Quent Capital LLC Cuts Stock Holdings in Penumbra, Inc. (NYSE:PEN)

Quent Capital LLC decreased its stake in shares of Penumbra, Inc. (NYSE:PEN) by 24.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,350 shares of the company’s stock after selling 426 shares during the period. Quent Capital LLC’s holdings in Penumbra were worth $243,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PEN. Benjamin F. Edwards & Company Inc. raised its position in Penumbra by 171.8% in the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 106 shares of the company’s stock worth $27,000 after acquiring an additional 67 shares during the period. Mather Group LLC. bought a new position in Penumbra in the first quarter worth approximately $29,000. Signaturefd LLC raised its position in Penumbra by 27.2% in the fourth quarter. Signaturefd LLC now owns 215 shares of the company’s stock worth $54,000 after acquiring an additional 46 shares during the period. Quest Partners LLC bought a new position in Penumbra in the fourth quarter worth approximately $71,000. Finally, Picton Mahoney Asset Management bought a new position in Penumbra in the fourth quarter worth approximately $88,000. Institutional investors own 88.88% of the company’s stock.

Insider Transactions at Penumbra

In other news, CEO Adam Elsesser sold 15,000 shares of the firm’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $202.52, for a total value of $3,037,800.00. Following the completion of the sale, the chief executive officer now owns 927,582 shares in the company, valued at approximately $187,853,906.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Adam Elsesser sold 15,000 shares of the firm’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $202.52, for a total value of $3,037,800.00. Following the completion of the sale, the chief executive officer now owns 927,582 shares in the company, valued at approximately $187,853,906.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Don W. Kassing sold 170 shares of the firm’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $179.99, for a total transaction of $30,598.30. Following the completion of the sale, the director now owns 1,005 shares of the company’s stock, valued at approximately $180,889.95. The disclosure for this sale can be found here. In the last quarter, insiders sold 31,970 shares of company stock worth $6,428,404. 5.00% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of analysts have recently issued reports on PEN shares. Truist Financial reissued a “buy” rating and issued a $200.00 price objective (down from $230.00) on shares of Penumbra in a research note on Wednesday, July 31st. Canaccord Genuity Group reduced their price objective on shares of Penumbra from $272.00 to $176.00 and set a “buy” rating for the company in a research note on Wednesday, July 31st. Royal Bank of Canada cut their target price on shares of Penumbra from $289.00 to $205.00 and set an “outperform” rating for the company in a research note on Wednesday, July 31st. Needham & Company LLC reaffirmed a “hold” rating on shares of Penumbra in a research note on Wednesday, July 31st. Finally, Wells Fargo & Company cut shares of Penumbra from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $289.00 to $150.00 in a research note on Wednesday, July 31st. Six analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $193.60.

Penumbra Price Performance

Shares of NYSE:PEN traded down $6.12 on Tuesday, reaching $171.44. The company’s stock had a trading volume of 550,558 shares, compared to its average volume of 375,331. Penumbra, Inc. has a 52-week low of $148.00 and a 52-week high of $302.00. The company has a market cap of $6.65 billion, a P/E ratio of 74.26, a PEG ratio of 1.85 and a beta of 0.55. The company has a 50-day simple moving average of $183.89 and a 200 day simple moving average of $213.42. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.51 and a current ratio of 6.25.

Penumbra (NYSE:PEN) last issued its quarterly earnings data on Tuesday, July 30th. The company reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.08. Penumbra had a net margin of 1.26% and a return on equity of 8.39%. The business had revenue of $299.40 million during the quarter, compared to analysts’ expectations of $298.24 million. During the same period last year, the company posted $0.43 EPS. The business’s revenue was up 14.5% on a year-over-year basis. As a group, equities research analysts anticipate that Penumbra, Inc. will post 2.74 EPS for the current fiscal year.

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.