Penumbra (NYSE:PEN) Hits New 12-Month Low on Insider Selling

Penumbra, Inc. (NYSE:PEN) hit a new 52-week low during trading on Wednesday after an insider sold shares in the company. The stock traded as low as $288.28 and last traded at $292.36, with a volume of 520665 shares changing hands. The stock had previously closed at $296.91.

Specifically, Director Arani Bose sold 12,000 shares of Penumbra stock in a transaction on Friday, April 25th. The stock was sold at an average price of $298.73, for a total transaction of $3,584,760.00. Following the completion of the transaction, the director now directly owns 302,819 shares of the company’s stock, valued at approximately $90,461,119.87. The trade was a 3.81 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Johanna Roberts sold 600 shares of the firm’s stock in a transaction on Thursday, April 24th. The shares were sold at an average price of $300.01, for a total value of $180,006.00. Following the completion of the transaction, the executive vice president now owns 66,159 shares of the company’s stock, valued at approximately $19,848,361.59. This represents a 0.90 % decrease in their position. The disclosure for this sale can be found here.

Wall Street Analyst Weigh In

A number of brokerages recently commented on PEN. Truist Financial increased their price objective on shares of Penumbra from $315.00 to $330.00 and gave the company a “buy” rating in a research note on Thursday, April 24th. StockNews.com raised shares of Penumbra from a “hold” rating to a “buy” rating in a research note on Thursday, April 24th. Royal Bank of Canada lifted their price objective on Penumbra from $315.00 to $330.00 and gave the stock an “outperform” rating in a research report on Thursday, April 24th. JPMorgan Chase & Co. increased their target price on Penumbra from $230.00 to $285.00 and gave the company an “overweight” rating in a report on Wednesday, February 19th. Finally, BTIG Research reissued a “buy” rating on shares of Penumbra in a report on Thursday, April 24th. Three equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $302.40.

Penumbra Price Performance

The company’s 50-day moving average is $276.75 and its 200-day moving average is $256.41. The firm has a market capitalization of $11.32 billion, a price-to-earnings ratio of 859.88, a PEG ratio of 2.83 and a beta of 0.56. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.01 and a quick ratio of 3.25.

Penumbra (NYSE:PEN) last announced its quarterly earnings data on Wednesday, April 23rd. The company reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.17. The company had revenue of $324.14 million during the quarter, compared to analysts’ expectations of $315.72 million. Penumbra had a net margin of 1.17% and a return on equity of 9.74%. The business’s quarterly revenue was up 16.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.41 EPS. On average, research analysts expect that Penumbra, Inc. will post 3.67 earnings per share for the current year.

Institutional Investors Weigh In On Penumbra

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Synergy Investment Management LLC purchased a new stake in shares of Penumbra during the 1st quarter worth about $27,000. First Horizon Advisors Inc. lifted its position in Penumbra by 404.8% during the first quarter. First Horizon Advisors Inc. now owns 106 shares of the company’s stock valued at $28,000 after buying an additional 85 shares in the last quarter. UMB Bank n.a. grew its stake in Penumbra by 57.4% during the fourth quarter. UMB Bank n.a. now owns 192 shares of the company’s stock worth $46,000 after buying an additional 70 shares during the period. Hurley Capital LLC acquired a new stake in shares of Penumbra in the fourth quarter worth $56,000. Finally, Huntington National Bank raised its stake in shares of Penumbra by 138.7% in the 4th quarter. Huntington National Bank now owns 265 shares of the company’s stock valued at $63,000 after acquiring an additional 154 shares during the period. 88.88% of the stock is currently owned by institutional investors and hedge funds.

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.