Sumitomo Mitsui Trust Group Inc. Sells 62 Shares of Penumbra, Inc. (NYSE:PEN)

Sumitomo Mitsui Trust Group Inc. lowered its holdings in shares of Penumbra, Inc. (NYSE:PEN) by 1.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,337 shares of the company’s stock after selling 62 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Penumbra were worth $1,231,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in PEN. GAMMA Investing LLC grew its holdings in shares of Penumbra by 111.1% in the third quarter. GAMMA Investing LLC now owns 171 shares of the company’s stock worth $33,000 after purchasing an additional 90 shares during the last quarter. WASHINGTON TRUST Co purchased a new stake in Penumbra during the second quarter valued at approximately $54,000. Park Place Capital Corp boosted its stake in Penumbra by 1,473.9% in the third quarter. Park Place Capital Corp now owns 362 shares of the company’s stock valued at $70,000 after acquiring an additional 339 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Penumbra by 1,845.0% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 389 shares of the company’s stock valued at $70,000 after purchasing an additional 369 shares during the last quarter. Finally, Blue Trust Inc. boosted its position in shares of Penumbra by 808.9% in the 3rd quarter. Blue Trust Inc. now owns 509 shares of the company’s stock worth $92,000 after purchasing an additional 453 shares in the last quarter. 88.88% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Penumbra news, Director Harpreet Grewal sold 166 shares of the firm’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $190.83, for a total transaction of $31,677.78. Following the transaction, the director now owns 8,697 shares of the company’s stock, valued at approximately $1,659,648.51. This trade represents a 1.87 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Johanna Roberts sold 600 shares of the company’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $239.74, for a total transaction of $143,844.00. Following the completion of the sale, the executive vice president now owns 64,044 shares of the company’s stock, valued at approximately $15,353,908.56. This trade represents a 0.93 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 34,368 shares of company stock valued at $6,931,374 in the last three months. 5.00% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

PEN has been the subject of a number of recent analyst reports. Stifel Nicolaus began coverage on shares of Penumbra in a research note on Tuesday, September 17th. They issued a “buy” rating and a $238.00 target price for the company. Wells Fargo & Company cut Penumbra from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $289.00 to $150.00 in a research report on Wednesday, July 31st. Canaccord Genuity Group boosted their price objective on Penumbra from $176.00 to $235.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Citigroup upped their price objective on shares of Penumbra from $178.00 to $200.00 and gave the stock a “neutral” rating in a research report on Thursday, August 22nd. Finally, Piper Sandler lifted their target price on shares of Penumbra from $225.00 to $235.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. Five analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $226.67.

Penumbra Price Performance

PEN stock opened at $237.04 on Wednesday. Penumbra, Inc. has a 52-week low of $148.00 and a 52-week high of $277.34. The company has a quick ratio of 3.25, a current ratio of 5.82 and a debt-to-equity ratio of 0.02. The stock has a market cap of $9.10 billion, a price-to-earnings ratio of 279.51, a price-to-earnings-growth ratio of 2.41 and a beta of 0.51. The business has a fifty day moving average of $208.19 and a two-hundred day moving average of $196.22.

Penumbra (NYSE:PEN) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.85 EPS for the quarter, topping the consensus estimate of $0.69 by $0.16. Penumbra had a return on equity of 8.99% and a net margin of 2.97%. The business had revenue of $301.04 million during the quarter, compared to analyst estimates of $297.36 million. During the same period last year, the business posted $0.67 earnings per share. The company’s quarterly revenue was up 11.1% on a year-over-year basis. As a group, research analysts anticipate that Penumbra, Inc. will post 2.79 earnings per share for the current year.

Penumbra announced that its Board of Directors has approved a share repurchase plan on Tuesday, August 13th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the company to repurchase up to 2.6% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.

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.