Squarepoint Ops LLC Sells 9,393 Shares of Penumbra, Inc. $PEN

Key Points

• Squarepoint Ops LLC reduced its Penumbra stake by 6.4% in the second quarter, selling 9,393 shares and retaining 138,413 shares valued at approximately $43.7 million.
• Institutional ownership remains very high at 88.88%, with major investors including California State Teachers Retirement System and BlackRock significantly increasing or initiating positions.
• Analysts maintain a generally cautious outlook, with Penumbra carrying a consensus “Hold” rating and an average price target of $367.07. The company’s latest quarterly earnings of $0.88 per share missed estimates, although revenue rose 14.9% year over year to $390.05 million.

Squarepoint Ops LLC lowered its stake in Penumbra, Inc. (NYSE:PEN - Free Report) by 6.4% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 138,413 shares of the company's stock after selling 9,393 shares during the quarter. Squarepoint Ops LLC owned approximately 0.35% of Penumbra worth $43,704,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the stock. California State Teachers Retirement System raised its stake in shares of Penumbra by 31,694.6% during the 2nd quarter. California State Teachers Retirement System now owns 13,667,555 shares of the company's stock worth $4,315,530,000 after purchasing an additional 13,624,568 shares in the last quarter. BlackRock Inc. acquired a new position in Penumbra during the second quarter worth $1,356,953,000. Whitebox Advisors LLC bought a new stake in Penumbra during the first quarter worth $146,125,000. Artisan Partners Limited Partnership lifted its stake in Penumbra by 165.9% in the fourth quarter. Artisan Partners Limited Partnership now owns 594,112 shares of the company's stock valued at $184,715,000 after acquiring an additional 370,636 shares during the last quarter. Finally, William Blair Investment Management LLC bought a new position in shares of Penumbra in the 4th quarter valued at about $107,567,000. 88.88% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Penumbra Price Performance

Shares of NYSE:PEN opened at $319.38 on Wednesday. The firm has a 50 day moving average of $321.46 and a 200-day moving average of $325.91. Penumbra, Inc. has a 12 month low of $221.26 and a 12 month high of $362.41. The company has a current ratio of 5.75, a quick ratio of 3.86 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $12.58 billion, a PE ratio of 78.47, a PEG ratio of 2.21 and a beta of 0.70.

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

About Penumbra

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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