Azimuth Capital Investment Management LLC Has $19.06 Million Stake in Penumbra, Inc. $PEN

Azimuth Capital Investment Management LLC cut its stake in Penumbra, Inc. (NYSE:PEN) by 3.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 75,253 shares of the company’s stock after selling 2,358 shares during the quarter. Azimuth Capital Investment Management LLC owned 0.19% of Penumbra worth $19,063,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. raised its position in Penumbra by 5.0% in the 2nd quarter. Vanguard Group Inc. now owns 3,860,655 shares of the company’s stock valued at $990,760,000 after buying an additional 185,306 shares during the last quarter. Geode Capital Management LLC lifted its position 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 buying an additional 17,772 shares in the last quarter. Invesco Ltd. increased its position in shares of Penumbra by 1,139.3% during the second quarter. Invesco Ltd. now owns 633,485 shares of the company’s stock valued at $162,571,000 after acquiring an additional 582,369 shares during the last quarter. Norges Bank purchased a new stake in shares of Penumbra during the 2nd quarter valued at $114,014,000. Finally, Thrivent Financial for Lutherans raised its position in Penumbra by 13.7% in the third quarter. Thrivent Financial for Lutherans now owns 367,062 shares of the company’s stock worth $92,984,000 after acquiring an additional 44,185 shares during the period. Institutional investors own 88.88% of the company’s stock.

Penumbra Price Performance

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

Penumbra (NYSE:PEN) last posted its earnings results on Wednesday, February 25th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing the consensus estimate of $1.12 by ($1.49). The firm 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 business’s revenue for the quarter was up 22.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.97 earnings per share. As a group, sell-side analysts forecast that Penumbra, Inc. will post 3.67 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts have issued reports on PEN shares. JPMorgan Chase & Co. upgraded Penumbra from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $275.00 to $370.00 in a research note on Thursday, December 18th. Needham & Company LLC downgraded shares of Penumbra from a “buy” rating to a “hold” rating in a report on Friday, January 16th. Royal Bank Of Canada lowered shares of Penumbra from an “outperform” rating to a “sector perform” rating and lifted their price objective for the company from $355.00 to $374.00 in a research note on Tuesday, January 20th. Evercore reissued an “outperform” rating and set a $360.00 target price on shares of Penumbra in a report on Wednesday, February 25th. Finally, Wall Street Zen downgraded Penumbra from a “buy” rating to a “hold” rating in a research report on Saturday, January 17th. Four analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $361.69.

Insider Buying and Selling

In related news, Director Harpreet Grewal sold 186 shares of Penumbra stock in a transaction on Tuesday, January 6th. The stock was sold at an average price of $312.64, for a total transaction of $58,151.04. Following the completion of the sale, the director 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Maggie Yuen sold 2,432 shares of the business’s stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $342.30, for a total value of $832,473.60. Following the transaction, the chief financial officer owned 18,353 shares of the company’s stock, valued at approximately $6,282,231.90. The trade was a 11.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 2,804 shares of company stock worth $948,419. Corporate insiders own 4.20% of the company’s stock.

Penumbra Profile

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.