AlphaQuest LLC Takes Position in Penumbra, Inc. $PEN

AlphaQuest LLC purchased a new stake in Penumbra, Inc. (NYSE:PEN) in the first quarter, HoldingsChannel reports. The firm purchased 248 shares of the company’s stock, valued at approximately $66,000.

A number of other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Penumbra by 0.7% in the first quarter. Vanguard Group Inc. now owns 3,675,349 shares of the company’s stock valued at $982,825,000 after buying an additional 24,727 shares in the last quarter. RTW Investments LP increased its position in Penumbra by 8.4% during the 4th quarter. RTW Investments LP now owns 862,450 shares of the company’s stock worth $204,815,000 after purchasing an additional 66,700 shares in the last quarter. JPMorgan Chase & Co. increased its position in Penumbra by 437.0% during the 1st quarter. JPMorgan Chase & Co. now owns 703,634 shares of the company’s stock worth $188,159,000 after purchasing an additional 572,606 shares in the last quarter. Bank of America Corp DE increased its position in Penumbra by 19.9% during the 4th quarter. Bank of America Corp DE now owns 346,528 shares of the company’s stock worth $82,293,000 after purchasing an additional 57,421 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its position in Penumbra by 7.2% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 321,046 shares of the company’s stock worth $87,045,000 after purchasing an additional 21,649 shares in the last quarter. Hedge funds and other institutional investors own 88.88% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently commented on PEN. Citigroup dropped their price objective on Penumbra from $320.00 to $285.00 and set a “neutral” rating for the company in a research report on Wednesday, July 9th. Royal Bank Of Canada dropped their price objective on Penumbra from $330.00 to $325.00 and set an “outperform” rating for the company in a research report on Wednesday, July 30th. Wells Fargo & Company dropped their price objective on Penumbra from $315.00 to $290.00 and set an “overweight” rating for the company in a research report on Wednesday, July 30th. Morgan Stanley lifted their price objective on Penumbra from $260.00 to $266.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 31st. Finally, Truist Financial set a $310.00 price objective on Penumbra and gave the stock a “buy” rating in a research report on Wednesday, July 30th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $302.93.

Insider Transactions at Penumbra

In other news, EVP Johanna Roberts sold 600 shares of Penumbra stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $252.70, for a total value of $151,620.00. Following the transaction, the executive vice president directly owned 66,057 shares of the company’s stock, valued at $16,692,603.90. The trade was a 0.90% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Adam Elsesser sold 16,150 shares of Penumbra stock in a transaction dated Wednesday, July 23rd. The shares were sold at an average price of $233.16, for a total value of $3,765,534.00. Following the completion of the transaction, the chief executive officer directly owned 146,258 shares in the company, valued at $34,101,515.28. This represents a 9.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 111,487 shares of company stock valued at $27,494,779. 5.00% of the stock is currently owned by company insiders.

Penumbra Stock Up 0.2%

Shares of NYSE:PEN opened at $270.12 on Thursday. The stock’s 50-day moving average price is $248.30 and its two-hundred day moving average price is $265.47. The company has a current ratio of 6.75, a quick ratio of 4.04 and a debt-to-equity ratio of 0.02. Penumbra, Inc. has a 12-month low of $184.80 and a 12-month high of $310.00. The firm has a market cap of $10.53 billion, a price-to-earnings ratio of 71.84, a PEG ratio of 2.45 and a beta of 0.45.

Penumbra (NYSE:PEN) last issued its quarterly earnings results on Tuesday, July 29th. The company reported $0.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.81 by $0.05. Penumbra had a return on equity of 11.55% and a net margin of 11.54%.The firm had revenue of $339.46 million for the quarter, compared to analyst estimates of $327.37 million. During the same period last year, the company earned $0.64 EPS. The firm’s quarterly revenue was up 13.4% on a year-over-year basis. Penumbra has set its FY 2025 guidance at EPS. On average, research analysts forecast that Penumbra, Inc. will post 3.67 EPS for the current year.

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.