Bellevue Group AG Trims Stock Holdings in Penumbra, Inc. (NYSE:PEN)

Bellevue Group AG lowered its holdings in shares of Penumbra, Inc. (NYSE:PEN) by 3.3% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 272,683 shares of the company’s stock after selling 9,366 shares during the quarter. Penumbra accounts for 0.9% of Bellevue Group AG’s portfolio, making the stock its 28th biggest holding. Bellevue Group AG owned about 0.71% of Penumbra worth $52,985,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the business. Advisors Asset Management Inc. boosted its stake in shares of 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 during the period. ProShare Advisors LLC lifted its holdings in Penumbra by 2.9% during the 2nd quarter. ProShare Advisors LLC now owns 2,171 shares of the company’s stock valued at $391,000 after buying an additional 62 shares in the last quarter. Legacy Wealth Asset Management LLC boosted its position in Penumbra by 3.9% in the 3rd quarter. Legacy Wealth Asset Management LLC now owns 1,731 shares of the company’s stock valued at $336,000 after buying an additional 65 shares during the period. Creative Planning grew its stake in Penumbra by 4.7% in the 3rd quarter. Creative Planning now owns 1,574 shares of the company’s stock worth $306,000 after acquiring an additional 71 shares in the last quarter. Finally, Arcadia Investment Management Corp MI grew its stake in Penumbra by 7.9% in the 2nd quarter. Arcadia Investment Management Corp MI now owns 1,006 shares of the company’s stock worth $181,000 after acquiring an additional 74 shares in the last quarter. Institutional investors own 88.88% of the company’s stock.

Insiders Place Their Bets

In other Penumbra news, Director Harpreet Grewal sold 782 shares of the firm’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $204.11, for a total value of $159,614.02. Following the completion of the transaction, the director now owns 8,863 shares of the company’s stock, valued at approximately $1,809,026.93. This trade represents a 8.11 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Adam Elsesser sold 15,000 shares of Penumbra stock in a transaction on Friday, September 20th. The stock was sold at an average price of $197.71, for a total transaction of $2,965,650.00. Following the sale, the chief executive officer now owns 882,582 shares of the company’s stock, valued at $174,495,287.22. The trade was a 1.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 47,748 shares of company stock valued at $10,166,574. 5.00% of the stock is currently owned by corporate insiders.

Penumbra Price Performance

Shares of PEN opened at $244.12 on Friday. The company has a 50 day moving average of $216.76 and a two-hundred day moving average of $198.48. 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, Inc. has a twelve month low of $148.00 and a twelve month high of $277.34. The company has a market cap of $9.37 billion, a price-to-earnings ratio of 283.86, a price-to-earnings-growth ratio of 2.46 and a beta of 0.51.

Penumbra (NYSE:PEN) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.85 earnings per share for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $297.36 million. During the same quarter last year, the firm earned $0.67 EPS. The business’s quarterly revenue was up 11.1% on a year-over-year basis. As a group, analysts predict that Penumbra, Inc. will post 2.81 earnings per share for the current fiscal year.

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

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on PEN. Leerink Partnrs upgraded Penumbra to a “strong-buy” rating in a report on Tuesday, September 3rd. Robert W. Baird upped their target price on Penumbra from $244.00 to $248.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. Citigroup increased their price target on Penumbra from $178.00 to $200.00 and gave the stock a “neutral” rating in a research report on Thursday, August 22nd. Canaccord Genuity Group lifted 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. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Penumbra in a report on Thursday, October 31st. Five equities research 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. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $230.92.

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.