Thrivent Financial for Lutherans Sells 72,330 Shares of Penumbra, Inc. $PEN

Key Points

• Thrivent Financial for Lutherans reduced its Penumbra stake by 19.7% in the fourth quarter, selling 72,330 shares and leaving it with 294,732 shares valued at about $91.6 million.
• Insider selling continued at Penumbra, with Director Harpreet Grewal and CFO Maggie Yuen both selling shares in recent transactions.
• Wall Street sentiment is cautious: analysts now show an average rating of “Hold” with a consensus price target of $361.33, while Penumbra also missed quarterly EPS estimates even as revenue rose 15.6% year over year.

Thrivent Financial for Lutherans cut its holdings in Penumbra, Inc. (NYSE:PEN - Free Report) by 19.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 294,732 shares of the company's stock after selling 72,330 shares during the period. Thrivent Financial for Lutherans owned approximately 0.75% of Penumbra worth $91,635,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. New York State Common Retirement Fund increased its position 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 in the last quarter. Intech Investment Management LLC boosted its stake in shares of Penumbra by 13.3% in 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 last quarter. Algert Global LLC boosted its stake in shares of Penumbra by 38.8% in 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 last quarter. Citigroup Inc. boosted its stake in shares of Penumbra by 75.9% in the 3rd quarter. Citigroup Inc. now owns 33,560 shares of the company's stock worth $8,501,000 after buying an additional 14,477 shares during the last quarter. Finally, Wesbanco Bank Inc. purchased a new position in shares of Penumbra in the 3rd quarter worth approximately $1,900,000. 88.88% of the stock is owned by institutional investors.

Insider Activity

In other news, Director Harpreet Grewal sold 100 shares of Penumbra stock in a transaction that occurred on Thursday, April 2nd. The shares were sold at an average price of $328.22, for a total transaction of $32,822.00. Following the completion of the transaction, the director directly owned 8,719 shares in the company, valued at approximately $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 Securities & Exchange Commission, which is accessible through 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 Penumbra stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $342.30, for a total transaction of $832,473.60. Following the transaction, the chief financial officer owned 18,353 shares of the company's stock, valued at $6,282,231.90. The trade was a 11.70% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 2.90% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on PEN. Citigroup cut their target price on Penumbra from $374.00 to $350.00 and set a "neutral" rating on the stock in a research note on Thursday, May 7th. Evercore reissued an "outperform" rating and set a $335.00 target price on shares of Penumbra in a report on Thursday, May 7th. Royal Bank Of Canada cut shares of Penumbra from an "outperform" rating to a "sector perform" rating and upped their price target for the stock from $355.00 to $374.00 in a report on Tuesday, January 20th. Needham & Company LLC cut shares of Penumbra from a "buy" rating to a "hold" rating in a report on Friday, January 16th. Finally, UBS Group reissued a "neutral" rating and issued a $374.00 target price on shares of Penumbra in a research note on Thursday, February 26th. Three investment analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $361.33.

Penumbra Stock Down 0.2%

NYSE PEN opened at $322.24 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 6.02 and a quick ratio of 3.95. Penumbra, Inc. has a 1 year low of $221.26 and a 1 year high of $362.41. The business's 50-day moving average is $330.98 and its 200 day moving average is $318.56. The stock has a market capitalization of $12.67 billion, a PE ratio of 74.25, a PEG ratio of 1.98 and a beta of 0.74.

Penumbra (NYSE:PEN - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $0.82 EPS for the quarter, missing the consensus estimate of $1.06 by ($0.24). Penumbra had a return on equity of 10.87% and a net margin of 11.76%.The company had revenue of $374.76 million during the quarter, compared to analysts' expectations of $370.47 million. During the same quarter last year, the business earned $0.83 earnings per share. The business's quarterly revenue was up 15.6% on a year-over-year basis. Sell-side analysts forecast 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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