Concorde Asset Management LLC Has $214,000 Stock Position in Penumbra, Inc. (NYSE:PEN)

Concorde Asset Management LLC reduced its position in Penumbra, Inc. (NYSE:PEN) by 6.4% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 1,100 shares of the company’s stock after selling 75 shares during the period. Concorde Asset Management LLC’s holdings in Penumbra were worth $214,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Advisors Asset Management Inc. lifted its holdings in Penumbra by 11.5% during the third quarter. Advisors Asset Management Inc. now owns 416 shares of the company’s stock worth $81,000 after acquiring an additional 43 shares in the last quarter. Silvercrest Asset Management Group LLC lifted its holdings in 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 acquiring an additional 55 shares in the last quarter. ProShare Advisors LLC lifted its holdings in Penumbra by 2.9% during the second quarter. ProShare Advisors LLC now owns 2,171 shares of the company’s stock worth $391,000 after acquiring an additional 62 shares in the last quarter. Legacy Wealth Asset Management LLC lifted its holdings in Penumbra by 3.9% during the third quarter. Legacy Wealth Asset Management LLC now owns 1,731 shares of the company’s stock worth $336,000 after acquiring an additional 65 shares in the last quarter. Finally, Creative Planning lifted its holdings in Penumbra by 4.7% during the third quarter. Creative Planning now owns 1,574 shares of the company’s stock worth $306,000 after acquiring an additional 71 shares in the last quarter. 88.88% of the stock is currently owned by institutional investors.

Penumbra Price Performance

NYSE:PEN opened at $244.95 on Friday. The stock’s 50-day simple moving average is $211.55 and its 200 day simple moving average is $197.25. The company has a market cap of $9.40 billion, a P/E ratio of 284.83, a P/E/G ratio of 2.44 and a beta of 0.51. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.25 and a current ratio of 5.82. Penumbra, Inc. has a 52-week low of $148.00 and a 52-week high of $277.34.

Penumbra (NYSE:PEN) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.85 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.16. The firm had revenue of $301.04 million for the quarter, compared to the consensus estimate of $297.36 million. Penumbra had a return on equity of 8.99% and a net margin of 2.97%. The business’s revenue was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.67 earnings per share. As a group, sell-side analysts forecast that Penumbra, Inc. will post 2.79 EPS for the current fiscal year.

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

Insiders Place Their Bets

In related news, Director Harpreet Grewal sold 782 shares of the business’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $204.11, for a total value of $159,614.02. Following the completion of the sale, the director now directly owns 8,863 shares in the company, valued at approximately $1,809,026.93. The trade was a 8.11 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Johanna Roberts sold 600 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $206.22, for a total value of $123,732.00. Following the completion of the sale, the executive vice president now owns 61,088 shares of the company’s stock, valued at approximately $12,597,567.36. This trade represents a 0.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 47,748 shares of company stock valued at $10,166,574 over the last 90 days. 5.00% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

PEN has been the topic of several recent analyst reports. Canaccord Genuity Group lifted their target price on Penumbra from $176.00 to $235.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Piper Sandler boosted their price target on Penumbra from $235.00 to $250.00 and gave the company an “overweight” rating in a report on Wednesday. Robert W. Baird boosted their price target on Penumbra from $244.00 to $248.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. BTIG Research boosted their price target on Penumbra from $224.00 to $234.00 and gave the company a “buy” rating in a report on Monday, October 14th. Finally, Royal Bank of Canada boosted their price target on Penumbra from $205.00 to $222.00 and gave the company an “outperform” rating in a report on Tuesday, October 8th. Five research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $227.92.

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.