Swiss National Bank Sells 1,800 Shares of Penumbra, Inc. (NYSE:PEN)

Key Points

• The Swiss National Bank reduced its stake in Penumbra, Inc. by 2.5%, now holding approximately 70,700 shares worth around $18.9 million.
• Brokerages have mixed views on Penumbra, with Wall Street Zen downgrading the stock from a "strong-buy" to a "hold," while others maintain a "buy" rating with price targets around $318 to $335.
• In its latest quarter, Penumbra reported a net income of $0.86 EPS and a revenue increase of 13.4% year-over-year, surpassing analysts’ expectations.

Swiss National Bank reduced its stake in shares of Penumbra, Inc. (NYSE:PEN - Free Report) by 2.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 70,700 shares of the company's stock after selling 1,800 shares during the period. Swiss National Bank owned 0.18% of Penumbra worth $18,906,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Charles Schwab Investment Management Inc. increased its position in shares of Penumbra by 4.5% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 283,821 shares of the company's stock worth $75,897,000 after purchasing an additional 12,247 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Penumbra by 0.7% during the first quarter. Vanguard Group Inc. now owns 3,675,349 shares of the company's stock worth $982,825,000 after acquiring an additional 24,727 shares during the period. Intrust Bank NA purchased a new stake in shares of Penumbra during the first quarter worth $593,000. Thoroughbred Financial Services LLC increased its position in shares of Penumbra by 3.1% during the first quarter. Thoroughbred Financial Services LLC now owns 10,777 shares of the company's stock worth $2,881,000 after acquiring an additional 320 shares during the period. Finally, Blair William & Co. IL grew its stake in shares of Penumbra by 74.4% during the first quarter. Blair William & Co. IL now owns 6,522 shares of the company's stock worth $1,744,000 after purchasing an additional 2,782 shares in the last quarter. 88.88% of the stock is currently owned by hedge funds and other institutional investors.

Penumbra Trading Down 0.1%

Shares of PEN stock traded down $0.22 during mid-day trading on Friday, reaching $252.99. The company's stock had a trading volume of 304,724 shares, compared to its average volume of 497,729. The company's 50 day simple moving average is $246.16 and its 200-day simple moving average is $265.74. Penumbra, Inc. has a 12-month low of $184.80 and a 12-month high of $310.00. The company has a quick ratio of 4.04, a current ratio of 6.75 and a debt-to-equity ratio of 0.02. The firm has a market capitalization of $9.87 billion, a PE ratio of 67.28, a price-to-earnings-growth ratio of 2.31 and a beta of 0.40.

Penumbra (NYSE:PEN - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The company reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.05. Penumbra had a net margin of 11.54% and a return on equity of 11.55%. The firm had revenue of $339.46 million for the quarter, compared to the consensus estimate of $327.37 million. During the same quarter in the previous year, the firm posted $0.64 EPS. The firm's quarterly revenue was up 13.4% on a year-over-year basis. On average, research analysts predict that Penumbra, Inc. will post 3.67 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on PEN shares. William Blair upgraded shares of Penumbra to a "strong-buy" rating in a research note on Friday, July 18th. Stifel Nicolaus set a $318.00 target price on shares of Penumbra and gave the company a "buy" rating in a report on Thursday, April 24th. UBS Group set a $335.00 price target on shares of Penumbra and gave the stock a "buy" rating in a report on Wednesday, July 30th. Citigroup cut their price target on shares of Penumbra from $320.00 to $285.00 and set a "neutral" rating for the company in a report on Wednesday, July 9th. Finally, Wall Street Zen cut shares of Penumbra from a "strong-buy" rating to a "hold" rating in a report on Saturday, August 2nd. Four equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $300.47.

Insiders Place Their Bets

In other Penumbra news, EVP Johanna Roberts sold 600 shares of the firm's stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $258.17, for a total transaction of $154,902.00. Following the completion of the transaction, the executive vice president directly owned 64,714 shares of the company's stock, valued at $16,707,213.38. This trade represents a 0.92% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Adam Elsesser sold 16,300 shares of Penumbra stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $267.91, for a total transaction of $4,366,933.00. Following the completion of the transaction, the chief executive officer directly owned 98,289 shares of the company's stock, valued at $26,332,605.99. This trade represents a 14.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 98,487 shares of company stock valued at $24,461,787 in the last ninety days. Corporate insiders own 4.20% of the company's stock.

Penumbra Company Profile

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.