Quent Capital LLC Trims Position in Penumbra, Inc. (NYSE:PEN)

Quent Capital LLC trimmed its holdings in Penumbra, Inc. (NYSE:PEN) by 24.0% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 1,350 shares of the company’s stock after selling 426 shares during the period. Quent Capital LLC’s holdings in Penumbra were worth $243,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. First Hawaiian Bank purchased a new stake in shares of Penumbra in the second quarter valued at about $1,597,000. Virtu Financial LLC increased its stake in shares of Penumbra by 61.6% during the first quarter. Virtu Financial LLC now owns 4,011 shares of the company’s stock worth $895,000 after acquiring an additional 1,529 shares during the period. Tidal Investments LLC increased its stake in shares of Penumbra by 276.9% during the first quarter. Tidal Investments LLC now owns 4,971 shares of the company’s stock worth $1,109,000 after acquiring an additional 3,652 shares during the period. Silvercrest Asset Management Group LLC increased its stake in shares of Penumbra by 3.4% during the first quarter. Silvercrest Asset Management Group LLC now owns 1,680 shares of the company’s stock worth $375,000 after acquiring an additional 55 shares during the period. Finally, First Light Asset Management LLC acquired a new position in shares of Penumbra during the first quarter worth about $8,471,000. 88.88% of the stock is owned by hedge funds and other institutional investors.

Penumbra Price Performance

Shares of PEN stock traded down $6.12 during trading hours on Tuesday, hitting $171.44. The company’s stock had a trading volume of 550,558 shares, compared to its average volume of 375,331. The business has a fifty day moving average of $183.89 and a 200-day moving average of $213.42. The stock has a market cap of $6.65 billion, a price-to-earnings ratio of 74.26, a P/E/G ratio of 1.85 and a beta of 0.55. Penumbra, Inc. has a twelve month low of $148.00 and a twelve month high of $302.00. The company has a current ratio of 6.25, a quick ratio of 3.51 and a debt-to-equity ratio of 0.02.

Penumbra (NYSE:PEN) last announced its quarterly earnings data on Tuesday, July 30th. The company reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.08. The business had revenue of $299.40 million for the quarter, compared to the consensus estimate of $298.24 million. Penumbra had a net margin of 1.26% and a return on equity of 8.39%. The company’s quarterly revenue was up 14.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.43 earnings per share. As a group, equities research analysts anticipate that Penumbra, Inc. will post 2.74 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on PEN shares. BTIG Research dropped their price target on shares of Penumbra from $232.00 to $187.00 and set a “buy” rating on the stock in a research note on Wednesday, July 31st. Truist Financial restated a “buy” rating and set a $200.00 target price (down from $230.00) on shares of Penumbra in a research report on Wednesday, July 31st. Wells Fargo & Company lowered shares of Penumbra from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $289.00 to $150.00 in a research report on Wednesday, July 31st. Citigroup lowered shares of Penumbra from a “buy” rating to a “neutral” rating and upped their target price for the stock from $165.00 to $178.00 in a research report on Wednesday, July 31st. Finally, Royal Bank of Canada lowered their target price on shares of Penumbra from $289.00 to $205.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 31st. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, Penumbra currently has a consensus rating of “Moderate Buy” and an average price target of $193.60.

Insider Activity at Penumbra

In related news, CEO Adam Elsesser sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $200.98, for a total transaction of $3,014,700.00. Following the transaction, the chief executive officer now owns 942,582 shares of the company’s stock, valued at $189,440,130.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Adam Elsesser sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $200.98, for a total transaction of $3,014,700.00. Following the transaction, the chief executive officer now owns 942,582 shares of the company’s stock, valued at $189,440,130.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Don W. Kassing sold 170 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $179.99, for a total transaction of $30,598.30. Following the transaction, the director now directly owns 1,005 shares in the company, valued at approximately $180,889.95. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 31,970 shares of company stock valued at $6,428,404. Company insiders own 5.00% of the company’s stock.

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.