Covenant Partners LLC Makes New Investment in Penumbra, Inc. (NYSE:PEN)

Covenant Partners LLC purchased a new stake in shares of Penumbra, Inc. (NYSE:PEN - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 908 shares of the company's stock, valued at approximately $216,000.

Other hedge funds also recently bought and sold shares of the company. UMB Bank n.a. boosted its stake in shares of Penumbra by 57.4% during the 4th quarter. UMB Bank n.a. now owns 192 shares of the company's stock valued at $46,000 after purchasing an additional 70 shares in the last quarter. Hurley Capital LLC bought a new stake in Penumbra during the 4th quarter valued at approximately $56,000. Huntington National Bank grew its holdings in shares of Penumbra by 138.7% during the 4th quarter. Huntington National Bank now owns 265 shares of the company's stock worth $63,000 after acquiring an additional 154 shares during the period. Mather Group LLC. raised its position in shares of Penumbra by 208.0% in the 4th quarter. Mather Group LLC. now owns 308 shares of the company's stock worth $73,000 after acquiring an additional 208 shares in the last quarter. Finally, Jones Financial Companies Lllp lifted its stake in shares of Penumbra by 25.0% in the 4th quarter. Jones Financial Companies Lllp now owns 375 shares of the company's stock valued at $89,000 after purchasing an additional 75 shares during the period. Hedge funds and other institutional investors own 88.88% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on PEN. Canaccord Genuity Group upped their price target on Penumbra from $323.00 to $340.00 and gave the stock a "buy" rating in a research note on Wednesday, February 19th. JPMorgan Chase & Co. upped their target price on shares of Penumbra from $230.00 to $285.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 19th. BTIG Research reissued a "buy" rating on shares of Penumbra in a research report on Thursday, April 24th. Piper Sandler reissued an "overweight" rating and set a $330.00 price objective (up previously from $250.00) on shares of Penumbra in a research note on Wednesday, February 19th. Finally, StockNews.com raised shares of Penumbra from a "hold" rating to a "buy" rating in a research note 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 stock has an average rating of "Moderate Buy" and a consensus target price of $302.40.

Penumbra Stock Performance

Shares of Penumbra stock traded up $8.52 during trading on Friday, hitting $297.25. 972,988 shares of the company's stock traded hands, compared to its average volume of 426,508. Penumbra, Inc. has a 1 year low of $148.00 and a 1 year high of $310.00. The business has a 50-day simple moving average of $277.75 and a 200-day simple moving average of $260.55. The stock has a market capitalization of $11.51 billion, a P/E ratio of 874.26, a PEG ratio of 2.83 and a beta of 0.53. 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 - Get Free Report) last released its quarterly earnings data on Wednesday, April 23rd. The company reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.17. Penumbra had a net margin of 1.17% and a return on equity of 9.74%. The firm had revenue of $324.14 million during the quarter, compared to analysts' expectations of $315.72 million. During the same period in the previous year, the company earned $0.41 earnings per share. The firm's quarterly revenue was up 16.3% on a year-over-year basis. As a group, analysts forecast that Penumbra, Inc. will post 3.67 EPS for the current year.

Insider Activity

In related news, CEO Adam Elsesser sold 16,650 shares of the firm's stock in a transaction that occurred on Wednesday, May 7th. The shares were sold at an average price of $289.37, for a total value of $4,818,010.50. Following the transaction, the chief executive officer now owns 75,237 shares of the company's stock, valued at approximately $21,771,330.69. This trade represents a 18.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Thomas Wilder sold 360 shares of the business's stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $264.58, for a total transaction of $95,248.80. Following the sale, the director now owns 4,533 shares of the company's stock, valued at $1,199,341.14. This trade represents a 7.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 159,096 shares of company stock valued at $44,959,983 in the last ninety days. 5.00% of the stock is currently owned by company insiders.

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.