Thrivent Financial for Lutherans Sells 306 Shares of Penumbra, Inc. (NYSE:PEN)

Thrivent Financial for Lutherans cut its position in Penumbra, Inc. (NYSE:PEN) by 3.2% during the second quarter, Holdings Channel.com reports. The institutional investor owned 9,366 shares of the company’s stock after selling 306 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Penumbra were worth $1,686,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Silvercrest Asset Management Group LLC lifted its position in shares of Penumbra by 3.4% during the first quarter. Silvercrest Asset Management Group LLC now owns 1,680 shares of the company’s stock worth $375,000 after purchasing an additional 55 shares in the last quarter. Arcadia Investment Management Corp MI increased its stake in Penumbra by 7.9% in the second quarter. Arcadia Investment Management Corp MI now owns 1,006 shares of the company’s stock valued at $181,000 after purchasing an additional 74 shares in the last quarter. Retirement Systems of Alabama increased its position in shares of Penumbra by 0.3% during the first quarter. Retirement Systems of Alabama now owns 48,467 shares of the company’s stock worth $10,817,000 after acquiring an additional 127 shares in the last quarter. Mather Group LLC. bought a new stake in shares of Penumbra during the first quarter worth $29,000. Finally, 17 Capital Partners LLC increased its position in shares of Penumbra by 11.7% during the second quarter. 17 Capital Partners LLC now owns 1,431 shares of the company’s stock worth $258,000 after acquiring an additional 150 shares in the last quarter. 88.88% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Penumbra

In other news, CEO Adam Elsesser sold 15,000 shares of the business’s stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 927,582 shares in the company, valued at approximately $187,853,906.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Penumbra news, CEO Adam Elsesser sold 15,000 shares of the business’s stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $202.52, for a total transaction 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Johanna Roberts sold 600 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $206.22, for a total transaction of $123,732.00. Following the sale, the executive vice president now owns 61,088 shares of the company’s stock, valued at approximately $12,597,567.36. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 33,602 shares of company stock worth $6,716,384. Company insiders own 5.00% of the company’s stock.

Penumbra Stock Performance

NYSE PEN opened at $193.02 on Thursday. The firm has a 50-day moving average of $190.16 and a 200-day moving average of $196.36. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.77 and a current ratio of 6.25. The stock has a market cap of $7.50 billion, a PE ratio of 81.44, a P/E/G ratio of 2.18 and a beta of 0.54. Penumbra, Inc. has a 52-week low of $148.00 and a 52-week high of $277.34.

Penumbra (NYSE:PEN) last posted its earnings results on Tuesday, July 30th. The company reported $0.64 earnings per share (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 company had revenue of $299.40 million during the quarter, compared to analysts’ expectations of $298.24 million. During the same quarter last year, the company posted $0.43 EPS. Penumbra’s quarterly revenue was up 14.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Penumbra, Inc. will post 2.59 EPS for the current year.

Penumbra announced that its board has initiated a stock buyback program on Tuesday, August 13th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the company to buy up to 2.6% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

Several brokerages have recently issued reports on PEN. Robert W. Baird lowered their price objective on shares of Penumbra from $231.00 to $180.00 and set an “outperform” rating for the company in a research report on Wednesday, July 31st. Morgan Stanley decreased their target price on shares of Penumbra from $235.00 to $210.00 and set an “equal weight” rating for the company in a research report on Monday, July 15th. Canaccord Genuity Group decreased their target price on shares of Penumbra from $272.00 to $176.00 and set a “buy” rating for the company in a research report on Wednesday, July 31st. BTIG Research raised their target price on shares of Penumbra from $187.00 to $224.00 and gave the company a “buy” rating in a research report on Wednesday, August 28th. Finally, Royal Bank of Canada decreased their target price on shares of Penumbra from $289.00 to $205.00 and set an “outperform” rating for the company in a research report on Wednesday, July 31st. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $208.00.

Penumbra Company 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.