US Bancorp DE Reduces Position in Penumbra, Inc. (NYSE:PEN)

US Bancorp DE lessened its stake in shares of Penumbra, Inc. (NYSE:PEN) by 13.5% during the 3rd quarter, Holdings Channel reports. The firm owned 13,607 shares of the company’s stock after selling 2,119 shares during the quarter. US Bancorp DE’s holdings in Penumbra were worth $2,644,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently bought and sold shares of the stock. GAMMA Investing LLC boosted its holdings in shares of Penumbra by 111.1% in the 3rd quarter. GAMMA Investing LLC now owns 171 shares of the company’s stock valued at $33,000 after acquiring an additional 90 shares during the last quarter. WASHINGTON TRUST Co purchased a new stake in shares of Penumbra in the 2nd quarter valued at $54,000. Park Place Capital Corp boosted its holdings in shares of Penumbra by 1,473.9% in the 3rd quarter. Park Place Capital Corp now owns 362 shares of the company’s stock valued at $70,000 after acquiring an additional 339 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Penumbra by 1,845.0% in 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 during the last quarter. Finally, Headlands Technologies LLC purchased a new stake in shares of Penumbra in the 1st quarter valued at $89,000. Hedge funds and other institutional investors own 88.88% of the company’s stock.

Penumbra Trading Up 1.3 %

Shares of PEN opened at $232.39 on Wednesday. The company has a current ratio of 5.82, a quick ratio of 3.25 and a debt-to-equity ratio of 0.02. Penumbra, Inc. has a 12-month low of $148.00 and a 12-month high of $277.34. The firm has a 50-day moving average price of $201.95 and a 200 day moving average price of $194.14. The firm has a market capitalization of $8.92 billion, a P/E ratio of 270.22, a P/E/G ratio of 2.54 and a beta of 0.51.

Penumbra (NYSE:PEN) last announced its earnings results on Wednesday, October 30th. The company reported $0.85 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.16. The company 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%. Penumbra’s revenue was up 11.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.67 earnings per share. Sell-side analysts forecast that Penumbra, Inc. will post 2.72 EPS for the current year.

Penumbra declared that its Board of Directors has initiated a share repurchase program on Tuesday, August 13th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 2.6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

Several research firms have recently commented on PEN. Royal Bank of Canada upped their price objective on shares of Penumbra from $205.00 to $222.00 and gave the company an “outperform” rating in a report on Tuesday, October 8th. Leerink Partnrs upgraded shares of Penumbra to a “strong-buy” rating in a research note on Tuesday, September 3rd. Truist Financial upped their price objective on shares of Penumbra from $200.00 to $235.00 and gave the stock a “buy” rating in a research report on Monday, October 14th. BTIG Research upped their price objective on shares of Penumbra from $224.00 to $234.00 and gave the stock a “buy” rating in a research report on Monday, October 14th. Finally, Piper Sandler upped their target price on shares of Penumbra from $225.00 to $235.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. Five 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 stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $226.67.

Insider Transactions at Penumbra

In other news, CEO Adam Elsesser sold 1,620 shares of the stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $200.00, for a total transaction of $324,000.00. Following the sale, the chief executive officer now owns 925,962 shares of the company’s stock, valued at approximately $185,192,400. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Harpreet Grewal sold 782 shares of the stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $204.11, for a total transaction of $159,614.02. Following the sale, the director now owns 8,863 shares of the company’s stock, valued at approximately $1,809,026.93. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Adam Elsesser sold 1,620 shares of the firm’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $200.00, for a total transaction of $324,000.00. Following the completion of the sale, the chief executive officer now directly owns 925,962 shares in the company, valued at approximately $185,192,400. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 34,368 shares of company stock valued at $6,893,118. 5.00% of the stock is currently owned by corporate insiders.

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.