Congress Asset Management Co. Cuts Holdings in Penumbra, Inc. (NYSE:PEN)

Congress Asset Management Co. decreased its holdings in shares of Penumbra, Inc. (NYSE:PEN - Free Report) by 10.3% during the first quarter, according to its most recent filing with the SEC. The firm owned 546,281 shares of the company's stock after selling 62,681 shares during the period. Penumbra accounts for about 1.1% of Congress Asset Management Co.'s portfolio, making the stock its 19th largest position. Congress Asset Management Co. owned 1.42% of Penumbra worth $146,081,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of PEN. Hurley Capital LLC bought a new position in Penumbra in the fourth quarter worth approximately $56,000. Huntington National Bank increased its holdings in shares of Penumbra by 138.7% in the 4th quarter. Huntington National Bank now owns 265 shares of the company's stock valued at $63,000 after acquiring an additional 154 shares during the period. Mather Group LLC. raised its position in shares of Penumbra by 208.0% in the 4th quarter. Mather Group LLC. now owns 308 shares of the company's stock worth $73,000 after acquiring an additional 208 shares in the last quarter. Versant Capital Management Inc lifted its stake in shares of Penumbra by 893.5% during the 1st quarter. Versant Capital Management Inc now owns 308 shares of the company's stock worth $82,000 after purchasing an additional 277 shares during the last quarter. Finally, Jones Financial Companies Lllp boosted its position in Penumbra by 25.0% during the fourth quarter. Jones Financial Companies Lllp now owns 375 shares of the company's stock valued at $89,000 after purchasing an additional 75 shares in the last quarter. Hedge funds and other institutional investors own 88.88% of the company's stock.

Penumbra Stock Performance

Shares of PEN stock traded down $1.19 during mid-day trading on Tuesday, reaching $255.31. The stock had a trading volume of 333,829 shares, compared to its average volume of 448,289. Penumbra, Inc. has a 1-year low of $148.00 and a 1-year high of $310.00. The firm has a market cap of $9.89 billion, a price-to-earnings ratio of 750.90, a PEG ratio of 2.83 and a beta of 0.49. The company has a current ratio of 6.01, a quick ratio of 3.25 and a debt-to-equity ratio of 0.02. The business's fifty day moving average is $276.11 and its 200-day moving average is $267.10.

Penumbra (NYSE:PEN - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The company reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.17. Penumbra had a net margin of 1.17% and a return on equity of 9.74%. The company had revenue of $324.14 million for the quarter, compared to the consensus estimate of $315.72 million. During the same quarter in the prior year, the company earned $0.41 EPS. Penumbra's quarterly revenue was up 16.3% on a year-over-year basis. On average, research analysts forecast that Penumbra, Inc. will post 3.67 earnings per share for the current year.

Analyst Ratings Changes

PEN has been the subject of a number of recent research reports. Robert W. Baird boosted their target price on shares of Penumbra from $316.00 to $325.00 and gave the stock an "outperform" rating in a report on Thursday, April 24th. Piper Sandler reiterated an "overweight" rating and set a $330.00 price objective (up previously from $250.00) on shares of Penumbra in a research note on Wednesday, February 19th. Needham & Company LLC restated a "hold" rating on shares of Penumbra in a research note on Wednesday, February 19th. Bank of America assumed coverage on shares of Penumbra in a report on Friday, March 14th. They issued a "buy" rating and a $320.00 price target on the stock. Finally, Royal Bank of Canada increased their price objective on Penumbra from $315.00 to $330.00 and gave the company an "outperform" rating in a report on Thursday, April 24th. Three research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $302.40.

Insider Activity at Penumbra

In other Penumbra news, EVP Johanna Roberts sold 600 shares of Penumbra stock in a transaction dated Thursday, April 24th. The stock was sold at an average price of $300.01, for a total transaction of $180,006.00. Following the completion of the transaction, the executive vice president now owns 66,159 shares in the company, valued at approximately $19,848,361.59. This trade represents a 0.90% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Adam Elsesser sold 16,300 shares of the firm's stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $267.91, for a total value of $4,366,933.00. Following the sale, the chief executive officer now directly owns 98,289 shares in the company, valued at approximately $26,332,605.99. This trade represents a 14.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 128,845 shares of company stock worth $36,359,981 over the last three months. Company insiders own 4.20% of the company's stock.

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.