Highland Capital Management LLC Sells 795 Shares of Penumbra, Inc. (NYSE:PEN)

Highland Capital Management LLC trimmed its holdings in shares of Penumbra, Inc. (NYSE:PEN) by 16.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,982 shares of the company’s stock after selling 795 shares during the quarter. Highland Capital Management LLC’s holdings in Penumbra were worth $717,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in PEN. Vanguard Group Inc. lifted its holdings in Penumbra by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 3,690,660 shares of the company’s stock valued at $823,681,000 after buying an additional 32,557 shares in the last quarter. Champlain Investment Partners LLC increased its holdings in Penumbra by 131.8% during the 1st quarter. Champlain Investment Partners LLC now owns 1,084,595 shares of the company’s stock worth $242,060,000 after purchasing an additional 616,700 shares during the period. William Blair Investment Management LLC raised its position in Penumbra by 12.2% during the 1st quarter. William Blair Investment Management LLC now owns 833,703 shares of the company’s stock valued at $186,066,000 after purchasing an additional 90,444 shares in the last quarter. Norges Bank purchased a new stake in shares of Penumbra in the 4th quarter worth $85,222,000. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Penumbra by 4.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 250,101 shares of the company’s stock worth $62,910,000 after buying an additional 10,998 shares in the last quarter. Institutional investors own 88.88% of the company’s stock.

Penumbra Stock Performance

PEN traded up $12.55 on Friday, reaching $210.12. 983,455 shares of the stock were exchanged, compared to its average volume of 385,763. The company’s 50-day moving average price is $182.19 and its 200 day moving average price is $206.59. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.25 and a quick ratio of 3.77. The firm has a market capitalization of $8.15 billion, a PE ratio of 88.66, a PEG ratio of 2.13 and a beta of 0.55. Penumbra, Inc. has a fifty-two week low of $148.00 and a fifty-two week high of $302.00.

Penumbra (NYSE:PEN) last posted its quarterly 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. The company had revenue of $299.40 million during the quarter, compared to analyst estimates of $298.24 million. Penumbra had a net margin of 1.26% and a return on equity of 8.39%. Penumbra’s revenue for the quarter was up 14.5% compared to the same quarter last year. During the same period last year, the firm posted $0.43 EPS. As a group, sell-side analysts forecast that Penumbra, Inc. will post 2.64 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Adam Elsesser sold 15,000 shares of the business’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $202.52, for a total value of $3,037,800.00. Following the completion of the transaction, the chief executive officer now owns 927,582 shares of the company’s stock, valued at approximately $187,853,906.64. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Director Don W. Kassing sold 170 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $179.99, for a total value of $30,598.30. Following the completion of the transaction, the director now directly owns 1,005 shares in the company, valued at approximately $180,889.95. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Adam Elsesser sold 15,000 shares of the firm’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 sale, the chief executive officer now owns 927,582 shares in the company, valued at approximately $187,853,906.64. The disclosure for this sale can be found here. In the last three months, insiders have sold 16,970 shares of company stock valued at $3,394,846. Company insiders own 5.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on PEN shares. Citigroup increased their target price on shares of Penumbra from $178.00 to $200.00 and gave the stock a “neutral” rating in a report on Thursday. Morgan Stanley dropped their price objective on Penumbra from $235.00 to $210.00 and set an “equal weight” rating on the stock in a research report on Monday, July 15th. Needham & Company LLC reiterated a “hold” rating on shares of Penumbra in a report on Wednesday, July 31st. Piper Sandler decreased their price target on shares of Penumbra from $260.00 to $200.00 and set an “overweight” rating for the company in a research report on Wednesday, July 31st. Finally, Royal Bank of Canada cut their price objective on shares of Penumbra from $289.00 to $205.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 31st. Six analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, Penumbra presently has an average rating of “Moderate Buy” and a consensus target price of $195.80.

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.