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

Key Points

• Congress Asset Management Co. cut its Penumbra stake by 59.8% in the third quarter, selling 7,291 shares and retaining 4,900 shares valued at approximately $1.56 million. Institutional investors collectively own 88.88% of the company.
• Penumbra shares opened at $316.64, within a 52-week range of $221.26 to $362.41. The company reported quarterly revenue of $390.05 million, up 14.9% year over year, but earnings per share of $0.88 missed the $1.16 analyst consensus.
• Analysts maintain a generally cautious view, with three Buy ratings and fourteen Holds, producing a consensus rating of Hold and an average price target of $367.07.

Congress Asset Management Co. decreased its stake in Penumbra, Inc. (NYSE:PEN - Free Report) by 59.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,900 shares of the company's stock after selling 7,291 shares during the period. Congress Asset Management Co.'s holdings in Penumbra were worth $1,560,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in PEN. BlackRock Inc. bought a new stake in shares of Penumbra in the 2nd quarter worth approximately $1,356,953,000. Whitebox Advisors LLC bought a new position in shares of Penumbra during the 1st quarter valued at $146,125,000. Artisan Partners Limited Partnership grew its holdings in shares of Penumbra by 165.9% during the 4th quarter. Artisan Partners Limited Partnership now owns 594,112 shares of the company's stock valued at $184,715,000 after purchasing an additional 370,636 shares during the last quarter. Bank of America Corp DE purchased a new position in Penumbra in the 2nd quarter worth $83,995,000. Finally, Amundi raised its position in Penumbra by 302.9% in the 1st quarter. Amundi now owns 345,758 shares of the company's stock worth $113,537,000 after purchasing an additional 259,936 shares during the period. Hedge funds and other institutional investors own 88.88% of the company's stock.

Penumbra Price Performance

Shares of PEN stock opened at $316.64 on Thursday. 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 fifty-two week low of $221.26 and a fifty-two week high of $362.41. The firm has a market cap of $12.47 billion, a P/E ratio of 77.80, a P/E/G ratio of 2.18 and a beta of 0.70. The business's 50 day moving average price is $321.60 and its 200-day moving average price is $322.87.

Penumbra (NYSE:PEN - Get Free Report) last posted its earnings results on Thursday, July 30th. The company reported $0.88 EPS for the quarter, missing the consensus estimate of $1.16 by ($0.28). The company had revenue of $390.05 million during the quarter, compared to analysts' expectations of $389.64 million. Penumbra had a return on equity of 10.50% and a net margin of 10.67%.The company's revenue for the quarter was up 14.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.86 earnings per share. On average, equities research analysts anticipate that Penumbra, Inc. will post 4.96 earnings per share for the current year.

Analyst Ratings Changes

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

Penumbra Company Profile

Penumbra, Inc is a medical device company that develops, manufactures and markets products used to treat vascular conditions and other serious medical disorders. The company is best known for its minimally invasive technologies designed to remove blood clots, restore blood flow and support the treatment of neurovascular conditions, including ischemic stroke.

Its product portfolio includes aspiration and thrombectomy systems, embolization devices, access and delivery systems, and other technologies used by physicians in neurointerventional and peripheral vascular procedures.

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