Penumbra, Inc. (NYSE:PEN) Shares Sold by Concorde Asset Management LLC

Concorde Asset Management LLC decreased its position in Penumbra, Inc. (NYSE:PEN) by 6.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,100 shares of the company’s stock after selling 75 shares during the quarter. Concorde Asset Management LLC’s holdings in Penumbra were worth $214,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. GAMMA Investing LLC lifted its holdings in shares of Penumbra by 111.1% during the third quarter. GAMMA Investing LLC now owns 171 shares of the company’s stock valued at $33,000 after purchasing an additional 90 shares during the last quarter. WASHINGTON TRUST Co purchased a new stake in shares of Penumbra during the second quarter valued at $54,000. Park Place Capital Corp lifted its holdings in shares of Penumbra by 1,473.9% during the third quarter. Park Place Capital Corp now owns 362 shares of the company’s stock valued at $70,000 after purchasing an additional 339 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Penumbra by 1,845.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 389 shares of the company’s stock valued at $70,000 after purchasing an additional 369 shares during the last quarter. Finally, Advisors Asset Management Inc. lifted its holdings 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 last quarter. Institutional investors and hedge funds own 88.88% of the company’s stock.

Insider Activity

In other Penumbra news, CEO Adam Elsesser sold 15,000 shares of the firm’s stock in a transaction that occurred on 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 sale, the chief executive officer now owns 882,582 shares in the company, valued at approximately $174,495,287.22. This trade represents a 1.67 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Johanna Roberts sold 600 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $239.74, for a total value of $143,844.00. Following the completion of the sale, the executive vice president now owns 64,044 shares of the company’s stock, valued at $15,353,908.56. This represents a 0.93 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 47,748 shares of company stock valued at $10,166,574. Insiders own 5.00% of the company’s stock.

Analysts Set New Price Targets

PEN has been the subject of several analyst reports. Leerink Partnrs raised Penumbra to a “strong-buy” rating in a report on Tuesday, September 3rd. Royal Bank of Canada upped their price target on Penumbra from $205.00 to $222.00 and gave the company an “outperform” rating in a research report on Tuesday, October 8th. Stifel Nicolaus began coverage on Penumbra in a research report on Tuesday, September 17th. They set a “buy” rating and a $238.00 price target on the stock. Piper Sandler upped their price target on Penumbra from $235.00 to $250.00 and gave the company an “overweight” rating in a research report on Wednesday. Finally, BTIG Research upped their price target on Penumbra from $224.00 to $234.00 and gave the company a “buy” rating in a research report on Monday, October 14th. Five analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $227.92.

Penumbra Stock Performance

Shares of PEN stock opened at $244.95 on Friday. 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 fifty-two week low of $148.00 and a fifty-two week high of $277.34. The stock’s 50-day moving average is $211.55 and its two-hundred day moving average is $197.25. The firm has a market cap of $9.40 billion, a P/E ratio of 284.83, a PEG ratio of 2.44 and a beta of 0.51.

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

Penumbra announced that its board has authorized a share buyback plan on Tuesday, August 13th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the company to repurchase up to 2.6% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

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.