Algert Global LLC Reduces Stock Holdings in Penumbra, Inc. (NYSE:PEN)

Algert Global LLC lowered its holdings in shares of Penumbra, Inc. (NYSE:PEN) by 48.0% in the 3rd quarter, Holdings Channel.com reports. The firm owned 14,612 shares of the company’s stock after selling 13,506 shares during the quarter. Algert Global LLC’s holdings in Penumbra were worth $2,839,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Cerity Partners LLC increased its holdings in Penumbra by 19.2% during the third quarter. Cerity Partners LLC now owns 3,612 shares of the company’s stock valued at $702,000 after buying an additional 583 shares during the last quarter. Champlain Investment Partners LLC grew its position in shares of Penumbra by 20.6% during the 3rd quarter. Champlain Investment Partners LLC now owns 1,547,972 shares of the company’s stock valued at $300,786,000 after acquiring an additional 264,122 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Penumbra by 1.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 267,767 shares of the company’s stock worth $52,030,000 after purchasing an additional 4,848 shares in the last quarter. Massachusetts Financial Services Co. MA bought a new position in Penumbra in the 3rd quarter worth $31,965,000. Finally, Advisors Asset Management Inc. lifted its position in Penumbra by 11.5% during the third quarter. Advisors Asset Management Inc. now owns 416 shares of the company’s stock valued at $81,000 after purchasing an additional 43 shares in the last quarter. Institutional investors own 88.88% of the company’s stock.

Penumbra Stock Up 1.7 %

Shares of PEN stock opened at $248.96 on Wednesday. The company’s fifty day simple moving average is $213.93 and its two-hundred day simple moving average is $197.63. Penumbra, Inc. has a 52 week low of $148.00 and a 52 week high of $277.34. The stock has a market cap of $9.55 billion, a P/E ratio of 289.49, a PEG ratio of 2.48 and a beta of 0.51. The company has a quick ratio of 3.25, a current ratio of 5.82 and a debt-to-equity ratio of 0.02.

Penumbra (NYSE:PEN) last issued its earnings results on Wednesday, October 30th. The company reported $0.85 earnings per share (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 firm had revenue of $301.04 million for the quarter, compared to analysts’ expectations of $297.36 million. During the same period in the previous year, the firm posted $0.67 earnings per share. The business’s revenue was up 11.1% compared to the same quarter last year. Analysts predict that Penumbra, Inc. will post 2.79 EPS for the current fiscal year.

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

Insider Transactions at Penumbra

In other news, Director Harpreet Grewal sold 166 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $190.83, for a total transaction of $31,677.78. Following the sale, the director now directly owns 8,697 shares in the company, valued at approximately $1,659,648.51. This represents a 1.87 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Adam Elsesser sold 15,000 shares of Penumbra stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $197.71, for a total value of $2,965,650.00. Following the completion of the transaction, the chief executive officer now owns 882,582 shares of the company’s stock, valued at approximately $174,495,287.22. This represents a 1.67 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 47,748 shares of company stock valued at $10,166,574 in the last ninety days. Corporate insiders own 5.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on PEN shares. BTIG Research upped their price target on Penumbra from $232.00 to $270.00 and gave the stock a “buy” rating in a research report on Tuesday. Piper Sandler raised their target price on shares of Penumbra from $235.00 to $250.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 20th. Royal Bank of Canada lifted their price target on shares of Penumbra from $205.00 to $222.00 and gave the company an “outperform” rating in a report on Tuesday, October 8th. Canaccord Genuity Group increased their price objective on shares of Penumbra from $176.00 to $235.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. Finally, Stifel Nicolaus assumed coverage on shares of Penumbra in a research note on Tuesday, September 17th. They set a “buy” rating and a $238.00 target price on the stock. Five equities 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. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $230.92.

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.