Jennison Associates LLC Takes Position in Penumbra, Inc. (NYSE:PEN)

Jennison Associates LLC bought a new stake in shares of Penumbra, Inc. (NYSE:PEN) in the 4th quarter, HoldingsChannel.com reports. The fund bought 29,829 shares of the company’s stock, valued at approximately $7,503,000.

Several other institutional investors have also recently made changes to their positions in the company. Handelsbanken Fonder AB increased its holdings in shares of Penumbra by 36.0% during the 4th quarter. Handelsbanken Fonder AB now owns 9,058 shares of the company’s stock valued at $2,278,000 after purchasing an additional 2,400 shares in the last quarter. Signaturefd LLC increased its holdings in Penumbra by 27.2% in the 4th quarter. Signaturefd LLC now owns 215 shares of the company’s stock worth $54,000 after acquiring an additional 46 shares in the last quarter. Onyx Bridge Wealth Group LLC increased its holdings in Penumbra by 22.2% in the 4th quarter. Onyx Bridge Wealth Group LLC now owns 3,575 shares of the company’s stock worth $899,000 after acquiring an additional 650 shares in the last quarter. Lecap Asset Management Ltd. purchased a new stake in Penumbra in the 4th quarter worth $313,000. Finally, Louisiana State Employees Retirement System purchased a new stake in Penumbra in the 4th quarter worth $2,717,000. 88.88% of the stock is owned by hedge funds and other institutional investors.

Penumbra Trading Down 0.5 %

Shares of PEN stock opened at $204.41 on Friday. The company’s 50-day moving average price is $228.07 and its 200-day moving average price is $231.75. The company has a current ratio of 6.06, a quick ratio of 3.49 and a debt-to-equity ratio of 0.02. The stock has a market cap of $7.92 billion, a price-to-earnings ratio of 88.49, a PEG ratio of 2.03 and a beta of 0.51. Penumbra, Inc. has a twelve month low of $180.93 and a twelve month high of $348.67.

Penumbra (NYSE:PEN) last announced its quarterly earnings results on Thursday, February 22nd. The company reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.05. The firm had revenue of $284.68 million for the quarter, compared to analysts’ expectations of $286.62 million. Penumbra had a net margin of 8.59% and a return on equity of 7.49%. The company’s revenue was up 28.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.16 EPS. As a group, equities analysts predict that Penumbra, Inc. will post 2.85 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Royal Bank of Canada reissued an “outperform” rating and issued a $289.00 price target on shares of Penumbra in a report on Friday, February 23rd. Piper Sandler reaffirmed an “overweight” rating and set a $290.00 target price on shares of Penumbra in a report on Wednesday, April 3rd. Truist Financial dropped their target price on shares of Penumbra from $290.00 to $280.00 and set a “buy” rating for the company in a report on Friday, March 22nd. JPMorgan Chase & Co. lowered shares of Penumbra from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $284.00 to $250.00 in a report on Friday, February 23rd. Finally, TheStreet raised shares of Penumbra from a “d+” rating to a “c-” rating in a report on Friday, January 12th. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $304.45.

Insider Buying and Selling at Penumbra

In other Penumbra news, Director Arani Bose sold 7,500 shares of the company’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $250.20, for a total value of $1,876,500.00. Following the transaction, the director now owns 164,294 shares of the company’s stock, valued at $41,106,358.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Penumbra news, EVP Johanna Roberts sold 600 shares of the company’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $237.68, for a total value of $142,608.00. Following the transaction, the executive vice president now owns 62,997 shares of the company’s stock, valued at $14,973,126.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Arani Bose sold 7,500 shares of the company’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $250.20, for a total transaction of $1,876,500.00. Following the completion of the transaction, the director now directly owns 164,294 shares in the company, valued at approximately $41,106,358.80. The disclosure for this sale can be found here. Insiders have sold 9,648 shares of company stock valued at $2,369,903 over the last 90 days. 5.30% of the stock is owned by insiders.

About Penumbra

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.