Oppenheimer Asset Management Inc. Has $1.92 Million Stake in Penumbra, Inc. $PEN

Oppenheimer Asset Management Inc. lowered its stake in Penumbra, Inc. (NYSE:PEN) by 6.4% in the second quarter, Holdings Channel reports. The fund owned 7,487 shares of the company’s stock after selling 510 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Penumbra were worth $1,921,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Concurrent Investment Advisors LLC bought a new position in Penumbra in the 1st quarter valued at approximately $259,000. GAMMA Investing LLC grew its stake in shares of Penumbra by 59.0% during the first quarter. GAMMA Investing LLC now owns 709 shares of the company’s stock worth $190,000 after buying an additional 263 shares during the last quarter. Fortis Capital Advisors LLC acquired a new position in shares of Penumbra during the first quarter worth $732,000. Belpointe Asset Management LLC bought a new position in shares of Penumbra in the 1st quarter valued at $732,000. Finally, Sheets Smith Investment Management bought a new position in shares of Penumbra in the 1st quarter valued at $773,000. 88.88% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. BTIG Research restated a “buy” rating and set a $320.00 price objective on shares of Penumbra in a research report on Monday. Morgan Stanley boosted their price target on Penumbra from $260.00 to $266.00 and gave the stock an “equal weight” rating in a report on Thursday, July 31st. Robert W. Baird raised their price objective on shares of Penumbra from $283.00 to $285.00 and gave the company an “outperform” rating in a report on Wednesday, July 30th. Citigroup cut their target price on shares of Penumbra from $320.00 to $285.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 9th. Finally, Royal Bank Of Canada decreased their price target on shares of Penumbra from $330.00 to $325.00 and set an “outperform” rating for the company in a research report on Wednesday, July 30th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $305.94.

Insider Activity

In related news, Director Thomas Wilder sold 186 shares of the company’s stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $253.93, for a total transaction of $47,230.98. Following the sale, the director owned 186 shares in the company, valued at $47,230.98. This represents a 50.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Johanna Roberts sold 600 shares of the firm’s stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $249.70, for a total value of $149,820.00. Following the sale, the executive vice president directly owned 64,257 shares of the company’s stock, valued at $16,044,972.90. This represents a 0.93% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 64,460 shares of company stock worth $16,322,614. 4.20% of the stock is owned by insiders.

Penumbra Trading Down 0.8%

NYSE:PEN opened at $231.39 on Friday. The firm’s fifty day moving average is $259.19 and its 200-day moving average is $260.01. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.04 and a current ratio of 6.75. Penumbra, Inc. has a 52 week low of $207.58 and a 52 week high of $310.00. The firm has a market cap of $9.02 billion, a P/E ratio of 61.54, a P/E/G ratio of 2.10 and a beta of 0.41.

Penumbra (NYSE:PEN) last announced its earnings results on Tuesday, July 29th. The company reported $0.86 earnings per share for the quarter, topping analysts’ consensus estimates of $0.81 by $0.05. The business had revenue of $339.46 million during the quarter, compared to the consensus estimate of $327.37 million. Penumbra had a net margin of 11.54% and a return on equity of 11.55%. Penumbra’s quarterly revenue was up 13.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.64 earnings per share. Equities analysts expect that Penumbra, Inc. will post 3.67 earnings per share for the current 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.