Congress Asset Management Co. Decreases Position in Penumbra, Inc. (NYSE:PEN)

Congress Asset Management Co. lowered its stake in shares of Penumbra, Inc. (NYSE:PEN) by 4.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 608,962 shares of the company’s stock after selling 28,592 shares during the period. Penumbra accounts for 1.0% of Congress Asset Management Co.’s investment portfolio, making the stock its 24th biggest holding. Congress Asset Management Co.’s holdings in Penumbra were worth $144,616,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently modified their holdings of the stock. Rhumbline Advisers increased its stake in shares of Penumbra by 0.8% during the 4th quarter. Rhumbline Advisers now owns 110,386 shares of the company’s stock worth $26,214,000 after purchasing an additional 849 shares during the last quarter. New York State Teachers Retirement System increased its stake in shares of Penumbra by 0.4% during the 4th quarter. New York State Teachers Retirement System now owns 37,654 shares of the company’s stock worth $8,942,000 after purchasing an additional 148 shares during the last quarter. Allspring Global Investments Holdings LLC increased its stake in shares of Penumbra by 39.8% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 299,397 shares of the company’s stock worth $71,831,000 after purchasing an additional 85,284 shares during the last quarter. Savant Capital LLC grew its stake in Penumbra by 8.0% in the 4th quarter. Savant Capital LLC now owns 2,981 shares of the company’s stock valued at $708,000 after buying an additional 221 shares in the last quarter. Finally, 17 Capital Partners LLC purchased a new position in Penumbra in the 4th quarter valued at approximately $229,000. Hedge funds and other institutional investors own 88.88% of the company’s stock.

Penumbra Stock Down 1.9 %

Shares of NYSE:PEN opened at $267.83 on Friday. Penumbra, Inc. has a 52-week low of $148.00 and a 52-week high of $277.89. The firm has a fifty day moving average of $255.04 and a 200 day moving average of $224.21. The firm has a market capitalization of $10.28 billion, a PE ratio of 311.43, a price-to-earnings-growth ratio of 1.92 and a beta of 0.53. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.25 and a current ratio of 5.82.

Insider Buying and Selling

In related news, CEO Adam Elsesser sold 15,000 shares of the company’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $237.28, for a total value of $3,559,200.00. Following the completion of the transaction, the chief executive officer now directly owns 852,582 shares in the company, valued at approximately $202,300,656.96. The trade was a 1.73 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Johanna Roberts sold 600 shares of the company’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $239.74, for a total transaction of $143,844.00. Following the completion of the transaction, the executive vice president now owns 64,044 shares of the company’s stock, valued at $15,353,908.56. This trade represents a 0.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 33,819 shares of company stock worth $8,129,483. Corporate insiders own 5.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. UBS Group assumed coverage on shares of Penumbra in a research note on Tuesday, January 21st. They issued a “buy” rating and a $305.00 price objective for the company. BTIG Research lifted their price objective on shares of Penumbra from $232.00 to $270.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Needham & Company LLC reiterated a “hold” rating on shares of Penumbra in a research note on Thursday, October 31st. Wells Fargo & Company upgraded shares of Penumbra from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $190.00 to $275.00 in a research note on Wednesday, December 11th. Finally, Piper Sandler lifted their price objective on shares of Penumbra from $235.00 to $250.00 and gave the company an “overweight” rating in a research note on Wednesday, November 20th. Four equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Penumbra has a consensus rating of “Moderate Buy” and a consensus target price of $261.36.

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.