Trillium Asset Management LLC Sells 14,708 Shares of Penumbra, Inc. (NYSE:PEN)

Key Points

• Trillium Asset Management LLC reduced its stake in Penumbra, Inc. by 39.2%, now holding 22,839 shares valued at approximately $6.1 million.
• JPMorgan Chase & Co. significantly increased its investment in Penumbra by 437%, acquiring a total of 703,634 shares worth $188 million.
• Penumbra reported earnings of $0.86 per share for the last quarter, exceeding analyst expectations of $0.81, with revenues up 13.4% year-over-year.

Trillium Asset Management LLC lessened its position in shares of Penumbra, Inc. (NYSE:PEN - Free Report) by 39.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 22,839 shares of the company's stock after selling 14,708 shares during the period. Trillium Asset Management LLC owned approximately 0.06% of Penumbra worth $6,108,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of PEN. Baker Avenue Asset Management LP increased its position in Penumbra by 1.6% in the 4th quarter. Baker Avenue Asset Management LP now owns 3,330 shares of the company's stock valued at $791,000 after acquiring an additional 53 shares during the period. Fifth Third Bancorp increased its position in Penumbra by 16.4% in the 1st quarter. Fifth Third Bancorp now owns 404 shares of the company's stock valued at $108,000 after acquiring an additional 57 shares during the period. First Horizon Advisors Inc. increased its position in Penumbra by 404.8% in the 1st quarter. First Horizon Advisors Inc. now owns 106 shares of the company's stock valued at $28,000 after acquiring an additional 85 shares during the period. Treasurer of the State of North Carolina increased its position in Penumbra by 0.6% in the 4th quarter. Treasurer of the State of North Carolina now owns 16,213 shares of the company's stock valued at $3,850,000 after acquiring an additional 100 shares during the period. Finally, Synergy Investment Management LLC bought a new position in Penumbra during the 1st quarter valued at $27,000. Institutional investors and hedge funds own 88.88% of the company's stock.

Penumbra Stock Down 0.1%

PEN traded down $0.22 during trading on Friday, reaching $252.99. 304,724 shares of the stock traded hands, compared to its average volume of 497,729. The stock has a market cap of $9.87 billion, a price-to-earnings ratio of 67.28, a price-to-earnings-growth ratio of 2.31 and a beta of 0.40. Penumbra, Inc. has a fifty-two week low of $184.80 and a fifty-two week high of $310.00. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.75 and a quick ratio of 4.04. The stock's 50-day simple moving average is $246.04 and its two-hundred day simple moving average is $265.62.

Penumbra (NYSE:PEN - Get Free Report) last posted its 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 company had revenue of $339.46 million for the quarter, compared to analyst estimates of $327.37 million. During the same period last year, the company earned $0.64 earnings per share. The business's revenue was up 13.4% compared to the same quarter last year. As a group, equities research analysts expect that Penumbra, Inc. will post 3.67 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Morgan Stanley increased their price target on Penumbra from $260.00 to $266.00 and gave the company an "equal weight" rating in a research note on Thursday, July 31st. Citigroup decreased their price target on Penumbra from $320.00 to $285.00 and set a "neutral" rating for the company in a research note on Wednesday, July 9th. William Blair raised Penumbra to a "strong-buy" rating in a research note on Friday, July 18th. Wall Street Zen lowered Penumbra from a "strong-buy" rating to a "hold" rating in a research note on Saturday, August 2nd. Finally, Royal Bank Of Canada reduced their price objective on Penumbra from $330.00 to $325.00 and set an "outperform" rating for the company in a research note on Wednesday, July 30th. Four investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $300.47.

Insider Buying and Selling at Penumbra

In other Penumbra news, 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 transaction of $4,366,933.00. Following 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Thomas Wilder sold 372 shares of Penumbra stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $240.16, for a total value of $89,339.52. Following the completion of the transaction, the director owned 372 shares in the company, valued at $89,339.52. The trade was a 50.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 98,487 shares of company stock worth $24,461,787 over the last three months. Corporate insiders own 4.20% of the company's stock.

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.