Pier 88 Investment Partners LLC Invests $4.15 Million in Penumbra, Inc. (NYSE:PEN)

Pier 88 Investment Partners LLC purchased a new stake in Penumbra, Inc. (NYSE:PEN - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The firm purchased 15,500 shares of the company's stock, valued at approximately $4,145,000. Penumbra makes up 0.8% of Pier 88 Investment Partners LLC's holdings, making the stock its 29th largest holding.

Other institutional investors have also modified their holdings of the company. Concurrent Investment Advisors LLC purchased a new position in shares of Penumbra in the 1st quarter valued at approximately $259,000. GAMMA Investing LLC raised its position in shares of Penumbra by 59.0% in the 1st quarter. GAMMA Investing LLC now owns 709 shares of the company's stock valued at $190,000 after purchasing an additional 263 shares during the last quarter. HighTower Advisors LLC raised its position in shares of Penumbra by 3.2% in the 4th quarter. HighTower Advisors LLC now owns 5,980 shares of the company's stock valued at $1,420,000 after purchasing an additional 188 shares during the last quarter. Envestnet Portfolio Solutions Inc. raised its position in Penumbra by 3.7% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 2,867 shares of the company's stock worth $681,000 after buying an additional 101 shares during the last quarter. Finally, Farther Finance Advisors LLC raised its position in Penumbra by 606.3% during the 1st quarter. Farther Finance Advisors LLC now owns 445 shares of the company's stock worth $121,000 after buying an additional 382 shares during the last quarter. 88.88% of the stock is currently owned by institutional investors.

Insider Activity at Penumbra

In other Penumbra news, CEO Adam Elsesser sold 15,985 shares of Penumbra stock in a transaction on Wednesday, July 9th. The shares were sold at an average price of $243.75, for a total transaction of $3,896,343.75. Following the sale, the chief executive officer owned 134,432 shares of the company's stock, valued at $32,767,800. The trade was a 10.63% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Bridget O'rourke sold 100 shares of Penumbra stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $286.15, for a total transaction of $28,615.00. Following the sale, the director directly owned 5,423 shares in the company, valued at approximately $1,551,791.45. This trade represents a 1.81% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 101,585 shares of company stock valued at $27,308,996. 4.20% of the stock is owned by company insiders.

Penumbra Price Performance

Penumbra stock traded up $1.88 during trading on Friday, reaching $232.06. The company had a trading volume of 74,653 shares, compared to its average volume of 492,340. The firm's 50-day simple moving average is $253.60 and its 200 day simple moving average is $267.76. Penumbra, Inc. has a 1-year low of $148.00 and a 1-year high of $310.00. The firm has a market capitalization of $8.99 billion, a PE ratio of 218.92, a price-to-earnings-growth ratio of 2.08 and a beta of 0.47. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.68 and a current ratio of 6.30.

Penumbra (NYSE:PEN - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The company reported $0.83 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.66 by $0.17. Penumbra had a net margin of 3.41% and a return on equity of 11.14%. The firm had revenue of $324.14 million for the quarter, compared to analysts' expectations of $315.72 million. During the same quarter last year, the company earned $0.41 EPS. The firm's revenue for the quarter was up 16.3% compared to the same quarter last year. As a group, equities research analysts anticipate that Penumbra, Inc. will post 3.67 earnings per share for the current fiscal year.

Analysts Set New Price Targets

PEN has been the subject of a number of recent research reports. Royal Bank Of Canada raised their price target on shares of Penumbra from $315.00 to $330.00 and gave the stock an "outperform" rating in a research report on Thursday, April 24th. Wells Fargo & Company raised their price target on shares of Penumbra from $305.00 to $315.00 and gave the stock an "overweight" rating in a research report on Thursday, April 24th. Truist Financial raised their price target on shares of Penumbra from $315.00 to $330.00 and gave the stock a "buy" rating in a research report on Thursday, April 24th. William Blair raised shares of Penumbra to a "strong-buy" rating in a research report on Friday, July 18th. Finally, Robert W. Baird lifted their target price on shares of Penumbra from $316.00 to $325.00 and gave the company an "outperform" rating in a report on Thursday, April 24th. Three analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, Penumbra has an average rating of "Buy" and a consensus target price of $305.07.

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.