Victory Capital Management Inc. Reduces Stock Position in Penumbra, Inc. (NYSE:PEN)

Victory Capital Management Inc. cut its holdings in Penumbra, Inc. (NYSE:PEN) by 7.2% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 7,336 shares of the company’s stock after selling 565 shares during the period. Victory Capital Management Inc.’s holdings in Penumbra were worth $1,425,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the business. First Hawaiian Bank bought a new stake in Penumbra during the second quarter worth approximately $1,597,000. Tidal Investments LLC increased its position in shares of Penumbra by 276.9% during the 1st quarter. Tidal Investments LLC now owns 4,971 shares of the company’s stock valued at $1,109,000 after purchasing an additional 3,652 shares during the last quarter. Renaissance Technologies LLC purchased a new stake in Penumbra during the 2nd quarter valued at $17,943,000. Vontobel Holding Ltd. purchased a new stake in Penumbra during the 3rd quarter valued at $1,092,000. Finally, AlphaCentric Advisors LLC bought a new stake in Penumbra in the third quarter worth $777,000. 88.88% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on PEN shares. Needham & Company LLC reiterated a “hold” rating on shares of Penumbra in a research report on Thursday, October 31st. Wells Fargo & Company lowered shares of Penumbra from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $289.00 to $150.00 in a research report on Wednesday, July 31st. Truist Financial boosted their target price on Penumbra from $200.00 to $235.00 and gave the company a “buy” rating in a research report on Monday, October 14th. Piper Sandler increased their price target on Penumbra from $235.00 to $250.00 and gave the stock an “overweight” rating in a report on Wednesday, November 20th. Finally, Canaccord Genuity Group boosted their price objective on Penumbra from $176.00 to $235.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. 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. Based on data from MarketBeat, Penumbra has a consensus rating of “Moderate Buy” and a consensus target price of $227.92.

Insider Activity at Penumbra

In other Penumbra news, EVP Johanna Roberts sold 600 shares of the stock in a transaction dated 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 of the company’s stock, valued at approximately $12,597,567.36. This represents a 0.97 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Adam Elsesser sold 15,000 shares of the firm’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $197.71, for a total transaction of $2,965,650.00. Following the completion of the sale, the chief executive officer now owns 882,582 shares in the company, valued at $174,495,287.22. This represents a 1.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 47,748 shares of company stock valued at $10,166,574 over the last ninety days. 5.00% of the stock is owned by company insiders.

Penumbra Price Performance

PEN opened at $244.68 on Tuesday. The company has a current ratio of 5.82, a quick ratio of 3.25 and a debt-to-equity ratio of 0.02. The business’s fifty day simple moving average is $212.69 and its 200-day simple moving average is $197.37. The company has a market capitalization of $9.39 billion, a price-to-earnings ratio of 284.51, a PEG ratio of 2.48 and a beta of 0.51. Penumbra, Inc. has a 12-month low of $148.00 and a 12-month high of $277.34.

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

Penumbra announced that its board has approved a share buyback plan on Tuesday, August 13th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the company to reacquire up to 2.6% of its shares through open market purchases. Shares buyback plans are usually a sign 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.