Clearbridge Investments LLC Sells 104,395 Shares of Penumbra, Inc. (NYSE:PEN)

Clearbridge Investments LLC lowered its holdings in Penumbra, Inc. (NYSE:PEN - Free Report) by 11.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 800,827 shares of the company's stock after selling 104,395 shares during the quarter. Clearbridge Investments LLC owned 2.07% of Penumbra worth $201,440,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in the stock. Sumitomo Mitsui Trust Holdings Inc. bought a new position in shares of Penumbra in the third quarter worth about $1,641,000. M&T Bank Corp lifted its stake in shares of Penumbra by 6.1% during the 3rd quarter. M&T Bank Corp now owns 1,262 shares of the company's stock valued at $305,000 after buying an additional 72 shares in the last quarter. Olympiad Research LP purchased a new position in shares of Penumbra in the third quarter valued at about $203,000. California Public Employees Retirement System grew its position in shares of Penumbra by 2.5% during the third quarter. California Public Employees Retirement System now owns 69,331 shares of the company's stock worth $16,772,000 after purchasing an additional 1,665 shares in the last quarter. Finally, Victory Capital Management Inc. raised its stake in Penumbra by 18.3% during the 3rd quarter. Victory Capital Management Inc. now owns 34,585 shares of the company's stock valued at $8,366,000 after purchasing an additional 5,345 shares during the period. Institutional investors own 88.88% of the company's stock.

Insiders Place Their Bets

In other news, EVP Johanna Roberts sold 600 shares of Penumbra stock in a transaction on Monday, May 13th. The shares were sold at an average price of $207.41, for a total transaction of $124,446.00. Following the completion of the sale, the executive vice president now directly owns 63,488 shares of the company's stock, valued at approximately $13,168,046.08. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, EVP Johanna Roberts sold 600 shares of Penumbra stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $207.41, for a total transaction of $124,446.00. Following the sale, the executive vice president now owns 63,488 shares in the company, valued at $13,168,046.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Don W. Kassing sold 778 shares of Penumbra stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $234.72, for a total value of $182,612.16. Following the transaction, the director now directly owns 1,345 shares in the company, valued at approximately $315,698.40. The disclosure for this sale can be found here. Insiders sold a total of 10,248 shares of company stock valued at $2,494,349 over the last quarter. 5.00% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on PEN. Truist Financial cut their target price on shares of Penumbra from $290.00 to $280.00 and set a "buy" rating for the company in a research note on Friday, March 22nd. Canaccord Genuity Group cut their target price on Penumbra from $284.00 to $272.00 and set a "buy" rating on the stock in a research note on Wednesday, May 8th. Piper Sandler decreased their target price on shares of Penumbra from $290.00 to $260.00 and set an "overweight" rating for the company in a research report on Wednesday, May 8th. Royal Bank of Canada restated an "outperform" rating and set a $289.00 price target on shares of Penumbra in a research note on Friday, February 23rd. Finally, JPMorgan Chase & Co. downgraded shares of Penumbra from an "overweight" rating to a "neutral" rating and dropped their target price for the stock from $284.00 to $250.00 in a research report on Friday, February 23rd. Four investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Penumbra has an average rating of "Moderate Buy" and an average target price of $300.64.

Penumbra Stock Performance

Penumbra stock traded down $2.09 during mid-day trading on Monday, hitting $201.44. The company had a trading volume of 166,823 shares, compared to its average volume of 345,372. The company has a current ratio of 6.12, a quick ratio of 3.51 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $7.81 billion, a price-to-earnings ratio of 84.90, a P/E/G ratio of 2.06 and a beta of 0.57. The company's fifty day moving average is $215.50 and its 200-day moving average is $232.54. Penumbra, Inc. has a 12-month low of $180.93 and a 12-month high of $348.67.

Penumbra (NYSE:PEN - Get Free Report) last posted its earnings results on Tuesday, May 7th. The company reported $0.41 EPS for the quarter, missing analysts' consensus estimates of $0.42 by ($0.01). The business had revenue of $278.70 million for the quarter, compared to analyst estimates of $274.94 million. Penumbra had a net margin of 8.52% and a return on equity of 7.83%. Penumbra's revenue was up 15.5% on a year-over-year basis. During the same quarter last year, the business earned $0.23 earnings per share. Equities research analysts predict that Penumbra, Inc. will post 2.87 EPS for the current year.

Penumbra 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.