Redmile Group LLC Decreases Stake in Penumbra, Inc. (NYSE:PEN)

Redmile Group LLC cut its stake in shares of Penumbra, Inc. (NYSE:PEN) by 53.2% during the first quarter, HoldingsChannel.com reports. The firm owned 44,613 shares of the company’s stock after selling 50,629 shares during the period. Redmile Group LLC’s holdings in Penumbra were worth $9,957,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Fifth Third Bancorp boosted its stake in shares of Penumbra by 13.9% during the 4th quarter. Fifth Third Bancorp now owns 378 shares of the company’s stock worth $95,000 after purchasing an additional 46 shares during the last quarter. Signaturefd LLC grew its holdings in shares of Penumbra by 27.2% during the 4th quarter. Signaturefd LLC now owns 215 shares of the company’s stock worth $54,000 after purchasing an additional 46 shares during the period. Benjamin F. Edwards & Company Inc. lifted its position in Penumbra by 171.8% during the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 106 shares of the company’s stock valued at $27,000 after buying an additional 67 shares in the last quarter. Financial Counselors Inc. boosted its position in Penumbra by 11.4% during the 4th quarter. Financial Counselors Inc. now owns 925 shares of the company’s stock worth $233,000 after purchasing an additional 95 shares during the period. Finally, M&T Bank Corp boosted its position in shares of Penumbra by 9.4% in the fourth quarter. M&T Bank Corp now owns 1,380 shares of the company’s stock worth $347,000 after buying an additional 118 shares during the period. 88.88% of the stock is currently owned by institutional investors and hedge funds.

Penumbra Price Performance

Shares of NYSE:PEN traded down $0.17 during trading on Monday, reaching $178.26. The company had a trading volume of 673,319 shares, compared to its average volume of 349,350. Penumbra, Inc. has a twelve month low of $170.59 and a twelve month high of $310.51. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.51 and a current ratio of 6.12. The firm has a market capitalization of $6.91 billion, a PE ratio of 75.22, a price-to-earnings-growth ratio of 1.80 and a beta of 0.55. The firm’s fifty day moving average is $186.15 and its 200 day moving average is $216.44.

Penumbra (NYSE:PEN) last released its earnings results on Tuesday, May 7th. The company reported $0.41 EPS for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.01). The business had revenue of $278.70 million during the quarter, compared to the consensus estimate of $274.94 million. Penumbra had a return on equity of 7.83% and a net margin of 8.52%. The firm’s revenue for the quarter was up 15.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.23 earnings per share. On average, equities analysts forecast that Penumbra, Inc. will post 2.88 EPS for the current year.

Insider Transactions at Penumbra

In other news, CEO Adam Elsesser sold 15,000 shares of Penumbra stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $200.98, for a total value of $3,014,700.00. Following the transaction, the chief executive officer now directly owns 942,582 shares of the company’s stock, valued at $189,440,130.36. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CEO Adam Elsesser sold 15,000 shares of the company’s stock in a transaction on Monday, May 20th. The stock was 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 directly owns 942,582 shares of the company’s stock, valued at $189,440,130.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Don W. Kassing sold 170 shares of Penumbra stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $179.99, for a total value 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. Insiders sold a total of 31,970 shares of company stock valued at $6,428,404 in the last three months. 5.00% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

PEN has been the subject of several recent research reports. Needham & Company LLC reaffirmed a “hold” rating on shares of Penumbra in a research report on Wednesday, May 8th. Citigroup cut their target price on shares of Penumbra from $300.00 to $265.00 and set a “buy” rating on the stock in a research note on Wednesday, July 10th. BTIG Research dropped their price target on Penumbra from $265.00 to $232.00 and set a “buy” rating on the stock in a research report on Monday, July 15th. Piper Sandler lowered their price objective on shares of Penumbra from $290.00 to $260.00 and set an “overweight” rating for the company in a research report on Wednesday, May 8th. Finally, Canaccord Genuity Group dropped their target price on Penumbra from $284.00 to $272.00 and set a “buy” rating on the stock in a research report on Wednesday, May 8th. Four investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Penumbra has a consensus rating of “Moderate Buy” and an average target price of $260.56.

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.