Azimuth Capital Investment Management LLC Has $8.80 Million Stock Holdings in Penumbra, Inc. $PEN

Key Points

• Azimuth Capital Investment Management LLC reduced its stake in Penumbra, Inc. by 16.0% in the first quarter, owning approximately 0.08% of the company worth $8.8 million after the reduction.
• Multiple institutional investors, including First Horizon Advisors and Meeder Asset Management, significantly increased their holdings in Penumbra during the same period, demonstrating growing interest from institutional players.
• Penumbra's CEO, Adam Elsesser, sold over **16,000 shares worth $3.8 million**, reducing his ownership by 9.2% amid a broader trend of insider selling with 98,487 shares sold over the last three months.

Azimuth Capital Investment Management LLC lowered its holdings in shares of Penumbra, Inc. (NYSE:PEN - Free Report) by 16.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 32,900 shares of the company's stock after selling 6,277 shares during the quarter. Azimuth Capital Investment Management LLC owned 0.08% of Penumbra worth $8,798,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Synergy Investment Management LLC bought a new stake in Penumbra during the 1st quarter worth approximately $27,000. First Horizon Advisors Inc. boosted its holdings in shares of Penumbra by 404.8% in the first quarter. First Horizon Advisors Inc. now owns 106 shares of the company's stock valued at $28,000 after buying an additional 85 shares during the period. Caitong International Asset Management Co. Ltd bought a new stake in shares of Penumbra during the first quarter worth $76,000. Versant Capital Management Inc raised its holdings in shares of Penumbra by 893.5% during the first quarter. Versant Capital Management Inc now owns 308 shares of the company's stock worth $82,000 after acquiring an additional 277 shares during the period. Finally, Meeder Asset Management Inc. raised its holdings in shares of Penumbra by 1,966.7% during the first quarter. Meeder Asset Management Inc. now owns 372 shares of the company's stock worth $99,000 after acquiring an additional 354 shares during the period. 88.88% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Arani Bose sold 12,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $250.65, for a total value of $3,007,800.00. Following the completion of the sale, the director directly owned 558 shares of the company's stock, valued at $139,862.70. This trade represents a 95.56% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Adam Elsesser sold 16,300 shares of Penumbra stock in a transaction that occurred on 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 transaction, the chief executive officer owned 98,289 shares of the company's stock, valued at $26,332,605.99. This represents a 14.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 112,487 shares of company stock worth $27,969,587. Company insiders own 4.20% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on PEN. Royal Bank Of Canada reduced their target price on shares of Penumbra from $330.00 to $325.00 and set an "outperform" rating for the company in a research note on Wednesday, July 30th. Canaccord Genuity Group set a $350.00 price objective on Penumbra and gave the stock a "buy" rating in a research report on Wednesday, July 30th. Robert W. Baird increased their price objective on Penumbra from $283.00 to $285.00 and gave the stock an "outperform" rating in a report on Wednesday, July 30th. Stifel Nicolaus set a $318.00 target price on Penumbra and gave the company a "buy" rating in a research report on Thursday, April 24th. Finally, Wells Fargo & Company reduced their price target on Penumbra from $315.00 to $290.00 and set an "overweight" rating for the company in a research report on Wednesday, July 30th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $300.47.

Penumbra Stock Up 1.1%

PEN traded up $2.7490 during trading on Wednesday, reaching $255.9490. 425,574 shares of the stock were exchanged, compared to its average volume of 485,015. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.04 and a current ratio of 6.75. The stock's 50 day moving average price is $246.04 and its two-hundred day moving average price is $265.33. Penumbra, Inc. has a twelve month low of $184.80 and a twelve month high of $310.00. The stock has a market cap of $9.98 billion, a P/E ratio of 68.07, a price-to-earnings-growth ratio of 2.28 and a beta of 0.40.

Penumbra (NYSE:PEN - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The company reported $0.86 EPS for the quarter, beating analysts' consensus estimates of $0.81 by $0.05. Penumbra had a net margin of 11.54% and a return on equity of 11.55%. The firm had revenue of $339.46 million during the quarter, compared to analysts' expectations of $327.37 million. During the same quarter last year, the company posted $0.64 earnings per share. The company's revenue for the quarter was up 13.4% compared to the same quarter last year. Penumbra has set its FY 2025 guidance at EPS. Equities analysts expect that Penumbra, Inc. will post 3.67 EPS for the current year.

Penumbra Company 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.