Victory Capital Management Inc. Reduces Stock Holdings in Penumbra, Inc. (NYSE:PEN)

Victory Capital Management Inc. lowered its position in shares of Penumbra, Inc. (NYSE:PEN) by 30.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 7,901 shares of the company’s stock after selling 3,467 shares during the quarter. Victory Capital Management Inc.’s holdings in Penumbra were worth $1,422,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Dimensional Fund Advisors LP increased its holdings in shares of Penumbra by 7.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 118,828 shares of the company’s stock valued at $29,893,000 after acquiring an additional 8,122 shares in the last quarter. Norges Bank bought a new stake in shares of Penumbra during the 4th quarter valued at about $85,222,000. Corient Private Wealth LLC lifted its position in shares of Penumbra by 50.6% during the 4th quarter. Corient Private Wealth LLC now owns 3,715 shares of the company’s stock valued at $934,000 after buying an additional 1,249 shares in the last quarter. Trexquant Investment LP purchased a new position in shares of Penumbra during the 4th quarter valued at about $2,532,000. Finally, Quest Partners LLC purchased a new position in shares of Penumbra during the 4th quarter valued at about $71,000. Hedge funds and other institutional investors own 88.88% of the company’s stock.

Penumbra Stock Up 2.7 %

Shares of NYSE PEN opened at $200.82 on Friday. The stock has a market cap of $7.80 billion, a PE ratio of 84.73, a price-to-earnings-growth ratio of 2.24 and a beta of 0.54. The company has a quick ratio of 3.77, a current ratio of 6.25 and a debt-to-equity ratio of 0.02. Penumbra, Inc. has a 52-week low of $148.00 and a 52-week high of $277.34. The business has a 50-day moving average price of $190.30 and a 200 day moving average price of $199.77.

Penumbra (NYSE:PEN) last posted its quarterly earnings data on Tuesday, July 30th. The company reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.08. The company had revenue of $299.40 million during the quarter, compared to analysts’ expectations of $298.24 million. Penumbra had a return on equity of 8.39% and a net margin of 1.26%. The firm’s revenue for the quarter was up 14.5% on a year-over-year basis. During the same period last year, the firm earned $0.43 EPS. Equities research analysts forecast that Penumbra, Inc. will post 2.63 earnings per share for the current year.

Wall Street Analysts Forecast Growth

PEN has been the subject of several recent analyst reports. Stifel Nicolaus started coverage on Penumbra in a research note on Tuesday. They issued a “buy” rating and a $238.00 price target for the company. Royal Bank of Canada reduced their target price on Penumbra from $289.00 to $205.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 31st. Canaccord Genuity Group reduced their target price on Penumbra from $272.00 to $176.00 and set a “buy” rating on the stock in a research note on Wednesday, July 31st. Piper Sandler cut their price target on Penumbra from $260.00 to $200.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 31st. Finally, BTIG Research raised their price objective on Penumbra from $187.00 to $224.00 and gave the company a “buy” rating in a research report on Wednesday, August 28th. Six investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Penumbra has an average rating of “Moderate Buy” and an average target price of $208.00.

Insider Transactions at Penumbra

In other news, EVP Johanna Roberts sold 600 shares of the stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $175.98, for a total transaction of $105,588.00. Following the completion of the transaction, the executive vice president now directly owns 61,688 shares of the company’s stock, valued at approximately $10,855,854.24. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, EVP Johanna Roberts sold 600 shares of the firm’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $175.98, for a total value of $105,588.00. Following the completion of the transaction, the executive vice president now directly owns 61,688 shares of the company’s stock, valued at approximately $10,855,854.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Harpreet Grewal sold 782 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $204.11, for a total value of $159,614.02. Following the completion of the transaction, the director now directly owns 8,863 shares of the company’s stock, valued at $1,809,026.93. The disclosure for this sale can be found here. In the last three months, insiders sold 19,372 shares of company stock valued at $3,888,852. Corporate insiders own 5.00% of the company’s stock.

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.