Skandinaviska Enskilda Banken AB publ Has $6.11 Million Stock Holdings in Penumbra, Inc. (NYSE:PEN)

Key Points

• Skandinaviska Enskilda Banken AB has reduced its stake in Penumbra, Inc. by 42.2%, holding approximately 22,846 shares valued at $6,109,000 as of the latest SEC filing.
• A number of hedge funds have increased their exposure to Penumbra, with Versant Capital Management Inc boosting its position by an impressive 893.5% during the first quarter.
• Despite recent insider selling, analysts maintain a positive outlook on PEN, with 13 analysts issuing a buy rating and a consensus target price of $305.07.

Skandinaviska Enskilda Banken AB publ cut its holdings in shares of Penumbra, Inc. (NYSE:PEN - Free Report) by 42.2% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 22,846 shares of the company's stock after selling 16,648 shares during the quarter. Skandinaviska Enskilda Banken AB publ owned 0.06% of Penumbra worth $6,109,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Quadrant Capital Group LLC grew its position in shares of Penumbra by 6.6% in the fourth quarter. Quadrant Capital Group LLC now owns 632 shares of the company's stock valued at $150,000 after purchasing an additional 39 shares in the last quarter. Baker Avenue Asset Management LP grew its holdings 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 buying an additional 53 shares in the last quarter. Fifth Third Bancorp increased its stake in shares of Penumbra by 16.4% in the 1st quarter. Fifth Third Bancorp now owns 404 shares of the company's stock worth $108,000 after acquiring an additional 57 shares during the last quarter. Corient Private Wealth LLC boosted its position in shares of Penumbra by 3.7% during the 4th quarter. Corient Private Wealth LLC now owns 1,695 shares of the company's stock valued at $403,000 after acquiring an additional 61 shares during the last quarter. Finally, First Horizon Advisors Inc. grew its holdings in shares of Penumbra by 404.8% in the first quarter. First Horizon Advisors Inc. now owns 106 shares of the company's stock valued at $28,000 after purchasing an additional 85 shares during the period. 88.88% of the stock is currently owned by institutional investors and hedge funds.

Penumbra Trading Up 2.5%

NYSE PEN traded up $6.38 on Thursday, hitting $260.59. 406,728 shares of the stock were exchanged, compared to its average volume of 500,246. The company's 50-day moving average price is $250.23 and its two-hundred day moving average price is $267.25. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.30 and a quick ratio of 3.68. Penumbra, Inc. has a 52-week low of $148.00 and a 52-week high of $310.00. The company has a market capitalization of $10.09 billion, a price-to-earnings ratio of 69.29, a P/E/G ratio of 2.02 and a beta of 0.47.

Penumbra (NYSE:PEN - Get Free Report) last released its earnings results on Tuesday, July 29th. The company reported $0.86 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.81 by $0.05. Penumbra had a net margin of 11.54% and a return on equity of 11.89%. The company had revenue of $339.46 million during the quarter, compared to the consensus estimate of $327.37 million. During the same quarter in the prior year, the firm earned $0.64 EPS. The company's revenue was up 13.4% compared to the same quarter last year. Research analysts predict that Penumbra, Inc. will post 3.67 EPS for the current year.

Insider Activity at Penumbra

In other news, CEO Adam Elsesser sold 16,650 shares of the company's stock in a transaction that occurred on Wednesday, May 7th. The stock was sold at an average price of $289.37, for a total transaction of $4,818,010.50. Following the completion of the transaction, the chief executive officer directly owned 75,237 shares in the company, valued at $21,771,330.69. The trade was a 18.12% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Johanna Roberts sold 900 shares of the company's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $298.55, for a total value of $268,695.00. Following the completion of the transaction, the executive vice president owned 65,314 shares of the company's stock, valued at $19,499,494.70. The trade was a 1.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 117,735 shares of company stock worth $31,074,530. 4.20% of the stock is owned by insiders.

Analysts Set New Price Targets

PEN has been the topic of several analyst reports. Robert W. Baird lifted their price target on shares of Penumbra from $283.00 to $285.00 and gave the company an "outperform" rating in a research report on Wednesday. William Blair upgraded Penumbra to a "strong-buy" rating in a research report on Friday, July 18th. Wall Street Zen upgraded shares of Penumbra from a "buy" rating to a "strong-buy" rating in a report on Saturday, June 14th. Citigroup dropped their price target on shares of Penumbra from $320.00 to $285.00 and set a "neutral" rating for the company in a research report on Wednesday, July 9th. Finally, Canaccord Genuity Group set a $350.00 price objective on shares of Penumbra and gave the stock a "buy" rating in a report on Wednesday. Three equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Buy" and a consensus price target of $300.07.

About Penumbra

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.