QRG Capital Management Inc. Has $294,000 Stake in Penumbra, Inc. (NYSE:PEN)

QRG Capital Management Inc. decreased its stake in shares of Penumbra, Inc. (NYSE:PEN) by 30.9% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 1,512 shares of the company’s stock after selling 675 shares during the quarter. QRG Capital Management Inc.’s holdings in Penumbra were worth $294,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Silvercrest Asset Management Group LLC grew its position 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 buying an additional 55 shares in the last quarter. ProShare Advisors LLC grew its holdings in shares of Penumbra by 2.9% during the 2nd quarter. ProShare Advisors LLC now owns 2,171 shares of the company’s stock worth $391,000 after purchasing an additional 62 shares in the last quarter. Legacy Wealth Asset Management LLC increased its position in shares of Penumbra by 3.9% during the third quarter. Legacy Wealth Asset Management LLC now owns 1,731 shares of the company’s stock valued at $336,000 after purchasing an additional 65 shares during the period. Creative Planning raised its stake in shares of Penumbra by 4.7% in the third quarter. Creative Planning now owns 1,574 shares of the company’s stock valued at $306,000 after purchasing an additional 71 shares in the last quarter. Finally, Arcadia Investment Management Corp MI lifted its position in Penumbra by 7.9% in the second quarter. Arcadia Investment Management Corp MI now owns 1,006 shares of the company’s stock worth $181,000 after purchasing an additional 74 shares during the period. Institutional investors and hedge funds own 88.88% of the company’s stock.

Penumbra Trading Up 2.5 %

Shares of NYSE PEN opened at $242.41 on Tuesday. Penumbra, Inc. has a 1-year low of $148.00 and a 1-year high of $277.34. The company has a 50-day moving average of $203.91 and a two-hundred day moving average of $194.76. The company has a market cap of $9.30 billion, a PE ratio of 274.94, a P/E/G ratio of 2.40 and a beta of 0.51. The company has a current ratio of 5.82, a quick ratio of 3.25 and a debt-to-equity ratio of 0.02.

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

Penumbra declared that its Board of Directors has initiated a share buyback program on Tuesday, August 13th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 2.6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

A number of brokerages have recently issued reports on PEN. Wells Fargo & Company cut shares of Penumbra from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $289.00 to $150.00 in a research note on Wednesday, July 31st. Leerink Partnrs raised shares of Penumbra to a “strong-buy” rating in a research report on Tuesday, September 3rd. Needham & Company LLC reaffirmed a “hold” rating on shares of Penumbra in a report on Thursday, October 31st. Truist Financial increased their target price on Penumbra from $200.00 to $235.00 and gave the stock a “buy” rating in a report on Monday, October 14th. Finally, Stifel Nicolaus began coverage on Penumbra in a research note on Tuesday, September 17th. They issued a “buy” rating and a $238.00 price target on the stock. 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. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $226.67.

Insider Buying and Selling

In other Penumbra news, Director Harpreet Grewal sold 166 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $190.83, for a total transaction of $31,677.78. Following the transaction, the director now directly owns 8,697 shares in the company, valued at approximately $1,659,648.51. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, Director Harpreet Grewal sold 166 shares of the business’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $190.83, for a total transaction of $31,677.78. Following the completion of the sale, the director now directly owns 8,697 shares of the company’s stock, valued at $1,659,648.51. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Johanna Roberts sold 600 shares of the firm’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 transaction of $123,732.00. Following the completion of the transaction, the executive vice president now directly owns 61,088 shares in the company, valued at approximately $12,597,567.36. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 33,768 shares of company stock worth $6,787,530 over the last three months. 5.00% of the stock is currently owned by company insiders.

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.