Azimuth Capital Investment Management LLC Lowers Stock Position in Penumbra, Inc. $PEN

Azimuth Capital Investment Management LLC cut its stake in shares of Penumbra, Inc. (NYSE:PEN) by 3.0% in the 3rd quarter, HoldingsChannel reports. The firm owned 75,253 shares of the company’s stock after selling 2,358 shares during the period. Azimuth Capital Investment Management LLC’s holdings in Penumbra were worth $19,063,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Royal Bank of Canada increased its holdings in shares of Penumbra by 35.8% in the 1st quarter. Royal Bank of Canada now owns 19,332 shares of the company’s stock worth $5,169,000 after buying an additional 5,092 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Penumbra by 2.6% during the 2nd quarter. Geode Capital Management LLC now owns 706,404 shares of the company’s stock worth $181,314,000 after acquiring an additional 17,772 shares during the last quarter. Police & Firemen s Retirement System of New Jersey grew its position in Penumbra by 7.8% in the second quarter. Police & Firemen s Retirement System of New Jersey now owns 14,355 shares of the company’s stock worth $3,684,000 after acquiring an additional 1,034 shares in the last quarter. Candriam S.C.A. purchased a new position in Penumbra in the second quarter worth $3,374,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its stake in Penumbra by 8.5% in the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 9,950 shares of the company’s stock valued at $2,553,000 after acquiring an additional 776 shares during the last quarter. Hedge funds and other institutional investors own 88.88% of the company’s stock.

Analysts Set New Price Targets

PEN has been the subject of several research analyst reports. Robert W. Baird reaffirmed a “neutral” rating and set a $374.00 price target (up from $345.00) on shares of Penumbra in a research note on Friday, January 16th. Needham & Company LLC lowered Penumbra from a “buy” rating to a “hold” rating in a research report on Friday, January 16th. Piper Sandler downgraded Penumbra from an “overweight” rating to a “hold” rating and set a $374.00 target price for the company. in a research report on Thursday, January 15th. Royal Bank Of Canada lowered Penumbra from an “outperform” rating to a “sector perform” rating and upped their target price for the stock from $355.00 to $374.00 in a research note on Tuesday, January 20th. Finally, Bank of America increased their price target on shares of Penumbra from $320.00 to $370.00 and gave the company a “buy” rating in a research report on Monday, January 5th. Four investment analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the stock. According to MarketBeat.com, Penumbra currently has an average rating of “Hold” and a consensus price target of $361.69.

Penumbra Stock Up 0.3%

Shares of NYSE:PEN opened at $336.05 on Friday. The stock’s 50-day moving average price is $340.38 and its 200-day moving average price is $297.79. Penumbra, Inc. has a 12-month low of $221.26 and a 12-month high of $362.41. The stock has a market capitalization of $13.19 billion, a P/E ratio of 74.35, a price-to-earnings-growth ratio of 2.06 and a beta of 0.81. The company has a current ratio of 6.64, a quick ratio of 4.29 and a debt-to-equity ratio of 0.01.

Penumbra (NYSE:PEN) last released its quarterly earnings data on Wednesday, February 25th. The company reported ($0.37) EPS for the quarter, missing the consensus estimate of $1.12 by ($1.49). The company had revenue of $385.39 million during the quarter, compared to analysts’ expectations of $367.18 million. Penumbra had a return on equity of 11.41% and a net margin of 12.66%.The firm’s quarterly revenue was up 22.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.97 EPS. On average, equities analysts anticipate that Penumbra, Inc. will post 3.67 earnings per share for the current year.

Insiders Place Their Bets

In other Penumbra news, Director Thomas Wilder sold 186 shares of the business’s stock in a transaction that occurred on Friday, January 2nd. The stock was sold at an average price of $310.72, for a total value of $57,793.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Harpreet Grewal sold 186 shares of the stock in a transaction that occurred on Tuesday, January 6th. The shares were sold at an average price of $312.64, for a total value of $58,151.04. Following the sale, the director directly owned 8,230 shares of the company’s stock, valued at approximately $2,573,027.20. This trade represents a 2.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 2,804 shares of company stock valued at $948,419 in the last ninety days. Company insiders own 4.20% of the company’s stock.

About Penumbra

Penumbra, Inc is a global healthcare company specializing in the development and manufacture of innovative medical devices that address neurovascular and peripheral vascular conditions. The company focuses on products designed to improve patient outcomes in acute ischemic stroke, aneurysm treatment and peripheral thrombectomy. Penumbra’s technologies are used by interventional neuroradiologists, neurosurgeons and interventional cardiologists in hospitals and clinics around the world.

At the core of Penumbra’s portfolio is its mechanical thrombectomy platform, which includes aspiration catheters and accessory devices engineered to remove blood clots in acute stroke cases.