Bank of America Corp DE Grows Holdings in Penumbra, Inc. (NYSE:PEN)

Bank of America Corp DE boosted its stake in Penumbra, Inc. (NYSE:PEN - Free Report) by 19.9% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 346,528 shares of the company's stock after buying an additional 57,421 shares during the period. Bank of America Corp DE owned approximately 0.90% of Penumbra worth $82,293,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Norges Bank acquired a new position in shares of Penumbra during the 4th quarter worth approximately $54,396,000. T. Rowe Price Investment Management Inc. lifted its stake in Penumbra by 47.4% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 707,061 shares of the company's stock valued at $167,913,000 after purchasing an additional 227,506 shares during the last quarter. Baillie Gifford & Co. lifted its stake in Penumbra by 23.4% in the 4th quarter. Baillie Gifford & Co. now owns 730,233 shares of the company's stock valued at $173,416,000 after purchasing an additional 138,387 shares during the last quarter. Adage Capital Partners GP L.L.C. bought a new position in shares of Penumbra during the fourth quarter valued at $23,866,000. Finally, Allspring Global Investments Holdings LLC increased its position in shares of Penumbra by 39.8% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 299,397 shares of the company's stock worth $71,831,000 after buying an additional 85,284 shares during the period. Institutional investors and hedge funds own 88.88% of the company's stock.

Penumbra Stock Performance

Shares of NYSE PEN traded up $5.78 during midday trading on Friday, hitting $281.10. The company's stock had a trading volume of 711,568 shares, compared to its average volume of 440,534. The stock has a fifty day moving average price of $279.37 and a 200 day moving average price of $263.71. Penumbra, Inc. has a one year low of $148.00 and a one year high of $310.00. The company has a current ratio of 6.01, a quick ratio of 3.25 and a debt-to-equity ratio of 0.02. The firm has a market capitalization of $10.89 billion, a price-to-earnings ratio of 826.76, a P/E/G ratio of 2.83 and a beta of 0.53.

Penumbra (NYSE:PEN - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The company reported $0.83 earnings per share for the quarter, topping analysts' consensus estimates of $0.66 by $0.17. The business had revenue of $324.14 million for the quarter, compared to analyst estimates of $315.72 million. Penumbra had a net margin of 1.17% and a return on equity of 9.74%. Penumbra's revenue was up 16.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.41 EPS. On average, research analysts forecast that Penumbra, Inc. will post 3.67 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Bridget O'rourke sold 100 shares of the company's stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $286.15, for a total transaction of $28,615.00. Following the sale, the director now owns 5,423 shares of the company's stock, valued at approximately $1,551,791.45. This represents a 1.81% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Johanna Roberts sold 600 shares of the company's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $287.43, for a total transaction of $172,458.00. Following the sale, the executive vice president now directly owns 66,539 shares in the company, valued at $19,125,304.77. This trade represents a 0.89% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 176,696 shares of company stock valued at $50,207,745. Company insiders own 4.20% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on PEN. StockNews.com raised shares of Penumbra from a "hold" rating to a "buy" rating in a research note on Thursday, April 24th. UBS Group reiterated a "buy" rating and issued a $330.00 target price (up from $320.00) on shares of Penumbra in a research note on Thursday, April 24th. Royal Bank of Canada boosted their target price on shares of Penumbra from $315.00 to $330.00 and gave the company an "outperform" rating in a research note on Thursday, April 24th. Needham & Company LLC reiterated a "hold" rating on shares of Penumbra in a research note on Wednesday, February 19th. Finally, Truist Financial increased their price objective on Penumbra from $315.00 to $330.00 and gave the company a "buy" rating in a report on Thursday, April 24th. Three 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. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $302.40.

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.