Bank of America Corp DE lessened its position in shares of Penumbra, Inc. (NYSE:PEN – Free Report) by 15.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 259,775 shares of the company’s stock after selling 46,436 shares during the period. Bank of America Corp DE’s holdings in Penumbra were worth $85,302,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of PEN. Royal Bank of Canada boosted its position in shares of Penumbra by 35.8% during the first 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 period. EverSource Wealth Advisors LLC grew its holdings in shares of Penumbra by 209.1% during the second quarter. EverSource Wealth Advisors LLC now owns 272 shares of the company’s stock worth $70,000 after buying an additional 184 shares in the last quarter. Cerity Partners LLC raised its position in Penumbra by 22.3% in the 2nd quarter. Cerity Partners LLC now owns 10,030 shares of the company’s stock valued at $2,574,000 after buying an additional 1,829 shares during the last quarter. California Public Employees Retirement System raised its position in Penumbra by 7.9% in the 2nd quarter. California Public Employees Retirement System now owns 61,027 shares of the company’s stock valued at $15,661,000 after buying an additional 4,491 shares during the last quarter. Finally, Daiwa Securities Group Inc. bought a new stake in Penumbra in the 2nd quarter valued at approximately $1,137,000. Institutional investors and hedge funds own 88.88% of the company’s stock.
Analyst Upgrades and Downgrades
A number of equities analysts have weighed in on PEN shares. Evercore reaffirmed an “outperform” rating and set a $320.00 price target on shares of Penumbra in a research report on Monday, July 6th. Citigroup lowered their price objective on shares of Penumbra from $374.00 to $350.00 and set a “neutral” rating on the stock in a report on Thursday, May 7th. Royal Bank Of Canada reissued a “sector perform” rating and issued a $374.00 price objective on shares of Penumbra in a research report on Thursday, June 11th. Zacks Research cut shares of Penumbra from a “hold” rating to a “strong sell” rating in a report on Monday, June 29th. Finally, Wall Street Zen raised shares of Penumbra to a “hold” rating in a research report on Saturday, May 9th. Three analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Penumbra has a consensus rating of “Hold” and a consensus target price of $367.07.
Penumbra Price Performance
Shares of PEN opened at $324.67 on Friday. The company has a market cap of $12.79 billion, a price-to-earnings ratio of 79.77, a PEG ratio of 2.01 and a beta of 0.70. Penumbra, Inc. has a 1-year low of $221.26 and a 1-year high of $362.41. The company’s fifty day simple moving average is $318.84 and its 200 day simple moving average is $329.91. The company has a current ratio of 5.75, a quick ratio of 3.86 and a debt-to-equity ratio of 0.01.
Penumbra (NYSE:PEN – Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The company reported $0.88 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.16 by ($0.28). The firm had revenue of $390.05 million for the quarter, compared to the consensus estimate of $389.64 million. Penumbra had a return on equity of 10.50% and a net margin of 10.67%.The business’s revenue was up 14.9% compared to the same quarter last year. During the same period last year, the company posted $0.86 earnings per share. On average, research analysts forecast that Penumbra, Inc. will post 5.02 earnings per share for the current fiscal year.
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.
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