Penumbra, Inc. $PEN Shares Sold by Hsbc Holdings PLC

Key Points

• Hsbc Holdings PLC reduced its Penumbra stake by 8.1% in the second quarter, selling 8,928 shares and retaining 101,245 shares worth approximately $31.95 million. Institutional investors collectively own 88.88% of PEN.
• Analysts maintain a generally cautious outlook, with a consensus “Hold” rating from MarketBeat, three Buy ratings and fourteen Hold ratings. The average price target is $367.07.
• Penumbra reported quarterly revenue of $390.05 million, up 14.9% year over year, but earnings of $0.88 per share missed estimates of $1.16. Shares opened at $322.28, with a market capitalization of about $12.69 billion.

Hsbc Holdings PLC lowered its stake in shares of Penumbra, Inc. (NYSE:PEN - Free Report) by 8.1% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 101,245 shares of the company's stock after selling 8,928 shares during the quarter. Hsbc Holdings PLC owned approximately 0.26% of Penumbra worth $31,951,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Royal Bank of Canada raised its stake in shares of Penumbra by 35.8% during the first quarter. Royal Bank of Canada now owns 19,332 shares of the company's stock worth $5,169,000 after purchasing an additional 5,092 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in Penumbra by 209.1% during the second quarter. EverSource Wealth Advisors LLC now owns 272 shares of the company's stock worth $70,000 after buying an additional 184 shares in the last quarter. Cerity Partners LLC boosted its stake in shares of Penumbra by 22.3% during the 2nd quarter. Cerity Partners LLC now owns 10,030 shares of the company's stock worth $2,574,000 after acquiring an additional 1,829 shares in the last quarter. California Public Employees Retirement System boosted its stake in shares of Penumbra by 7.9% during the 2nd quarter. California Public Employees Retirement System now owns 61,027 shares of the company's stock worth $15,661,000 after acquiring an additional 4,491 shares in the last quarter. Finally, Daiwa Securities Group Inc. acquired a new stake in shares of Penumbra in the 2nd quarter worth approximately $1,137,000. 88.88% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on PEN shares. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Penumbra in a report on Friday, July 17th. Royal Bank Of Canada reissued a "sector perform" rating and issued a $374.00 target price on shares of Penumbra in a report on Thursday, June 11th. Evercore reaffirmed an "outperform" rating and set a $320.00 price target on shares of Penumbra in a research note on Monday, July 6th. Finally, Zacks Research raised shares of Penumbra from a "strong sell" rating to a "hold" rating in a research note on Monday, August 24th. Three research analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $367.07.

Penumbra Stock Up 0.0%

Shares of NYSE PEN opened at $322.28 on Tuesday. The firm has a market cap of $12.69 billion, a P/E ratio of 79.18, a price-to-earnings-growth ratio of 2.21 and a beta of 0.70. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.86 and a current ratio of 5.75. Penumbra, Inc. has a 1 year low of $221.26 and a 1 year high of $362.41. The firm's 50 day moving average price is $321.38 and its 200 day moving average price is $326.06.

Penumbra (NYSE:PEN - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The company reported $0.88 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.16 by ($0.28). The business had revenue of $390.05 million for the quarter, compared to analyst estimates of $389.64 million. Penumbra had a return on equity of 10.50% and a net margin of 10.67%.Penumbra's revenue for the quarter was up 14.9% compared to the same quarter last year. During the same quarter last year, the business earned $0.86 EPS. As a group, sell-side analysts anticipate that Penumbra, Inc. will post 4.96 earnings per share for the current year.

Penumbra Profile

Penumbra, Inc is a global healthcare company specializing in the development and manufacture of innovative medical devices that address neurovascular and peripheral vascular conditions. The company focuses on products designed to improve patient outcomes in acute ischemic stroke, aneurysm treatment and peripheral thrombectomy. Penumbra's technologies are used by interventional neuroradiologists, neurosurgeons and interventional cardiologists in hospitals and clinics around the world.

At the core of Penumbra's portfolio is its mechanical thrombectomy platform, which includes aspiration catheters and accessory devices engineered to remove blood clots in acute stroke cases.

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