Strs Ohio Sells 9,498 Shares of Penumbra, Inc. $PEN

Key Points

• Strs Ohio sold 9,498 shares, reducing its stake by 43.6% to 12,296 shares worth $3.823 million; institutional investors own 88.88% of Penumbra while insiders hold 5.00%.
• Analyst sentiment has cooled — several firms downgraded PEN to Hold, leaving a consensus rating of "Hold" and an average price target of $364.60.
• Latest quarter showed mixed results: EPS missed badly at ($0.37) versus $1.12 expected, but revenue beat at $385.39 million, up 22.2% year-over-year.

Strs Ohio lessened its stake in shares of Penumbra, Inc. (NYSE:PEN - Free Report) by 43.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,296 shares of the company's stock after selling 9,498 shares during the period. Strs Ohio's holdings in Penumbra were worth $3,823,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Thrivent Financial for Lutherans grew its holdings in shares of Penumbra by 13.7% during the third quarter. Thrivent Financial for Lutherans now owns 367,062 shares of the company's stock worth $92,984,000 after purchasing an additional 44,185 shares during the last quarter. New York State Common Retirement Fund raised its holdings in Penumbra by 8.7% in the 3rd quarter. New York State Common Retirement Fund now owns 82,849 shares of the company's stock valued at $20,987,000 after buying an additional 6,642 shares during the last quarter. Intech Investment Management LLC boosted its position in Penumbra by 13.3% during the 3rd quarter. Intech Investment Management LLC now owns 48,971 shares of the company's stock worth $12,405,000 after buying an additional 5,749 shares during the period. Algert Global LLC boosted its position in Penumbra by 38.8% during the 3rd quarter. Algert Global LLC now owns 45,875 shares of the company's stock worth $11,621,000 after buying an additional 12,830 shares during the period. Finally, Citigroup Inc. grew its holdings in Penumbra by 75.9% during the 3rd quarter. Citigroup Inc. now owns 33,560 shares of the company's stock worth $8,501,000 after acquiring an additional 14,477 shares during the last quarter. Institutional investors own 88.88% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on PEN shares. Wall Street Zen lowered shares of Penumbra from a "buy" rating to a "hold" rating in a report on Saturday, January 17th. Leerink Partners lowered Penumbra from a "strong-buy" rating to a "hold" rating in a research report on Friday, January 16th. Robert W. Baird reaffirmed a "neutral" rating and set a $374.00 target price (up from $345.00) on shares of Penumbra in a report on Friday, January 16th. William Blair lowered Penumbra from an "outperform" rating to a "market perform" rating in a research report on Thursday, January 15th. Finally, Canaccord Genuity Group cut Penumbra from a "buy" rating to a "hold" rating and increased their price target for the company from $359.00 to $374.00 in a research note on Tuesday, January 20th. Three analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the stock. Based on data from MarketBeat, Penumbra has an average rating of "Hold" and an average target price of $364.60.

Insider Activity at Penumbra

In related news, Director Harpreet Grewal sold 100 shares of the firm's stock in a transaction that occurred on Thursday, April 2nd. The stock was sold at an average price of $328.22, for a total transaction of $32,822.00. Following the completion of the sale, the director owned 8,719 shares of the company's stock, valued at $2,861,750.18. This trade represents a 1.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Maggie Yuen sold 2,432 shares of the business's stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $342.30, for a total value of $832,473.60. Following the completion of the transaction, the chief financial officer directly owned 18,353 shares in the company, valued at approximately $6,282,231.90. This trade represents a 11.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 5.00% of the company's stock.

Penumbra Price Performance

PEN stock opened at $324.08 on Wednesday. The company has a quick ratio of 4.29, a current ratio of 6.64 and a debt-to-equity ratio of 0.01. The firm has a market cap of $12.75 billion, a price-to-earnings ratio of 71.70, a PEG ratio of 1.99 and a beta of 0.74. The company's fifty day simple moving average is $333.82 and its 200 day simple moving average is $315.01. Penumbra, Inc. has a 12-month low of $221.26 and a 12-month high of $362.41.

Penumbra (NYSE:PEN - Get Free Report) last issued its quarterly earnings results on Wednesday, February 25th. The company reported ($0.37) earnings per share for the quarter, missing analysts' consensus estimates of $1.12 by ($1.49). The business had revenue of $385.39 million for the quarter, compared to analyst estimates of $367.18 million. Penumbra had a return on equity of 11.41% and a net margin of 12.66%.The business's revenue was up 22.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.97 earnings per share. On average, analysts expect that Penumbra, Inc. will post 5.08 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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