Vanguard Group Inc. Cuts Stock Position in Penumbra, Inc. $PEN

Key Points

• Vanguard Group trimmed its Penumbra stake by 1.7% in Q4, selling 64,914 shares and now holds 3,770,569 shares (~9.63%) worth about $1.17 billion, while institutional investors collectively own roughly 88.9% of the stock.
• Penumbra missed EPS for the quarter (loss of $0.37 vs. $1.12 expected) despite a revenue beat of $385.4M (+22.2% YoY), highlighting mixed operational results.
• Analysts have a consensus rating of "Hold" with an average price target of $364.60 versus the recent price around $325.61, and corporate insiders (including the CFO) have reduced holdings through recent sales.

Vanguard Group Inc. cut its position in Penumbra, Inc. (NYSE:PEN - Free Report) by 1.7% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,770,569 shares of the company's stock after selling 64,914 shares during the quarter. Vanguard Group Inc. owned approximately 9.63% of Penumbra worth $1,172,308,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Thrivent Financial for Lutherans grew its position in shares of Penumbra by 13.7% in the 3rd quarter. Thrivent Financial for Lutherans now owns 367,062 shares of the company's stock worth $92,984,000 after buying an additional 44,185 shares during the last quarter. AQR Capital Management LLC increased its holdings in shares of Penumbra by 139.4% in the second quarter. AQR Capital Management LLC now owns 330,990 shares of the company's stock valued at $84,939,000 after purchasing an additional 192,734 shares during the period. Holocene Advisors LP purchased a new stake in Penumbra in the third quarter valued at approximately $78,585,000. Dimensional Fund Advisors LP boosted its position in Penumbra by 41.1% in the third quarter. Dimensional Fund Advisors LP now owns 296,584 shares of the company's stock valued at $75,126,000 after buying an additional 86,335 shares during the last quarter. Finally, Bank of America Corp DE increased its holdings in Penumbra by 26.7% in the 2nd quarter. Bank of America Corp DE now owns 263,627 shares of the company's stock worth $67,655,000 after buying an additional 55,551 shares during the period. 88.88% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Penumbra

In other news, Director Harpreet Grewal sold 100 shares of the company'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 transaction, the director directly owned 8,719 shares of the company's stock, valued at $2,861,750.18. This represents a 1.13% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 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 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 completion of the sale, the chief financial officer directly owned 18,353 shares in the company, valued at $6,282,231.90. This represents a 11.70% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 4.20% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have commented on PEN shares. Evercore restated an "outperform" rating and set a $360.00 price objective on shares of Penumbra in a research note on Wednesday, February 25th. Citigroup lowered shares of Penumbra from a "buy" rating to a "neutral" rating and increased their price objective for the stock from $350.00 to $374.00 in a research note on Thursday, January 15th. Leerink Partners cut shares of Penumbra from a "strong-buy" rating to a "hold" rating in a report on Friday, January 16th. Robert W. Baird restated a "neutral" rating and set a $374.00 target price (up from $345.00) on shares of Penumbra in a research report on Friday, January 16th. Finally, UBS Group reaffirmed a "neutral" rating and issued a $374.00 price target on shares of Penumbra in a report on Thursday, February 26th. Three research analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company. Based on data from MarketBeat, Penumbra presently has a consensus rating of "Hold" and an average price target of $364.60.

Penumbra Price Performance

NYSE:PEN opened at $325.61 on Friday. The company has a quick ratio of 4.29, a current ratio of 6.64 and a debt-to-equity ratio of 0.01. Penumbra, Inc. has a 52 week low of $221.26 and a 52 week high of $362.41. The stock's 50-day moving average price is $334.12 and its 200-day moving average price is $313.67. The stock has a market capitalization of $12.78 billion, a PE ratio of 72.04, a price-to-earnings-growth ratio of 2.00 and a beta of 0.74.

Penumbra (NYSE:PEN - Get Free Report) last released 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 during 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 for the quarter was up 22.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.97 EPS. As a group, equities analysts expect that Penumbra, Inc. will post 5.08 EPS for the current fiscal year.

Penumbra Company 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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