grew its position in Penumbra by 215.7% during the second quarter. CWM LLC now owns 1,550 shares of the company’s stock valued at $279,000 after acquiring an additional 1,059 shares during the period. 88.88% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PEN has been the subject of several research reports. 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. Needham & Company LLC reaffirmed a “hold” rating on shares of Penumbra in a research report on Thursday, October 31st. Leerink Partnrs raised Penumbra to a “strong-buy” rating in a research report on Tuesday, September 3rd. Royal Bank of Canada upped their target price on Penumbra from $205.00 to $222.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 8th. Finally, Wells Fargo & Company downgraded Penumbra from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $289.00 to $150.00 in a report on Wednesday, July 31st. Five investment 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 company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $227.92.

Penumbra Stock Performance

Penumbra stock opened at $244.84 on Monday. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.82 and a quick ratio of 3.25. Penumbra, Inc. has a 12 month low of $148.00 and a 12 month high of $277.34. The company has a fifty day moving average price of $211.55 and a two-hundred day moving average price of $197.12. The company has a market cap of $9.40 billion, a PE ratio of 284.70, a P/E/G ratio of 2.44 and a beta of 0.51.

Penumbra (NYSE:PEN) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.85 EPS for the quarter, beating the consensus estimate of $0.69 by $0.16. The business had revenue of $301.04 million during the quarter, compared to analyst estimates of $297.36 million. Penumbra had a net margin of 2.97% and a return on equity of 8.99%. The company’s quarterly revenue was up 11.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.67 EPS. Research analysts expect that Penumbra, Inc. will post 2.79 earnings per share for the current year.

Penumbra announced that its Board of Directors has approved a stock 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 typically a sign that the company’s management believes its shares are undervalued.

Insider Activity

In related news, EVP Johanna Roberts sold 600 shares of the company’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $239.74, for a total transaction of $143,844.00. Following the completion of the transaction, the executive vice president now directly owns 64,044 shares in the company, valued at $15,353,908.56. This represents a 0.93 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Harpreet Grewal sold 782 shares of the stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $204.11, for a total value of $159,614.02. Following the completion of the sale, the director now directly owns 8,863 shares in the company, valued at $1,809,026.93. This represents a 8.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 47,748 shares of company stock valued at $10,166,574. 5.00% of the stock is currently owned by insiders.

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.