Azimuth Capital Investment Management LLC Reduces 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 decreased its holdings in shares of Penumbra, Inc. (NYSE:PEN - Free Report) by 16.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor 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 hedge funds and other institutional investors also recently modified their holdings of the company. Synergy Investment Management LLC purchased a new position in shares of Penumbra during the first quarter worth about $27,000. First Horizon Advisors Inc. grew its holdings in shares of Penumbra by 404.8% during the first quarter. First Horizon Advisors Inc. now owns 106 shares of the company's stock worth $28,000 after purchasing an additional 85 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in shares of Penumbra during the first quarter worth about $76,000. Versant Capital Management Inc grew 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 purchasing an additional 277 shares in the last quarter. Finally, Meeder Asset Management Inc. grew 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 purchasing an additional 354 shares in the last quarter. Hedge funds and other institutional investors own 88.88% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Wells Fargo & Company cut their price objective on Penumbra from $315.00 to $290.00 and set an "overweight" rating for the company in a report on Wednesday, July 30th. Royal Bank Of Canada cut their target price on Penumbra from $330.00 to $325.00 and set an "outperform" rating for the company in a research note on Wednesday, July 30th. Truist Financial set a $310.00 target price on Penumbra and gave the stock a "buy" rating in a research note on Wednesday, July 30th. Canaccord Genuity Group set a $350.00 target price on Penumbra and gave the stock a "buy" rating in a research note on Wednesday, July 30th. Finally, William Blair raised Penumbra to a "strong-buy" rating in a research note on Friday, July 18th. Four investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Penumbra currently has an average rating of "Moderate Buy" and an average target price of $300.47.

Penumbra Stock Down 0.1%

PEN traded down $0.22 during trading on Friday, reaching $252.99. The stock had a trading volume of 304,724 shares, compared to its average volume of 507,327. The stock's 50 day moving average is $246.04 and its two-hundred day moving average is $265.56. The company has a current ratio of 6.75, a quick ratio of 4.04 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $9.87 billion, a price-to-earnings ratio of 67.28, a P/E/G ratio of 2.28 and a beta of 0.40. Penumbra, Inc. has a one year low of $184.80 and a one year high of $310.00.

Penumbra (NYSE:PEN - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The company reported $0.86 earnings per share for the quarter, beating the consensus estimate of $0.81 by $0.05. Penumbra had a return on equity of 11.55% and a net margin of 11.54%. The firm had revenue of $339.46 million during the quarter, compared to the consensus estimate of $327.37 million. During the same period last year, the company earned $0.64 earnings per share. The company's revenue was up 13.4% on a year-over-year basis. As a group, analysts expect that Penumbra, Inc. will post 3.67 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Adam Elsesser sold 16,300 shares of the firm's stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $267.91, for a total transaction of $4,366,933.00. Following the completion of the transaction, the chief executive officer directly owned 98,289 shares in the company, valued at $26,332,605.99. This trade represents a 14.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Johanna Roberts sold 600 shares of the stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $258.17, for a total value of $154,902.00. Following the sale, the executive vice president directly owned 64,714 shares in the company, valued at $16,707,213.38. This trade represents a 0.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 112,487 shares of company stock valued at $27,969,587 over the last ninety days. 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.