Focus Partners Wealth Trims Position in Penumbra, Inc. (NYSE:PEN)

Focus Partners Wealth lessened its position in Penumbra, Inc. (NYSE:PEN - Free Report) by 31.6% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 7,175 shares of the company's stock after selling 3,322 shares during the period. Focus Partners Wealth's holdings in Penumbra were worth $1,707,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Fred Alger Management LLC acquired a new stake in Penumbra in the 4th quarter valued at $710,000. Covenant Partners LLC bought a new position in Penumbra in the 4th quarter valued at $216,000. Crestline Management LP bought a new stake in Penumbra in the fourth quarter worth about $332,000. Brevan Howard Capital Management LP bought a new stake in shares of Penumbra in the 4th quarter worth approximately $253,000. Finally, Captrust Financial Advisors bought a new stake in shares of Penumbra in the fourth quarter valued at $343,000. Institutional investors own 88.88% of the company's stock.

Penumbra Price Performance

NYSE:PEN traded down $0.52 during mid-day trading on Tuesday, reaching $281.04. The stock had a trading volume of 449,597 shares, compared to its average volume of 440,198. The stock has a market capitalization of $10.88 billion, a P/E ratio of 826.59, a P/E/G ratio of 2.83 and a beta of 0.53. The firm has a 50 day moving average price of $279.66 and a two-hundred day moving average price of $264.29. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.25 and a current ratio of 6.01. Penumbra, Inc. has a one year low of $148.00 and a one year high of $310.00.

Penumbra (NYSE:PEN - Get Free Report) last issued its earnings results on Wednesday, April 23rd. The company reported $0.83 EPS for the quarter, topping analysts' consensus estimates of $0.66 by $0.17. The company had revenue of $324.14 million for the quarter, compared to analysts' expectations of $315.72 million. Penumbra had a net margin of 1.17% and a return on equity of 9.74%. The firm's revenue was up 16.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.41 EPS. As a group, analysts expect that Penumbra, Inc. will post 3.67 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms have issued reports on PEN. BTIG Research restated a "buy" rating on shares of Penumbra in a research report on Thursday, April 24th. Canaccord Genuity Group increased their price objective on Penumbra from $323.00 to $340.00 and gave the stock a "buy" rating in a report on Wednesday, February 19th. Wells Fargo & Company lifted their target price on Penumbra from $305.00 to $315.00 and gave the company an "overweight" rating in a report on Thursday, April 24th. Robert W. Baird increased their price target on shares of Penumbra from $316.00 to $325.00 and gave the stock an "outperform" rating in a report on Thursday, April 24th. Finally, Stifel Nicolaus set a $318.00 price objective on shares of Penumbra and gave the company a "buy" rating in a research report on Thursday, April 24th. Three analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $302.40.

Insider Activity

In other news, Director Bridget O'rourke sold 100 shares of the stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $286.15, for a total transaction of $28,615.00. Following the completion of the sale, the director now owns 5,423 shares of the company's stock, valued at approximately $1,551,791.45. This represents a 1.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Adam Elsesser sold 61,600 shares of Penumbra stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $283.59, for a total transaction of $17,469,144.00. Following the completion of the transaction, the chief executive officer now directly owns 16,376 shares in the company, valued at approximately $4,644,069.84. The trade was a 79.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 176,696 shares of company stock valued at $50,207,745. Insiders own 4.20% of the company's stock.

About Penumbra

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.