Penumbra, Inc. $PEN Shares Sold by Congress Asset Management Co.

Key Points

• Congress Asset Management Co. reduced its holdings in Penumbra, Inc. by 16.8%, selling 91,582 shares, and now owns approximately 1.17% of the company valued at $116.69 million.
• Several institutional investors increased their stakes, with notable increases from GAMMA Investing LLC by 7.3% and First Horizon Advisors by 404.8% during the recent quarters.
• Wall Street analysts are optimistic about Penumbra’s growth, with ratings upgrades leading to an average target price of $302.93 and various buy ratings from multiple firms.

Congress Asset Management Co. cut its holdings in shares of Penumbra, Inc. (NYSE:PEN - Free Report) by 16.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 454,699 shares of the company's stock after selling 91,582 shares during the period. Congress Asset Management Co. owned about 1.17% of Penumbra worth $116,689,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. GAMMA Investing LLC increased its stake in Penumbra by 7.3% during the second quarter. GAMMA Investing LLC now owns 761 shares of the company's stock worth $195,000 after purchasing an additional 52 shares during the period. Fifth Third Bancorp increased its stake in Penumbra by 16.4% during the first quarter. Fifth Third Bancorp now owns 404 shares of the company's stock worth $108,000 after purchasing an additional 57 shares during the period. First Horizon Advisors Inc. increased its stake in 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 during the period. Synergy Investment Management LLC purchased a new stake in Penumbra during the first quarter worth about $27,000. Finally, State of Michigan Retirement System increased its stake in Penumbra by 1.1% during the first quarter. State of Michigan Retirement System now owns 9,214 shares of the company's stock worth $2,464,000 after purchasing an additional 100 shares during the period. 88.88% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PEN has been the topic of a number of recent research reports. Wall Street Zen upgraded shares of Penumbra from a "hold" rating to a "buy" rating in a research note on Saturday, August 30th. William Blair upgraded shares of Penumbra to a "strong-buy" rating in a research note on Friday, July 18th. Truist Financial set a $310.00 target price on shares of Penumbra and gave the stock a "buy" rating in a research note on Wednesday, July 30th. Robert W. Baird upped their target price on shares of Penumbra from $283.00 to $285.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 30th. Finally, Morgan Stanley upped their target price on shares of Penumbra from $260.00 to $266.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 31st. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $302.93.

Insiders Place Their Bets

In other news, Director Arani Bose sold 12,000 shares of the 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 approximately $139,862.70. This represents a 95.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Maggie Yuen sold 2,000 shares of the stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $250.00, for a total value of $500,000.00. Following the completion of the sale, the chief financial officer directly owned 12,943 shares of the company's stock, valued at $3,235,750. The trade was a 13.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 96,223 shares of company stock valued at $23,892,820. 4.20% of the stock is owned by insiders.

Penumbra Stock Performance

Shares of Penumbra stock opened at $249.49 on Friday. The firm has a market capitalization of $9.73 billion, a P/E ratio of 66.35, a P/E/G ratio of 2.29 and a beta of 0.45. Penumbra, Inc. has a 52 week low of $186.09 and a 52 week high of $310.00. The company has a quick ratio of 4.04, a current ratio of 6.75 and a debt-to-equity ratio of 0.02. The firm's 50 day moving average is $255.04 and its two-hundred day moving average is $263.64.

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 the consensus estimate of $0.81 by $0.05. The company had revenue of $339.46 million for the quarter, compared to analyst estimates of $327.37 million. Penumbra had a net margin of 11.54% and a return on equity of 11.55%. The firm's revenue was up 13.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.64 earnings per share. Penumbra has set its FY 2025 guidance at EPS. Research analysts forecast that Penumbra, Inc. will post 3.67 EPS for the current fiscal year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.