Oak Harbor Wealth Partners LLC Sells 100 Shares of Penumbra, Inc. (NYSE:PEN)

Oak Harbor Wealth Partners LLC cut its position in shares of Penumbra, Inc. (NYSE:PEN) by 0.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 33,707 shares of the company’s stock after selling 100 shares during the period. Penumbra accounts for 1.9% of Oak Harbor Wealth Partners LLC’s portfolio, making the stock its 13th largest holding. Oak Harbor Wealth Partners LLC’s holdings in Penumbra were worth $6,550,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of PEN. Janney Montgomery Scott LLC bought a new stake in Penumbra in the first quarter valued at approximately $689,000. Envestnet Portfolio Solutions Inc. bought a new stake in Penumbra in the 1st quarter valued at $241,000. Sei Investments Co. lifted its holdings in Penumbra by 62.5% during the 1st quarter. Sei Investments Co. now owns 39,505 shares of the company’s stock valued at $8,817,000 after purchasing an additional 15,188 shares during the last quarter. Headlands Technologies LLC bought a new position in Penumbra during the first quarter worth $89,000. Finally, US Bancorp DE increased its holdings in shares of Penumbra by 5.3% in the first quarter. US Bancorp DE now owns 10,689 shares of the company’s stock valued at $2,386,000 after purchasing an additional 534 shares during the last quarter. 88.88% of the stock is owned by institutional investors.

Insider Buying and Selling at Penumbra

In other news, EVP Johanna Roberts sold 600 shares of the stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $190.76, for a total value of $114,456.00. Following the completion of the transaction, the executive vice president now owns 60,488 shares of the company’s stock, valued at approximately $11,538,690.88. This represents a 0.98 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Adam Elsesser sold 1,620 shares of the firm’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $200.00, for a total transaction of $324,000.00. Following the completion of the sale, the chief executive officer now owns 925,962 shares in the company, valued at approximately $185,192,400. The trade was a 0.17 % 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. Corporate insiders own 5.00% of the company’s stock.

Penumbra Stock Down 1.1 %

Shares of NYSE PEN opened at $233.51 on Friday. The stock has a market capitalization of $8.96 billion, a P/E ratio of 271.52, a PEG ratio of 2.39 and a beta of 0.51. The stock’s fifty day moving average is $206.02 and its 200 day moving average is $195.53. Penumbra, Inc. has a 52 week low of $148.00 and a 52 week high of $277.34. 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 (NYSE:PEN) last released its earnings results on Wednesday, October 30th. The company reported $0.85 EPS for the quarter, beating the consensus estimate of $0.69 by $0.16. Penumbra had a net margin of 2.97% and a return on equity of 8.99%. The firm had revenue of $301.04 million for the quarter, compared to analyst estimates of $297.36 million. During the same period last year, the firm earned $0.67 EPS. The business’s quarterly revenue was up 11.1% compared to the same quarter last year. Sell-side analysts forecast that Penumbra, Inc. will post 2.79 earnings per share for the current fiscal year.

Penumbra announced that its Board of Directors has authorized a share repurchase plan on Tuesday, August 13th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 2.6% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

PEN has been the subject of several research analyst reports. Royal Bank of Canada lifted their target price on shares of Penumbra from $205.00 to $222.00 and gave the stock an “outperform” rating in a report on Tuesday, October 8th. Wells Fargo & Company cut Penumbra from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $289.00 to $150.00 in a report on Wednesday, July 31st. Stifel Nicolaus started coverage on Penumbra in a research note on Tuesday, September 17th. They set a “buy” rating and a $238.00 target price on the stock. BTIG Research boosted their price target on Penumbra from $224.00 to $234.00 and gave the company a “buy” rating in a research note on Monday, October 14th. Finally, Leerink Partners initiated coverage on Penumbra in a research report on Tuesday, September 3rd. They set an “outperform” rating and a $263.00 price objective on the stock. Five investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $226.67.

Penumbra Company 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.